Mahindra Holidays Q1 net profit declines 70%

New Delhi: Holiday time share business, Mahindra Holidays, has seen a drastic decline in its net profit by 70.15% down to 8.9 crore in the first quarter of the year ended June 30, versus the corresponding quarter last year, when the figure stood at 29.82 crore. In terms of consolidated revenue, it saw a marginal 2% increase to 651.82 crore in the first quarter of FY24 from 637 crore in when compared with the same period last year.

Though it has reported that its member additions now stand at 4,696, up by 23% year-on-year and a cumulative member base which stands at 2.86 lakh members, with 85% of the member base fully paid up which stands at about 2.38 lakh members.

On a standalone basis, though, its revenue from operations grew 13% year-on-year over the first quarter last year to 327 crore. It saw a similar increase of 12% of 37.88 crore on a standalone basis.

As on June 30, MHRIL had 82 properties in India and about 20 abroad. Its subsidiary, Holiday Club Resorts Oy (HCR), Finland, a vacation ownership company in Europe has 33 timeshare properties (including nine spa resorts) across Finland, Sweden, and Spain.

It also announced that it has acquired a 72-room resort in Jaipur and completed and constructed a greenfield project of 236 rooms in Ganpatipule in Maharashtra. It said its inventory base added 5,005 keys in its 102 resorts.

The company also announced that its chairperson Arun Nanda has retired from his position of ‘Chairman of Club Mahindra’ during the annual general meeting held in Mumbai today.

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Updated: 26 Jul 2023, 03:46 AM IST

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