India's Mahindra Holidays posts higher Q1 profit on membership growth

Mahindra Holidays and Resorts India

25/07/2024 10:51

BENGALURU, July 25 (Reuters) - Mahindra Holidays and
Resorts India  MAHH.NS  reported a 61% rise in its first-quarter
pre-tax profit on Thursday, helped by growth in memberships and
steady room occupancies.
    The company, which runs the 'Club Mahindra' brand of
resorts, said its consolidated profit before tax rose to 140.4
million rupees ($1.7 million) in the June quarter from 87.1
million rupees a year earlier.
         Its shares jumped 2.6% after the results.
  
    Travel demand has rebounded strongly from the pandemic lows,
benefiting companies from airlines to hotel operators.   
    The hospitality firm, part of the tech-to-tractor Mahindra
Group, offers holiday packages in exchange for membership fees.
    Mahindra Holidays added 3,692 members in the first quarter,
taking total memberships to more than 300,000. This led to a 3%
year-on-year rise in total membership sales.
    Its revenue rose 6% to 6.23 billion rupees, helped by room
occupancies, which stayed stable at 90%. 
    The company owns and operates 114 resorts in India and 33
properties across Finland, Sweden and Spain.


($1 = 83.6730 Indian rupees)

 (Reporting by Hritam Mukherjee and Ashna Teresa Britto in
Bengaluru; Editing by Sonia Cheema)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))