Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider, reported its standalone and consolidated financials for the third quarter ending 31st Dec 2023.
Highest ever quarterly performance at Standalone level
- Total Income at Rs. 363 Crs. (+8% YoY)
- EBITDA at Rs. 111 Crs. (+12% YoY)
- PBT at Rs.62 Crs. (+11% YoY)
Operational Highlights (Standalone) – Q3 FY24
Member Additions
- Highest ever Q3 Member additions at 4708, up by 13% YoY
- Membership Sales Value2 at Rs. 212 Crs. up by 13% YoY
- Highest ever Upgrades at Rs. 57 Crs. up by 16% YoY
- Cumulative member base grows to 2,92,861, with 85%of the member base fully paid
Resorts/Room Inventory
- Resort Occupancy at 84%
- Inventory base expanded by 124 keys to 5129 keys, 44 keys added through expansion of Assonora (Goa) resort, making it the largest MHRIL resort with 244 keys
- Overall capex of ~Rs 835 Cr (5 projects/ ~690 keys) underway
Commenting on the performance, 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 & upgrades. Our all-round robust financial performance is reflected in the highest-ever Total Income, EBITDA 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 and weak consumer sentiment, HCR has delivered 14% growth in timeshare sales and also reduced its operating losses by 47% this quarter aided by operational efficiencies. Q4 is a seasonally strong quarter due to winter holidaying season driven by domestic demand and international visitors.”
