Mahindra Holidays and Resorts reports profit at Rs 15.87 crore in Q4

Mahindra Holidays and Resorts India Ltd on Monday reported its consolidated profit after tax at Rs 15.87 crore in the fourth quarter ended March 31, 2022.

The company had posted a consolidated loss after tax of Rs 9.73 crore in the same period of previous fiscal, Mahindra Holidays and Resorts India Ltd (MHRIL) said in a regulatory filing.

Consolidated revenue from operations during the period under review stood at Rs 542.58 crore as against Rs 465.41 crore in the year-ago quarter, it added.

Total expenditure during the fourth quarter stood at Rs 551.03 crore as against Rs 507.03 crore in the corresponding period of the previous fiscal.

For the year ended March 31, 2022, consolidated profit after tax was at Rs 67.64 crore. It had posted a consolidated loss after tax of Rs 14 crore in the preceding fiscal, the company said.

The company said its resort occupancies were at 77 per cent in the fourth quarter, close to pre-pandemic levels, while for the full year it was at 74 per cent.

MHRIL said its member additions for the quarter were at 4,058, resulting in a total of 12,764 members during the year. The cumulative member base stands at around 2.66 lakh.

During the year, the company said it achieved a milestone of over 4,500 rooms with a gross addition of 385 rooms, taking its total inventory count to 4,568 rooms.

MHRIL's managing director and CEO Kavinder Singh said, ''Despite the Omicron wave, we have delivered a strong Q4 with highest ever resort income, growth in margins and profit before tax (PBT).'' At a full year level, he said, ''We have delivered exceptional performance with healthy growth in member additions, occupancies, income, PBT and cash position. Our resort count has increased to 84 and our room count crosses the 4,500 mark.'' On European operations, Singh added, ''Despite multiple COVID-19 waves severally impacting our European subsidiary Holiday Club Resorts (HCR) during the year, HCR delivered close to break-even EBITDA demonstrating the strength of its business model. In periods when restrictions were eased off, HCR recovery was strong and rapid.'' On the outlook, he said, ''Domestic leisure travel remains strong and the outlook is positive for FY23.''

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