Mahindra Holidays & Resorts Q2 PAT down 30% to Rs 41.39 crore on higher expenses | Tech US News

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Mahindra Holidays and Resorts India Ltd on Wednesday reported a 30 per cent drop in gross profit after tax to Rs 41.39 crore for the second quarter ended September 30, 2022, impacted by higher expenses.

Mahindra Holidays and Resorts India Ltd (MHRIL) said in a regulatory filing that the company had posted a gross profit after tax of Rs 59.76 crore in the corresponding period last fiscal.

It added that the gross income from operations during the quarter under review stood at Rs 598.36 crore, as against Rs 546.4 crore in the year-ago period.

The company said total expenses were higher at Rs 574.66 crore, compared to Rs 515.13 crore in the same period a year ago, while employee benefit expenses were Rs 153.27 crore, compared to Rs 133.57 crore in the same period last fiscal. I was

Besides, other expenses were higher at Rs 287.43 crore, compared to Rs 246.25 crore in the same quarter last fiscal, the filing added.

Kavinder Singh, Managing Director and CEO, MHRIL said, “Acceleration in room inventory and increase in members led to higher Q2 total revenue, EBITDA and PBT (before tax). Profitability) is reflected by strong performance.

Regarding the company’s European operations, he said that despite the adverse effects of the Russia-Ukraine war that affected consumer sentiment and unprecedented inflationary effects due to rising input costs, Holiday Club Resorts (HCR) had a stellar Q2 performance.

On a stand-alone basis, MHRIL said it added 4,397 new members in the second quarter with a growth of 12 per cent and sales value of membership was Rs 194 crore, a growth of 93 per cent.

The company added that its average unit recovery (AUR) was Rs 3.9 lakh, as against Rs 2.6 lakh in Q2 FY22.

During the second quarter, 116 keys were added to the existing inventory through new resorts in Mount Abu and Kathmandu (Nepal) and the expansion of the Gangtok (Sikkim) resort. It said the total inventory at 86 resorts is 4,715 rooms.

(This story has not been edited by DavidDiscourse staff and is generated automatically from a syndicated feed.)

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