Mahindra Holidays’ Q2 profit falls 31% as costs rise | Tech US News

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Mahindra Holidays’ Q2 profit falls 31% as costs rise

Total expenditure increased to Rs 575 crore from Rs 515 crore.

Mahindra Holidays & Resorts India Ltd on Wednesday reported a 30.7 percent drop in profit for the second quarter, hit by higher costs and lower revenue in its European operations.

Gross profit after tax for the quarter ended September 30 fell to Rs 40.86 crore from Rs 58.97 crore a year ago, the company said in an exchange filing.

Total expenditure increased to Rs 575 crore from Rs 515 crore.

Globally, companies ranging from white goods manufacturers to hotel operators have seen higher labor and input costs hurt their profits in recent quarters.

Mahindra Holidays’ total revenue from operations rose 9.5 percent to Rs 598 crore. Revenue from its Finland business fell to Rs 311 crore from Rs 321 crore.

The company said in July that its European business saw unprecedented cost pressures due to high inflation.

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