Mahindra Holidays & Resorts India fell 3.58% to Rs 214.40 after the company reported a consolidated net loss of Rs 0.67 crore in Q3 FY21 as compared to net profit of Rs 2.04 crore in Q3 FY20.
Net sales during the quarter declined by 16.8% year-on-year (YoY) to Rs 489.15 crore. Profit before tax in Q3 December 2020 stood at Rs 6.97 crore, down by 51.4% from Rs 14.33 crore in Q3 December 2019. Current tax expense in the third quarter fell by 99.7% YoY to Rs 0.05 crore. Consolidated EBIDTA stood at Rs 100.70 crore in Q3 FY21 as against Rs 99.5 crore in Q3 FY20.
On a standalone basis, the company's net profit has increased 62.8% to Rs 40.62 crore on 10.2% decline in net sales to Rs 226.56 crore in Q3 FY21 over Q3 FY20.
Commenting on the results, Kavinder Singh, managing director and chief executive officer, Mahindra Holidays & Resorts India, said, "We have delivered an impressive performance this quarter with our resort occupancies at 75% and member additions growing on QoQ basis. Our profit margins and profit after tax have grown significantly along with improvement in cash position. Our business model is unique and resilient as reflected by our results in the ongoing pandemic"
Further, commenting on European operations he added: "Our European subsidiary Holiday Club Resorts, Spa hotel operations were affected due to second wave of Covid amidst local restrictions. We have delivered consolidated EBITDA of Rs 100.7 Crs and improvement in the EBIDTA margin by 296 bps over the same quarter last year."
Mahindra Holidays & Resorts India (MHRIL), India's leading company in the leisure hospitality industry, offers quality family holidays primarily through vacation ownership memberships. While Club Mahindra is the flagship brand, the other brands offered by the company are Club Mahindra Fundays and Svaastha Spa.
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