India's Mahindra Holidays falls on Q1 profit slump

Mahindra Holidays and Resorts India

25/07/2023 10:26

** Shares of Mahindra Holidays & Resorts India  MAHH.NS 
fall as much as 5.08% to 341.65 rupees, mark sharpest intraday
pct loss since Mar. 17
    ** Mahindra Group's hotel business arm reports 99.4% drop in
consolidated net profit for June-qtr at 1.8 mln rupees
($21,991.45), vs 297.3 mln rupees yr earlier
    ** Rev from ops rises 1.6%, while total expenses are up 7.7%
 
    ** The European operation of spa hotels suffered due to
lower occupancies with "Q1 traditionally being a low-season
quarter", says MD, CEO Kavinder Singh 
    ** Co appoints Ram Mundra as interim CFO
    ** More than 1.4 mln shares traded by 2:43 p.m. IST, 3x
30-day avg 
    ** Including session's loss, stock up 29.3% YTD



($1 = 81.8500 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))