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Mahindra Holidays & Resorts India Ltd reported a 96 per cent year-on-year decline in consolidated profit after tax to INR 1.4 crore in the third quarter, primarily due to a one-time expense linked to new labour codes. Revenue from operations increased to INR 752.7 crore, supported by strong growth in the India resort business. Expenses rose sharply, including an exceptional charge of INR 11.06 crore. While the India standalone business posted profit growth, weak performance in European operations affected consolidated results.
Mahindra Holidays & Resorts India Ltd reported a sharp fall in consolidated profit after tax for the third quarter of the current financial year, largely due to a one-time impact linked to new labour codes. The company's consolidated profit after tax declined by 96 per cent to INR 1.4 crore for the quarter under review, compared with INR 35.42 crore reported in the same quarter of the previous financial year, as disclosed in a regulatory filing. Advertisement
Despite the steep drop in profit, the company recorded healthy revenue growth. Consolidated revenue from operations rose to INR 752.7 crore during the quarter, up from INR 678.42 crore in the corresponding period a year ago. This growth was supported by steady demand across its core resort business in India.
Total expenses during the quarter increased to INR 760.18 crore, compared with INR 662.69 crore in the year-ago period. The higher cost base was partly driven by an exceptional expense of INR 11.06 crore, which the company incurred due to the implementation of new labour codes notified by the central government in the previous quarter.
Managing Director and Chief Executive Officer Manoj Bhat said the company's India business continued to show resilience, with resort revenues growing 16 per cent on a year-on-year basis. He noted that membership upgrades maintained strong momentum and posted double-digit growth during the quarter. As part of its inventory expansion strategy, the company added three new resorts and increased its room inventory by 273 rooms.
Bhat also stated that profits from the India standalone business grew by 8 per cent despite the exceptional charge related to labour code changes. However, he pointed out that the company's European operations under HCRO faced pressure due to broader economic challenges and adverse weather conditions in Finland, which weighed on overall consolidated profitability.
Mahindra Holidays has been focusing on expanding its domestic footprint in recent years, while continuing to invest selectively in international markets. The company reiterated that it remains committed to its long-term strategy of strengthening its core business alongside building new growth avenues.
Source PTI
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