Mahindra Holidays jumps on reporting turnaround Q3 numbers

Mahindra Holidays & Resorts India advanced 3.57% to Rs 417.95 after the company reported consolidated net profit of Rs 11.65 crore in Q3 FY24 as against net loss of Rs 11.9 crore posted in Q3 FY23.

Total Income stood at Rs 666.33 crore during the quarter, up 6.71% from Rs 624.44 crore recorded in corresponding quarter previous year.

Profit before tax stood at Rs 6.3 crore in Q3 FY24 as compared with Rs 1.33 crore in Q3 FY23.

EBITDA grew 8% YoY to Rs 130.5 crore while EBITDA margin stood at 19.9% during the quarter under review.

Commenting on the performance, Kavinder Singh, managing director and chief executive officer, said, Our all-round robust financial performance is reflected in the highest-ever Total Income, EB/TOA and PBT, along with improved profit margins on YoY basis. Our strategic focus on inventory acceleration continues. The largest MHRIL resort, Assonora, Goa expansion has been completed, and the overall inventory base has expanded to 5129 keys.

Commenting on the European operations, he added, "Despite the ongoing geo-political crisis & weak consumer sentiment, HCR has delivered 14% growth in timeshare sales and also reduced its operating losses by 47% this quarter aided by operational efficiencies. Q4 is a seasonally strong quarter due to winter holidaying season driven by domestic demand and international visitors."

Meanwhile, Kavinder Singh, managing director (MD) and chief executive officer (CEO) and key managerial personnel (KMP) of the company has resigned from his position effective from close of 16 May 2024. Manoj Bhat has been appointed as the MD and CEO of the company for a period of 5 years with effect from 17 May 2024, subject to approval of shareholders.

Futher, Vimal Agarwal has been appointed as the chief financial officer (CFO) and KMP with effect from 1 May 2024. Consequent to Agarwals appointment, Ram Mundra ceases to be the interim CFO and KMP of the company with effect from the close of 30 April 2024. Mundra will continue to serve the company and shall assist Vimal Agarwal during his transition.

Mahindra Holidays & Resorts India, India's leading company in the leisure hospitality industry, offers quality family holidays primarily through vacation ownership memberships. While Club Mahindra is the flagship brand, the other brands offered by the company are Club Mahindra Fundays and Svaastha Spa.

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