Mahindra Holidays & Resorts India Ltd announced its financial results for the second quarter ending September 30, 2024, showcasing growth and challenges.
The company added 3,583 members in operational highlights, bringing its total membership base to 302,274. The Average Unit Realisation (AUR) rose to Rs 5.04 lakhs, marking a 28 per cent year-on-year increase. The Membership Sales Value was recorded at Rs 180 crore. Additionally, three new managed resorts were opened in Bharatpur (Rajasthan), Pavagadh (Gujarat), and Mysuru (Karnataka). The company's inventory expanded by 219 keys, totalling 5,492 keys, while the occupancy rate remained stable at 77.3 per cent despite disruptions caused by inclement weather. The company also received the Tripadvisor Travellers’ Choice Award 2024 for select properties and launched a new five-year tenure membership product, GoZest-5.
In terms of financial performance, the standalone results showed a total income of Rs 371 crore, up 12 per cent year-on-year. EBITDA was reported at Rs 120 crore, reflecting a 13 per cent increase year-on-year, with a margin of 17.2 per cent. The Profit After Tax (PAT) stood at Rs 47 crore, marking a 14 per cent increase year-on-year, with a PAT margin of 12.7 per cent. The deferred revenue was recorded at Rs 5,685 crore, and the cash position as of September 30, 2024, was Rs 1,452 crore.
On a consolidated basis, the company reported a total income of Rs 706 crore, an increase of 5 per cent year-on-year. EBITDA for the consolidated segment was Rs 159 crore, reflecting a 4 per cent increase year-on-year, with a margin of 22.5 per cent. The consolidated PAT was recorded at Rs 11.5 crore, with a higher PAT excluding foreign exchange impact at Rs 27 crore, representing a 36 per cent increase year-on-year.
Commenting on the performance, Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd, said, "In line with our aspiration of 10,000 keys by FY30, we had a strong inventory addition of 219 keys this quarter. We have also added three managed resorts at Bharatpur (Rajasthan), Pavagadh (Gujarat) and Mysuru (Karnataka). Our focus on premiumisation continues with higher sales realisation. Our margins expanded & standalone profit grew by 14 per cent YoY.”
Commenting on European operations, he added, "Our European Subsidiary, HCR (Holiday Club Resorts), has delivered improved operating performance; however, the macroeconomic conditions continue to impact overall performance."
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