Mahindra Holidays Q1 net up 10.8% at Rs 21 cr

Mahindra Holidays & Resorts India today reported a 10.81% rise in net profit to Rs 21.01 crore for the quarter ended June 30, 2012 mainly on account of higher occupancy.

The company had posted a net profit of Rs 18.96 crore for the corresponding period previous fiscal, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a statement.

Total income of the company for the quarter under consideration also rose to Rs 180.29 crore from Rs 157.44 crore for the year ago period, it added.

Commenting on the results, MHRIL Chairman Arun Nanda said: "Our sustained investment in new properties combined with a vision to enlarge the vacation owner's experience is going to augur well for the company."

The Q1 occupancy stood strong at 90%, the company said.

"The focus on inventory growth has impacted member utilisation which in turn has led to the doubling of member satisfaction scores," MHRIL Managing Director & CEO Rajiv Sawhney said.

New projects in Kanha in Madhya Pradesh and Naldehra near Shimla (Himachal Pradesh) are on track, MHRIL said.

MHRIL operates 41 resorts across India and abroad and is part of $16.2 billion business conglomerate Mahindra Group, based in Mumbai.

Shares of Mahindra Holidays & Resorts India today closed at Rs 257.85 per scrip pn BSE, down 1.68% from its previous close.