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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.