Mahindra Holidays posts ₹10-cr loss in fourth quarter

Our Bureau Mumbai | Updated on May 03, 2021

Revenue declines 24% to ₹465 crore

Mahindra Holidays has reported a loss of ₹10.1 crore during Q4 of FY21 compared to a profit of ₹164 crore in the corresponding period of last year. Its revenue from operations for the quarter that ended on March 31, 2021 was ₹465 crore, a decline of 24 per cent over the corresponding previous period.

The consolidated turnover was at ₹496.2 crore for Q4 FY21 as against ₹631.4 core in Q4 FY20. The company has managed to bring down its expenses by over ₹80 crore from the previous fiscal. Its total expenses for this quarter stood at ₹507 crore compared to ₹590 crore at the same time last fiscal.

For the full fiscal of FY21, the consolidated loss after tax is ₹14 crore as against a loss of ₹134 crore in FY20. Its consolidated turnover is ₹1,847.3 crore for FY21 as against ₹2,431.1 crore for FY20.

Commenting on the results, Kavinder Singh, Managing Director, and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said that despite Covid-19 related challenges, the company delivered a strong fourth-quarter performance “as demonstrated by all operational and financial metrics such as occupancy, resort income, member additions, operating margins, and profit growth. We are confident of emerging stronger as pent-up demand for leisure family experiences unlocks in the near future.”

For the fiscal, the company has added 12,031 members taking the total number to 2,54,431. However, 14782 members were one-off cancellations mainly from earlier year acquisitions because of non-payment of EMIs. By the end of FY20, Mahindra Holidays’ total member base was 2,58,336.

The time-sharing hospitality company achieved a milestone of 4,000+ rooms with the addition of 465 rooms during the year, taking our total inventory count to 4,197 rooms and added 9 resorts during the year to reach a total of 79 resorts.

The resorts were added in Goa, Kerala, Rajasthan, Gujarat, Maharashtra, and Andaman & Nicobar Islands. In the fourth quarter, a new greenfield property at Assonora, Goa was launched, too.

Published on May 03, 2021

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