Mahindra records growth in membership and profit
Mahindra Holidays & Resorts India Limited (MHRIL), India’s leading leisure hospitality provider, has announced double-digit year-on-year (YoY) percentage increases in membership, income and profits.
The company’s standalone financial results for the quarter and nine months ended 31 December 2016 show:
- Member Additions at 4,436, up 14.4% YoY
- Total Income at Rs. 274.80 crores, up 13% YoY
- Profit after Tax (after other comprehensive income) at Rs. 35.54 crores, up 14.6% YoY
MHRIL is a subsidiary of Mumbai-based multinational Mahindra, and offers family holidays primarily through vacation ownership memberships. As well as flagship brand Club Mahindra, the company also operates the Club Mahindra Fundays and Svaastha Spa brands.
As at 31 December 2016, MHRIL had 211,000 vacation ownership members, operating 46 resorts across India and overseas, with its European subsidiary, Holiday Club Resorts Oy, Finland, having 57,000 members and 31 resorts across Finland, Sweden and Spain. The majority of its resorts are affiliated to RCI.
In terms of financial performance for the third quarter ended 31 December 2016, Total Income stood at Rs. 274.80 crores as against Rs. 243.15 crores in Q3FY16, up 13.0%. Profit after Tax (PAT) stood at Rs. 35.54 crores as against Rs. 31.01 crores in Q3FY16, up 14.6%.
In the nine months ended 31 December 2016, Total Income stood at Rs. 790.20 crores as against Rs. 713.96 crores in the corresponding period last year, up 10.7%. Profit after Tax (PAT) stood at Rs. 98.47 crores as against Rs. 83.14 crores, up 18.4% YoY.
Kavinder Singh, managing director and chief executive officer, Mahindra Holidays & Resorts India Limited, said: “We are happy to report a robust quarter in terms of all round performance. Growth in member additions by 14.4% along with higher occupancies at 85% has led to revenue growth of 13% year on year.
“Despite the challenging conditions in the consumer discretionary spends caused by demonetization, our team has performed well. Innovative holiday experiences, deeper member engagement year round at our 46 beautiful resorts, in the cities and online along with our newly-launched brand campaign will help in sustaining this momentum.”