Mahindra Group firm Mahindra Holidays & Resorts India Monday reported a standalone net profit at Rs 14.46 crore for the quarter ended September 30, 2018.
The company had posted a net profit of Rs 31.70 crore for the corresponding period of the previous fiscal, Mahindra Holidays & Resorts India (MHRIL) said in a filing to BSE.
The standalone total income of the company stood at Rs 221.10 crore for the quarter under consideration. It was Rs 248.78 crore for the same period a year ago.
The company said accounts up to March 31,2018, were prepared according to Ind AS 18 standard while from April 1, 2018, the accounts have to be prepared in accordance with Ind AS 115.
Due to the application of Ind-AS 115, membership fees and incremental cost to obtain and/or fulfil a contract with a customer is recognised over the effective membership period. The previous standard permitted the upfront recognition of the non refundable admission fees on sale of membership, MHRIL said.
"The information presented for the quarter and half year ended September 30, 2017 and for the year ended March 31, 2018 have not been restated, hence the figures are not comparable to that extent," it added.
Commenting on the results, MHRIL MD and CEO Kavinder Singh said, "Despite lower resort occupancies and income due to natural calamity in Kerala and Coorg, which affected our resort operations in these locations, profit after tax has gone up by 5 per cent on sequential basis."