Highest Ever:
Total Income at Rs.355 Crs. (+17% YoY), excl. one-offs1
Resort Income at Rs. 92 Crs. (+10% YoY)
EBITDA at Rs. 101 Crs. (+19% YoY) excl. one-offs1
Highest Ever in the first quarter:
· PBT at Rs.55 Crs. (+19% YoY) excl. one-offs1
Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider, reported its standalone and consolidated financials for the first quarter ending 30th June 2023.
Operational Highlights (Standalone) – Q1 FY24
Member Additions
· Member additions at 4696 are up by 23% YoY
· Membership Sales Value2 at Rs. 177 Crs. up by 21% YoY
· Highest ever Q1 Upgrades at Rs. 49 Crs. up by 16% YoY
· Cumulative member base grows to 2,86,039, with 85% of the member base fully paid
Resorts/Room Inventory
· Resort Occupancy of 90% (vs 89% last year)
· Acquisition of 72 keys resort in Jaipur completed & construction of a greenfield, 236 keys resort started in Ganpatipule (Maharashtra)
· Inventory base grows to 5,005 keys in 102 resorts.
Note: 1. Please refer Table “MHRIL Standalone one-offs. 2. Membership value includes Upgrades
Standalone Financial Highlights –
Q1 FY24 (excl. one-offs1)
· Highest Ever Total Income at Rs. 355 Crs. (+17% YoY)
· Highest Ever Resort Income at Rs.92 Crs. (+10% YoY)
· Highest Ever EBITDA at Rs. 101 Crs. (+19% YoY); EBITDA Margin at 28.3%
· Highest Ever PBT (first quarter) at Rs. 55 Crs. (+19% YoY); PBT Margin at 15.4%
· Cash Position at Rs. 1136 Crs. as on 30th June’23.
Note: 1. Refer Table “MHRIL Standalone one-offs” for details
Consolidated Financial Highlights –
Q1 FY24 (excl. one-offs3)
· Total Income at Rs. 646.9 Crs.
· EBITDA at Rs. 120.4 Crs. EBITDA Margin at 18.6%.
· PBT at Rs. 7.6 Crs.
Note: 3-Refer Table “Consolidated MHRIL one-offs”
Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd., said, “90%+ occupancy on an expanded inventory base of ~5,000 rooms hashelped us achieve the highest ever Resort Income this quarter. Member additions are up by 23% over the same period last year. We continue to work towards our strategic objective of rapidly expanding our room inventory in line with our growing member base while adding new immersive experiences at our resorts.”
Commenting on the European operations, he added, “Despite the ongoing geopolitical crisis which has raised the inflation levels & interest rates, timeshare business has performed well. However, Spa hotels were affected by lower occupancies, Q1 traditionally being a low-season quarter. The holiday season has started well from mid-June onwards, and Q2 performance is expected to be better.”
MHRIL Standalone (Under Indian Accounting Standards)
| Particulars (Amounts in Rs. Crs) | Q1 FY24 | Q1 FY23 |
| Total Income | 354.9 | 304.2 |
| – Resort Income | 92.5 | 84.0 |
| EBITDA | 96.8 | 84.2 |
| PBT | 51.0 | 45.4 |
| PAT | 37.9 | 33.6 |
| Total Income (excl. one-offs) | 354.9 | 304.2 |
| EBITDA (excl. one-offs) | 100.6 | 84.8 |
| PBT (excl. one-offs) | 54.8 | 46.1 |
Note: Refer Table “MHRIL Standalone one-offs”
Holiday Club Resorts, Oy (Under Finnish GAAP)
| Particulars (Amounts in Euro Mn) | Q1 FY24 | Q1 FY23 |
| Total Income | 30.3 | 33.5 |
| EBITDA | (2.5) | (1.5) |
| PBT | (3.9) | (2.8) |
| PAT | (3.4) | (2.3) |
MHRIL Consolidated (Under Indian Accounting Standards)
| Particulars (Amounts in Rs. Crs.) | Q1 FY24 | Q1 FY23 |
| Total Income | 651.8 | 637.0 |
| EBITDA | 121.5 | 131.8 |
| PBT | 8.7 | 39.6 |
| PAT | 0.9 | 29.8 |
| Total Income (excl. one-offs) | 646.9 | 627.9 |
| EBITDA (excl. one-offs) | 120.4 | 123.3 |
| PBT (excl. one-offs) | 7.6 | 31.1 |
Note: Refer Table “MHRIL Consolidated One-offs”
MHRIL Standalone One-offs
| MHRIL Standalone (in Rs. Crs.) – Impact | Q1 FY24 | Q1 FY23 |
| Expense | ||
| Translation Forex Loss on ICDs to Subsidiaries | 3.8 | 0.6 |
| Total | 3.8 | 0.6 |
MHRIL Consolidated One-offs
| Other Subsidiaries (in Rs. Crs.) – Impact | Q1 FY24 | Q1 FY23 |
| Gain on exchange fluctuation on Euro Loan | 1.7 | 10.0 |
| Translation Forex Gain/(Loss) on ICDs to subsidiaries | 3.2 | (0.9) |
| Total | 4.9 | 9.1 |
| Consolidated (in Rs. Crs) – Impact | Q1 FY24 | Q1 FY23 |
| Income | 4.9 | 9.1 |
| Expense | (3.8) | (0.6) |
| Net PBT Impact | 1.1 | 8.5 |
