Mahindra Holidays and Resorts India on Friday, October 22, announced its performance metrics for the second quarter of the current fiscal year. It reported an over 139 per cent increase in its combined net profits at Rs. 59.76 crores for the quarter ending September 30.
Owing to the ease in COVID-19 related restrictions and the gradual rise in the rate of domestic travel, the company also posted a consolidated Profit After Tax (PAT) of Rs. 28.7 crores during the quarter under review.
Disclosing the quarterly results in a regulatory filing to the board, Mahindra Holidays and Resorts India Ltd.’s Managing Director and Chief Executive Officer Kavinder Singh revealed that the company’s performance even surpassed that of pre-pandemic levels during the Q2FY22.
He credited this achievement to MHRIL’s commitment to increasing operations at its resort locations after the second wave of COVID-19 with “world-class safety and hygiene protocols.”
Meanwhile, overall revenue from operations during the Q2FY22 stood at Rs. 546.40 crore, a rise of 13.51 per cent from the Rs. 481.37 crore reported during the same quarter last year.
On the resort operational front, MHRIL reported that it has amassed 3,943 new memberships as compared to 2,681 membership additions during the corresponding quarter last year. Moreover, the operational occupancies of its total room inventory of 4,233 rooms across 78 resort locations rose to 73 per cent during the July-September quarter.
MHRIL’s operations in Europe have also seen an improvement due to widespread vaccine rollout and easing travel restrictions, Kavinder Singh stated.
The CEO asserted that MHRIL’s resilient business model and its increased focus on improving member experience has helped the company achieve higher operational results across all its operating locations.
“With the onset of the summer holiday season and domestic leisure travel gaining momentum, Holiday Club Resorts delivered significant improvements in performance with profit before tax of euro 2.45 million this quarter,” he added.