Mahindra Holidays' Profit Surges in Q1 2024

Mahindra Holidays & Resorts India Ltd reported a significant increase in consolidated profit in the first quarter ended June 30, 2024. The company achieved a net profit of Rs 6.08 crore, a substantial rise compared to Rs 89.05 lakh in the same quarter last fiscal. Revenue also saw a growth.

Mahindra Holidays & Resorts India Ltd on Thursday reported a multi-fold increase in consolidated profit after tax at Rs 6.08 crore in the first quarter ended June 30, 2024.

The company had posted a consolidated profit after tax of Rs 89.05 lakh in the same quarter last fiscal, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a regulatory filing.

Consolidated revenue from operations in the first quarter stood at Rs 652.86 crore as against Rs 614.31 crore in the year-ago period.

Total expenses were higher at Rs 671.45 crore as compared to Rs 643.23 crore in the corresponding period last fiscal.

''It has been a robust quarter on multiple parameters. We have added new members at higher realisation and now have 3 lakh plus members. We delivered 90 per cent occupancy while being on track in terms of inventory expansion,'' MHRIL Managing Director and CEO Manoj Bhat said.

On the European operations, he said Holiday Club Resorts (HCR), the company's subsidiary, has delivered a stable performance despite the adverse macroeconomic situation.

''We continue to focus on improving operating metrics,'' Bhat added.