Mahindra Holidays & Resorts Q1 PAT rises 13% yoy to Rs30.3cr

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 Mahindra Holidays & Resorts India Ltd. on Thursday reported Profit After Tax (PAT) at Rs30.3cr, up by 13.1% yoy for the quarter ended June 30, 2021. PAT Margin at 14.0% (up by 34 bps).

The company’s total income was at Rs216.9cr, up by 10.4% yoy. EBITDA at Rs73.0cr, up by 12.1% yoy; EBITDA margin at 33.7% (up by 50 bps). PBT at Rs40.9cr, up by 12.7% yoy; PBT Margin at 18.9% (up by 40 bps).

The company said, member additions for the quarter at 1,062. The cumulative member base stands at 2,55,160. Resort operational occupancy at 51% in Q1FY22. Total inventory consists of 4,198 rooms. Digital and Referral contribution at 63% of member acquisition in Q1FY22, Resorts have achieved the highest level of certification in safety and hygiene standards from ‘Bureau Veritas’ — the global leader in testing and inspection. Cash position improves from Rs940cr as on Mar’21 to Rs950cr as on June’21.

The Board of Directors announced the issue of bonus shares in the ratio of 1:2, i.e. 1 bonus equity share for each 2 fully paid equity shares held. This bonus issue, if approved, by the shareholders will capitalize Rs66.79cr out of the securities premium of Rs103.62cr.

“Despite the extremely adverse situation caused by the second wave of pandemic, we have delivered a strong performance during the quarter. Our Profit after Tax has grown by 13.1% yoy and 22.8% qoq. Our business model is unique & resilient and we have seen recovery in member additions as the second wave began to recede from mid-June onwards. Our assurance of ‘SafeStay’ at resorts has enabled quick recovery in occupancy levels. We are confident of the revival in leisure travel in the coming quarters,” Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd., said.

Commenting on European operations, he added, “Covid-19 related local restrictions impacted the operations at our European subsidiary, Holiday Club Resorts’ (HCR), with significant closures of our spa hotels. With the easing of restrictions starting June and summer holiday season beginning mid-June, local travel in Finland has seen revival and is evident from the improved summer holiday bookings at our resorts. We expect domestic leisure travel to continue to grow leading to improved performance of HCR in the coming quarters.”

Mahindra Holidays & Resorts India Ltd ended at Rs318.60 per piece up by Rs0.35 or 0.11% from its previous closing of Rs318.25 per piece on the BSE.

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