Tuesday, August 1, 2023

Mahindra Holidays & Resorts India Ltd. Announces Its Results For Q1 FY24


Highest Ever:

Total Income at Rs.355 Crs. (+17% YoY), excl. one-offs1

Resort Income at Rs. 92 Crs. (+10% YoY)

EBITDA at Rs. 101 Crs. (+19% YoY) excl. one-offs1

Highest Ever in the first quarter:

PBT at Rs.55 Crs. (+19% YoY) excl. one-offs1

Mahindra Holidays & Resorts India Ltd. ('Company'), India's leading leisure hospitality provider, reported its standalone and consolidated financials for the first quarter ending 30th June 2023.

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

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.

Note:  1. Please refer Table "MHRIL Standalone one-offs. 2. Membership value includes Upgrades

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.

Note: 1. Refer Table "MHRIL Standalone one-offs" for details

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.

Note: 3-Refer Table "Consolidated MHRIL one-offs"

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."

About Mahindra Holidays & Resorts India Limited

Mahindra Holidays & Resorts India Limited (MHRIL), India's leading company in the leisure hospitality industry, offers quality family holidays primarily through vacation ownership memberships. While Club Mahindra is the flagship brand with a 25-year membership, the other products offered by the company are – Bliss, Go Zest, Club Mahindra Fundays and Svaastha Spa.

As on June 30, 2023, MHRIL has 102 resorts across India & abroad and its subsidiary, Holiday Club Resorts Oy (HCR), Finland, a leading vacation ownership company in Europe has 33 Timeshare Properties (Including 9 Spa Resorts) across Finland, Sweden, and Spain.

Visit us at www.clubmahindra.com

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