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Mahindra Holidays & Resorts India Ltd. announces its results for Q4 FY22 & FY22

Highest ever Resort Income in Q4 FY22 and Resort Income grows by 85% YoY in FY22, despite Covid waves.

Mumbai, India – Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider reported its standalone and consolidated financials for the fourth quarter ending 31st March 2022 and financial year 2021-22.

Operational Highlights
  • Member additions for the quarter at 4,058, resulting in a total of 12,764 members during the year. Our cumulative member base stands at ~2.66 lakhs.
  • High resort occupancies at 77% in the fourth quarter, close to pre-pandemic levels and healthy occupancy of 74% for the full year.
  • Achieved a milestone of 4,500+ rooms with a gross addition of 385 rooms during the year, taking our total inventory count to 4,568 rooms.
  • Our resort count reaches a total of 84 resorts 
  • Resorts were added at domestic destinations such as Rameswaram (Tamil Nadu), Dindi (Andhra Pradesh), Leh, Pushkar (Rajasthan), Daman, Shillong, and international destinations such as Pattaya, Bentota (Sri Lanka) and Bali. 
  • Expanded inventory at our existing properties in Assonora (Goa), Tungi (Lonavala), Ashtamudi (Kerala), and Kensville (Gujarat).
  • MHRIL won the bid for Janjehli resort (Himachal Pradesh) under Public Private Partnership (PPP) mode. 
  • Share of member acquisitions through the digital and referral routes increased to 57% in Q4 FY22 and 58% for the year.
  • All resorts are certified by Bureau Veritas with highest level of Platinum certification for safety and hygiene standards. 
Financial Highlights

Q4 FY22 

  • Total Income at Rs. 304 Crs, up by 19.4% YoY.
  • Resort Income at Rs. 57 Crs, highest ever in fourth quarter. 
  • EBITDA at Rs. 98 Crs, up by 53.6% YoY; EBITDA Margin at 32.1%.
  • PBT at Rs. 59 Crs, up 81.9% YoY; PBT Margin at 19.4%.
  • PBT without one-time impact* at Rs. 33 Crs, up 36.8% YoY. PBT Margin without one-time impact* at 11.7% (up 200 bps YoY). 
  • PAT at Rs. 45 Crs, up 80.6%; PAT Margin at 14.6%.
  • Cash position at Rs. 1,172 Crs as on Mar’22 vs Rs. 1,108 Crs as on Dec’21. 
  • Profit from Sale of Investment (Nreach Online Services Pvt. Ltd.) of Rs. 26.3 Crs


  • Total Income at Rs. 1,071 Crs, up 17.8% YoY.
  • Resort Income at Rs. 193 Crs, up 84.6% YoY. 
  • EBITDA at Rs. 345 Crs, up 20.4% YoY; EBITDA Margin at 32.2%.
  • PBT at Rs. 204 Crs, up 20.1% YoY; PBT Margin at 19.0%.
  • PBT without one-time impact* at Rs. 160 Crs, up 15.6% YoY. PBT Margin without one-time impact* at 15.6%. 
  • PAT at Rs. 151 Crs, up 20.3%; PAT Margin at 14.1%.
  • Our cash position improved by Rs. 232 Crs in FY22 and stands at Rs. 1,172 Crs as on Mar’22.

Q4 FY22

  • Total Income at Rs. 583 Crs, up 17.5% YoY. 
  • EBITDA at Rs. 128 Crs, up 70.6% YoY; EBITDA Margin at 22.0%.
  • PBT at Rs. 32 Crs, an improvement of Rs. 43 Crs over Q4 FY21
  • PAT at Rs. 16 Crs, an improvement of Rs. 26 Crs over Q4 FY21


  • Total Income at Rs. 2,179 Crs, up 18.0% YoY
  • EBITDA at Rs. 481 Crs, up 37.9% YoY. EBITDA Margin at 22.1%. 
  • PBT at Rs. 111 Crs, an improvement of Rs. 108 Crs over FY21. 
  • PAT at Rs. 68 Crs, highest ever since adoption of Ind AS 115 in FY19. PAT improved by Rs. 82 Crs over FY21.

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, “Despite the Omicron wave, we have delivered a strong Q4 with highest ever resort income, growth in margins and Profit Before Tax (PBT). At a full year level, we have delivered exceptional performance with healthy growth in member additions, occupancies, Income, PBT and cash position. Our resort count has increased to 84 and our room count crosses the 4,500 mark. This clearly demonstrates our execution excellence along with the strength and resilience of our business model.”

Commenting on European operations, he added, “Despite multiple Covid-19 waves severally impacting our European subsidiary, Holiday Club Resorts (HCR) during the year, HCR delivered close to breakeven EBITDA demonstrating the strength of its business model. In periods when restrictions were eased off, HCR recovery was strong and rapid. Domestic leisure travel remains strong and outlook is positive for FY23.” 

*One-time impact on account of Income from Lease Rent Waivers, Interest on IT refunds and Profit from Sale of Investment (Nreach).

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Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.