Mahindra Holidays & Resorts India Ltd on Monday posted profit for the quarter ended September 2023 at Rs 21.34 crore, down 47.8 per cent in comparison to Rs 40.86 crore during the corresponding period of last year. It posted revenue from operations at Rs 655.27 crore, up 9.5 per cent as against Rs 598.36 crore during the second quarter of FY23. While the total income during the quarter stood at Rs 672.17 crore, Mahindra Holidays & Resorts India posted total expenditure during Q2 at Rs 636.33 crore.
Excluding one-offs, Mahindra Holidays & Resorts posted total income of Rs 675.8 crore, up 10 per cent on-year. The company EBITDA stood at Rs 149.7 crore, up 10 per cent YoY.
Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd, said, “Our sustained focus on delivering superlative member experiences and acceleration in member additions is reflected in the strong performance with the highest ever second quarter total income, EB/TOA and PBT. Despite heavy rainfall and landslides affecting resort occupancies in North India, we have delivered the highest-ever resort income in Q2.”
“In line with our strategic objective of rapidly expanding the room inventory, we have commenced a new greenfield resort project this quarter, and with this currently, we have 5 projects/ 690 keys underway with an estimated capex of ~Rs 835 crore,” he added.
Further, commenting on the European operations, he said, “Despite the ongoing geo-political crisis which has raised the inflation levels & affected the consumer sentiment, HCR has delivered a robust performance by achieving significant operating profit this quarter, aided by summer holiday season and improved domestic travel in Finland.”
On a standalone basis, Mahindra Holidays & Resorts posted highest Q2 member additions at 4881, up 11 per cent on-year. Its membership sales value was at Rs 192 crore, registering a growth of 13 per cent on-year. It also recorded cumulative member base growth to 2,89,688, with 85 per cent of the member base fully paid.
The company posted a resort occupancy of 77 per cent as against 79 per cent last year, impacted due to heavy rains and landslides in Himachal Pradesh and Uttarakhand.
As on Sept 30, 2023, Mahindra Holidays & Resorts has 102 resorts across India & abroad and its subsidiary, Holiday Club Resorts Oy (HCR), Finland, a vacation ownership company in Europe has 33 Timeshare Properties (including 9 spa resorts) across Finland, Sweden, and Spain.