Mahindra Holidays Q3 net profit rises 33% to Rs 31 crore

Mahindra Holidays & Resorts India today reported 33.24% increase in net profit at Rs 31.26 crore for the third quarter ended December.

The company had posted a net profit of Rs 23.46 crore in the same period last fiscal, Mahindra Holidays & Resorts India said in a BSE filing.

Net sales from operations rose 11.66% to Rs 217.23 crore in the quarter under review as against Rs 194.54 crore in the year-ago period, it added.

Commenting on the performance, Mahindra Holidays & Resorts India Managing Director and CEO Kavinder Singh said: "Our proposition of family leisure vacations through the vacation ownership model is gaining traction as seen by growth in new member additions, resort income, total income and improved profit before tax margin."
 

This has been achieved through prudent cost management actions and focus on operating metrics such as member satisfaction levels and healthy inventory position, despite overall weak sentiment in consumer discretionary space, he added.

Mahindra Holidays & Resorts India shares today closed 2.61% up at Rs 375.95 apiece on the BSE.