Latest News
HomeHotels & LodgingMahindra Holidays & Resorts India Ltd. announces its results for Q1 FY24

Mahindra Holidays & Resorts India Ltd. announces its results for Q1 FY24

Member additions are up by 23% over the same period last year

MUMBAI, INDIA – Mahindra Holidays & Resorts India Ltd. India’s leisure hospitality provider, reported its standalone and consolidated financials for the first quarter ending 30th June 2023.

Highest Ever:
  • Total Income at Rs.355 Crs. (+17% YoY), excl. one-offs
  • Resort Income at Rs. 92 Crs. (+10% YoY)
  • EBITDA at Rs. 101 Crs. (+19% YoY) excl. one-offs
Highest Ever in the first quarter:
  • PBT at Rs.55 Crs. (+19% YoY) excl. one-offs
Operational Highlights (Standalone) – Q1 FY24

Member Additions

  • Member additions at 4696 are up by 23% YoY
  • Membership Sales Value2 at Rs. 177 Crs. up by 21% YoY
  • Highest ever Q1 Upgrades at Rs. 49 Crs. up by 16% YoY
  • The cumulative member base grows to 2,86,039, with 85% of the member base fully paid

Resorts/Room Inventory

  • Resort Occupancy of 90% (vs 89% last year)
  • Acquisition of 72 keys resort in Jaipur completed & construction of a greenfield, 236 keys resort started in Ganpatipule (Maharashtra)
  • Inventory base grows to 5,005 keys in 102 resorts.
Standalone Financial Highlights – Q1 FY24 (excl. one-offs1)
  • Highest Ever Total Income at Rs. 355 Crs. (+17% YoY)
  • Highest Ever Resort Income at Rs.92 Crs. (+10% YoY)
  • Highest Ever EBITDA at Rs. 101 Crs. (+19% YoY); EBITDA Margin at 28.3%
  • Highest Ever PBT (first quarter) at Rs. 55 Crs. (+19% YoY); PBT Margin at 15.4%
  • Cash Position at Rs. 1136 Crs. as on 30th June’23.
Consolidated Financial Highlights -Q1 FY24 (excl. one-offs3)
  • Total Income at Rs. 646.9 Crs.
  • EBITDA at Rs. 120.4 Crs. EBITDA Margin at 18.6%.
  • PBT at Rs. 7.6 Crs.

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd., said, “90%+ occupancy on an expanded inventory base of ~5,000 rooms has helped us achieve the highest ever Resort Income this quarter. Member additions are up by 23% over the same period last year. We continue to work towards our strategic objective of rapidly expanding our room inventory in line with our growing member base while adding new immersive experiences at our resorts.”

Commenting on the European operations, he added, “Despite the ongoing geopolitical crisis which has raised the inflation levels & interest rates, timeshare business has performed well. However, Spa hotels were affected by lower occupancies, Q1 traditionally being a low-season quarter. The holiday season has started well from mid-June onwards, and Q2 performance is expected to be better.”

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.