Mahindra Holidays & Resorts Q4 net down 17%

Mahindra Holidays and Resorts, a Mahindra Group firm, today reported a 16.92% dip in its net profit to Rs 30.92 crore for the fourth quarter ended March 31, 2013, mainly on account of increase in expenses.

The company had posted a net profit of Rs 37.22 crore for the quarter ended March 31, 2012, the company said in a statement.

Total income of the company, however, rose to Rs 200.54 crore for the quarter under consideration against Rs 188.36 crore for the corresponding quarter in the previous fiscal.

In a filing to BSE, Mahindra Holidays and Resorts Ltd (MHRIL) said its board of directors have recommended a dividend of Rs 4 per equity share of Rs 10 each on 8,87,80,856 equity shares.

Net profit of the company for the year ended March 31, 2013 rose to Rs 106.97 crore from Rs 104.64 crore for the same period year ago.

For fiscal 2012-13, total income of the company also rose to Rs 701.54 crore against Rs 621.55 crore during previous fiscal.

Commenting on the expansion plans of the company MHRIL Chairman Arun Nanda said: "As India's largest vacation ownership company, we remain committed to growth. This year we have taken the bold and confident step of making additions internationally with two large resorts in Dubai and Bangkok."

The company is a part of USD 15.9 billion diversified business conglomerate Mahindra Group which employs more than 155,000 people in over 100 countries.

Shares of Mahindra Holidays and Resorts were trading at Rs 257.10 per scrip in the afternoon on the BSE, down 1.83% from its previous close.