Successful first quarter for Mahindra
Leading Indian leisure hospitality provider Mahindra Holidays & Resorts India Limited (MHRIL) has announced its Consolidated and Standalone financial results for the quarter ended and year ended 31 March 2017.
The company, which has a number of resorts affiliated to RCI through its flagship Club Mahindra brand, reported significant increases in turnover, profit and membership.
Key highlights of its FY17 performance included:
- Turnover up 14.7% at Rs. 1,105 Crs.
- Profit before Tax up 19.5% at Rs. 200.9 Crs.
- Member addition up 14.7% at 18,557
- Cumulative member base at 218,138
In addition, the company’s Board of Directors announced the issue of bonus shares in the ratio of 1:2 – i.e. one bonus equity share for each two fully paid equity shares held. This bonus issue, if approved by the shareholders, will capitalize Rs. 44.4 Crs. out of the total reserve of Rs. 578 Crs. as at 31 March 2017.
The company, along with its subsidiary HCR (Holiday Club Resorts), operates 81 resorts across India, Thailand, Malaysia, Austria, Dubai, Finland, Sweden and Spain, making it the largest vacation ownership company outside the USA.
Kavinder Singh, managing director and chief executive officer, MHRIL, said: “Our focus on enhancing the aspirational value of ‘Club Mahindra’ brand through innovations in creating unique experiences at our resorts and the addition of five new resort destinations has helped us build momentum as is evident through significant growth in Member Additions, Resort Revenues and Profits.”