India's Mahindra Holidays Q4 profit surges on higher occupancy, memberships

Mahindra Holidays and Resorts India

25/04/2023 11:16

April 25 (Reuters) - Mahindra Holidays and Resorts India
Ltd  MAHH.NS  reported an over three-fold rise in its
fourth-quarter net profit on Tuesday, aided by higher
occupancies and strong membership growth.
    The company's consolidated profit after tax stood at 563.1
million rupees ($6.9 million) for the quarter ended March 31,
compared to 158.7 million rupees a year ago, it said in an
exchange filing.
    The Mahindra group's hotelier business reported a 31.5%
growth in revenue from operations, while expenses rose 19.5%,
mainly driven by employee-related expenses as the company hired
more people to cater to higher occupancies.
    Resort occupancies were at 85% in the fourth quarter against
77%, a year ago, while membership sales value rose 33%.
    The company also reported its highest-ever quarterly
upgrades at 550 million rupees.
    Revenue from the company's European segment, which operates
under brand name Holiday Club Resorts OY or HCRO, rose 42%,
outpacing growth in its other segment MHRIL, also called Club
Mahindra.
    Companies in the hospitality space, including Mahindra
Holidays, have seen a strong post-COVID comeback due to surge in
tourists, and occupancy rates have remained at elevated levels.
    Shares of the company jumped 5.3% after the results, and
closed 3.4% higher.

($1 = 81.8975 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)
 ((Manvi.Pant@thomsonreuters.com;))