Mahindra Holidays posts two-fold jump in Q2 profit at Rs 60 cr

Mahindra Holidays and Resorts India Ltd on Friday reported over two-fold jump in consolidated profit at Rs 59.76 crore for September quarter 2021-22 on the back of summer holiday season and domestic leisure travel gaining momentum.

The company had posted a consolidated profit after tax of Rs 28.77 crore in the same quarter last fiscal year, Mahindra Holidays and Resorts India Ltd (MHRIL) said in a regulatory filing.

Revenue from operations during the second quarter stood at Rs 546.4 crore as compared to Rs 481.37 crore in the year-ago period, it added.

Commenting on the results, MHRIL Managing Director and CEO Kavinder Singh said,''Our performance has surpassed pre-pandemic levels driven by a strong focus on ramp up of resort operations, after the second COVID wave, with world class safety and hygiene protocols.'' A resilient business model along with focus on member experiences has helped the company achieve higher resort occupancies, member additions and profitability along with improvement in cash position, he added.

On the European operations, he said vaccination rollout has improved the travel sentiment in the continent.

''With the onset of summer holiday season and domestic leisure travel gaining momentum, Holiday Club Resorts delivered significant improvement in performance with profit before tax of euro 2.45 million this quarter,'' Singh said.

Going forward, he said,''We expect domestic leisure travel to remain buoyant and our focus on growth initiatives will continue.'' In the first half of the fiscal (April-September), the company said its consolidated profit was at Rs 38.38 crore. It had posted a loss of Rs 36 crore in the year-ago period.

Revenue from operations in the first half was at Rs 917.28 crore as compared to Rs 775.4 crore, it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)