The quarter saw the addition of new resorts at various domestic and international locations. Credit: Francesca Tosolini via Unsplash.

Mahindra Holidays & Resorts India has registered a consolidated net profit of Rs823.6m ($9.8m) for the fourth (Q4) quarter of fiscal year 2024 (FY 2024), a surge of 45.9% compared with Rs564.2m in the same quarter of the previous year.  

The hospitality company’s revenue from operations was almost Rs8bn in the quarter that ended 31 March 2024, up 12.4% from Rs7.1bn the prior year while total income rose to Rs8.3bn from Rs7.35bn. 

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This resulted from high resort occupancy, which stood at 87.3% in the quarter, against 85% a year earlier. 

The quarter saw the addition of new resorts at various domestic and international locations.  

These include Pelling in Sikkim, Kaziranga in Assam, and overseas in Istanbul, Nairobi, Hua Hin & Khao Lak in Thailand, and Tbilisi in Georgia. 

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Membership sales value in the three months under review was 18% higher than a year ago.  

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This growth was offset by a 9.5% rise in total expenses, which reached Rs7.2bn in the March 2024 quarter compared with Rs6.58bn a year ago. 

The company’s consolidated profit after tax was Rs1.16bn for the year ended 31 March 2024, versus Rs1.13bn in the prior year.  

The resort occupancy rate for FY 2024 was 85% while 387 keys were added, expanding the inventory base to 5,327 keys.

Member additions were 20,019 during 2023-2024, a 15% rise from the preceding fiscal while the membership sales value increased 16% year-on-year. 

Mahindra Holidays & Resorts India managing director and CEO Kavinder Singh said: “Our consistent delivery of immersive family vacation experiences helped us cross a significant milestone of adding around 20,000 members and reach a cumulative member base of 2.98 Lakhs.

“We have also accelerated our inventory additions and have expanded the inventory base by 387 keys to 5,327 keys.”