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Mahindra Holidays announces its results for Q4 & FY23: Total income at Rs. 1,275 Crs (+24% YoY)

Chairman Arun Nanda announces his retirement after an outstanding innings.

MUMBAI – Mahindra Holidays & Resorts India Ltd., India’s leading leisure hospitality provider reported its standalone and consolidated financials for the fourth quarter and financial year ending 31st March 2023.

Operational Highlights (Standalone)
Member Additions


  • Member additions at 17,477 (+37% YoY).
  • Membership Sales Value at Rs. 734 Crs (+70% YoY).
  • Highest ever Annual Upgrades at Rs. 188 Crs (+71% YoY).
  • Average Unit Realization (AUR) 2 at Rs. 4.2 lakhs vs Rs. 3.4 lakhs last year.
  • Share of member acquisitions through the digital and referral routes at 57%.
  • Cumulative member base stands at 2,81,820 with 85% fully paid.

Q4 FY23

  • Member additions at 5,097 (+26% YoY).
  • Membership Sales Value at Rs. 206 Crs (+33% YoY).
  • Highest ever Quarterly Upgrades at Rs. 55 Crs (+41% YoY).
  • Average Unit Realization (AUR) 2 at Rs. 4.0 lakhs vs Rs. 3.8 lakhs YoY.

Resorts/Room Inventory FY23

  • High resort occupancies3 of 84% vs 74% last year.
  • Occupied room nights up by 49% YoY.
  • Inventory addition of 372 keys leading to total inventory at 4,940 keys in 102 resorts

Q4 FY23

  • High resort occupancies3 at 85% vs 77% in Q4 FY22.
  • New resorts at domestic destinations such as Janjheli (Himachal Pradesh), Lachung (Sikkim), Jambughoda (Gujarat), Tirupati (Andhra Pradesh), Amba Ghat (Maharashtra) and international destinations such as Abu Dhabi, Maldives, Cambodia, Vietnam, Chitwan (Nepal) and Chiang Mai (Thailand) have added 256 Keys to the existing inventory.

Standalone Financial Highlights – FY23

  • Highest ever
    – Total Income at Rs. 1,275 Crs (+24% YoY) excluding one-offs*.
    – Resort Income at Rs. 323 Crs (+67% YoY) driven by higher occupied room nights and member spends.
    – EBITDA at Rs. 352 Crs (+18% YoY) excluding one-offs*; EBITDA Margin at 27.6% (up 430 bps vs pre-pandemic – FY20).
    – PBT at Rs. 183 Crs (+17% YoY) excluding one-offs*. PBT Margin at 14.4% (up 240 bps vs pre-pandemic – FY20).
  • Deferred Revenue stands at Rs. 5,326 Crs (+Rs. 244 Crs)
  • Cash position at Rs. 1,158 Crs.

Q4 FY23
– Total Income at Rs. 332 Crs (+20% YoY) excluding one-offs*.
– Resort Income at Rs. 80 Crs (+40% YoY).
– EBITDA at Rs. 84 Crs (+18% YoY) excluding one-offs*; EBITDA Margin at 25.2% (up 230 bps vs pre-pandemic – Q4 FY20).
– PBT at Rs. 38 Crs (+18% YoY) excluding one-offs*. PBT Margin at 11.5%.

Consolidated Financial Highlights – Excluding One-offs# FY23

  • Highest ever Total Income at Rs. 2,593 Crs (+22% YoY).
  • EBITDA at Rs. 603 Crs (+42% YoY). EBITDA Margin at 23.3%.
  • PBT at Rs. 177 Crs (3X YoY).

Q4 FY23

  • Total Income at Rs. 731 Crs (+32% YoY).
  • EBITDA at Rs. 195 Crs (+93% YoY); EBITDA Margin at 26.7%.
  • PBT at Rs. 80 Crs (16X YoY).

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, “We have achieved exceptional FY23 results with new milestones in Total Income, Resort Income, EBITDA and PBT. Highest ever Membership Upgrades along with higher member spends is a great endorsement of the immersive family vacation experiences that Club Mahindra delivers consistently.”

Commenting on European operations, he added, “Despite macroeconomic challenges created by the geopolitical conflict, Holiday Club Resorts (HCR), our European Subsidiary, has turned around as reflected in the Q4 performance driving Revenue growth of Timeshare by 57% YoY and Spa Hotels by 19% YoY, along with EBITDA of 6.4 mn euros and PAT of 4.0 mn. euros. On a full year basis, HCR has delivered EBITDA of 5.0 mn. euros”.

Highlighting Consolidated FY23 performance, he elaborated, “Overall, Total Income is the highest ever in our history and has grown by 22% YoY and EBITDA has grown by 42% YoY, excluding one-offs.”

Mr. Arun Nanda announces his retirement after an outstanding innings

After a long innings of 50 years, Mr. Arun Nanda, Chairman of Mahindra Holidays & Resorts India Ltd (MHRIL) notified the Board that he will not seek reappointment, consistent with the age limit for non-executive roles, thereby, he will retire at the upcoming AGM on July 25, 2023.

Mr. Nanda has had a long and illustrious career with the Mahindra Group. He joined Mahindra as a young accountant in Calcutta in 1973. In 1976, he moved to Pune to take over as CFO and Company Secretary of Mahindra Sintered Products. In 1986, he was transferred to the parent company to take over as the Company Secretary and Head Legal (amongst other positions). Arun Nanda served as Executive Director, Mahindra & Mahindra Ltd. from 28/08/1992 to 31/03/2010, and subsequently as Non-Executive Director till 08/08/2014.

During his career with the Group, Mr. Nanda has run a diverse set of businesses. His most significant achievements include the Group’s diversification into leisure and hospitality, and the pioneering work he did in setting up Mahindra World Cities in Chennai and Jaipur.

Reflecting on Mr. Nanda’s long career with the Group, Mr. Anand Mahindra, Chairman, Mahindra Group said, “Arun Nanda has been a stellar ‘Intrapreneur’ of the Mahindra Group for several decades. Among his many initiatives, his contribution to the Group’s diversification into the leisure and hospitality sector stands out. When Arun established Mahindra Holidays, vacation rental and holiday companies were relatively unknown concepts in India. Today, as Arun announces that he will step down from his Chairmanship, Club Mahindra is the largest vacation ownership brand outside the USA. Not only has he established the company’s leadership in India, he has made acquisitions that have made us a global player. This is an incredible achievement. I thank him for his contribution to Mahindra Holidays success story and wish him many happy and productive years ahead.”

Dr. Anish Shah, MD & CEO Mahindra Group, said, “Arun has been one of the key architects who have built the Mahindra Group. He has always been there for the Group, more so during difficult situations. He is easily accessible and always willing to help. His wise counsel has been invaluable to me and many others.”

Sharing his perspective, Mr. Arun Nanda said, “I am blessed to have had the opportunity to be part of the Mahindra Group for five decades. It’s been a long journey from a young accountant to be able to set up and manage new and diverse businesses for the Group. The two things I cherish the most are the value systems of the Group and the empowerment, support and trust I received from Mr. Keshub Mahindra and Mr. Anand Mahindra. Delighted to be stepping down at a time when Mahindra Holidays is doing so well and poised for an even better future both in India and Finland.”

Co-Founder & Chief Editor - TravelDailyNews Media Network | + Articles

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.