Mahindra Holidays & Resorts Q1 PAT rises 13% yoy
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Sales rose 11.15 percent to INR 196.74 crore in the quarter ended June 2021 as against INR 177.01 crore during the previous quarter ended June 2020.
Net profit of Mahindra Holidays & Resorts India rose 13.12 percent to INR 30.26 crore in the quarter ended June 2021 as against INR 26.75 crore during the previous quarter ended June 2020. Sales rose 11.15 percent to INR 196.74 crore in the quarter ended June 2021 as against INR 177.01 crore during the previous quarter ended June 2020.
Additionally, new members added in this quarter stand at 1,062 with a cumulative member base of 2,55,160. Resort operational occupancy was 51 percent in Q1 FY22. The current total inventory consists of 4,198 rooms.
Commenting on the results, Kavinder Singh, Managing Director, and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, "Despite the extremely adverse situation caused by the second wave of the pandemic, we have delivered a strong performance during the quarter. Our Profit after Tax has grown by 13.1 percent YoY and 22.8 percent QoQ. Our business model is unique & resilient and we have seen a recovery in member additions as the second wave began to recede from mid-June onwards. Our assurance of 'SafeStay' at resorts has enabled quick recovery in occupancy levels. We are confident of the revival in leisure travel in the coming quarters."
Commenting on European operations, he added, "Covid-19 related local restrictions impacted the operations at our European subsidiary, Holiday Club Resorts' (HCR), with significant closures of our spa hotels. With the easing of restrictions starting June and the summer holiday season beginning mid-June, local travel in Finland has seen a revival and is evident from the improved summer holiday bookings at our resorts. We expect domestic leisure travel to continue to grow leading to improved performance of HCR in the coming quarters."
