Mahindra Holidays & Resorts India Ltd reported its third quarter profit for the financial year 2023-24 at Rs 11.65 crore, as against the loss of Rs 11.90 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 634.82 crore, up 5.4 per cent in comparison to Rs 602.17 crore during the corresponding quarter of the previous year. The company EBITDA stood at Rs 106 crore, up 18 per cent on-year.
Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd, said, “Our strategy of creating exceptional family vacation experiences has helped us deliver highest ever third quarter member additions and upgrades. Our all-round robust financial performance is reflected in the highest-ever total income, EB/TOA and PBT, along with improved profit margins on YoY basis. Our strategic focus on inventory acceleration continues. The largest MHRIL resort, Assonora, Goa expansion has been completed, and the overall inventory base has expanded to 5129 keys.”
Commenting on the European operations, he added, “Despite the ongoing geo-political crisis & weak consumer sentiment, HCR has delivered 14 per cent growth in timeshare sales and also reduced its operating losses by 47 per cent this quarter aided by operational efficiencies. Q4 is a seasonally strong quarter due to the winter holidaying season driven by domestic demand and international visitors.”
Mahindra Holidays & Resorts recorded the highest ever third quarter with member additions at 4708, up 13 per cent on-year. Membership sales value was at Rs 212 crore, up 13 per cent on-year and the quarter also reported highest ever upgrades at Rs 57 crore, posting an increase of 16 per cent YoY. Cumulative member base, meanwhile, grew to 2,92,861, with 85 per cent of the member base fully paid. Further, resort occupancy was at 84 per cent. The company said that the inventory based expanded by 124 keys to 5129 keys with 44 keys added through expansion of Assonora (Goa) resort, making it the largest MHRIL resort with 244 keys. It also stated that the overall capex of ~Rs 835 crore (5 projects/ ~690 keys) is underway.
As on Dec 31, 2023, MHRIL has 106 resorts across India and 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.