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Mahindra Holidays & Resorts India Results: Latest Quarterly Results & Analysis

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Mahindra Holidays & Resorts India Ltd. 23 Jul 2025 15:09 PM
Result PDF

Q1FY26 Quarterly Result Announced for Mahindra Holidays & Resorts India Ltd.

Hotels company Mahindra Holidays & Resorts India announced Q1FY26 results

  • Total Income: Rs 740.2 crore compared to Rs 686.1 crore during Q1FY25 change 8%.
  • EBITDA: Rs 161.2 crore compared to Rs 138.6 crore during Q1FY25 change 16%.
  • PBT: Rs 26.3 crore compared to Rs 14.0 crore during Q1FY25 change 87%.
  • PAT: Rs 7.2 crore compared to Rs 6.1 crore during Q1FY25 change 18%.

Manoj Bhat, Managing Director & Chief Executive Officer, Mahindra Holidays & Resorts India, said: " We have delivered a strong performance this quarter. Our domestic business continues to do very well. Our standalone profit grew by 69% and our PAT margin expanded by 680 bps. Resort performance has been consistent with double-digit revenue growth and sustained occupancy of 85% on an expanded inventory base. We have commenced a new expansion project and are focused on achieving our aspiration of 10,000 rooms by FY30. Our strategy of selective member addition while pursuing premiumization reflects in continued growth in average unit sales realization.

Our European operation, HCRO, has improved its performance in a weak seasonal quarter showing resilience amidst multiple economic headwinds. Our consolidated profits were impacted by adverse currency movements largely due to the sharp movement in the Euro, Despite this, our consolidated profits up by 18% YoY"

Result PDF

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income: Rs 807.1 crore compared to Rs 830.3 crore during Q4FY24, change -3%.
  • EBITDA: Rs 232.7 crore compared to Rs 217.9 crore during Q4FY24, change 7%.
  • PBT: Rs 102.4 crore compared to Rs 109.1 crore during Q4FY24, change -6%.
  • PAT: Rs 72.9 crore compared to Rs 83.2 crore during Q4FY24, change -12%.
  • Inventory expanded by 149 keys to 5847 keys.
  • Acceleration in resort revenue, Rs 107 crore ( 14% YoY).
  • New managed resorts added to the network at Dindi, Andhra Pradesh and Ranthambore, Rajasthan. Phase-2 inventory addition completed at Pavagadh, Gujarat.
  • Resort occupancy of 85% on expanded inventory base.
  • Average Unit Realisation (AUR) at Rs 7.72L ( 82% YoY).
  • Cumulative member base grows to 3,04,508.

FY25 Financial Highlights:

  • Total Income: Rs 2,909.8 crore compared to Rs 2,819.6 crore during FY24, change 3%.
  • EBITDA: Rs 707.8 crore compared to Rs 628.9 crore during FY24, change 13%.
  • PBT: Rs 192.5 crore compared to Rs 159.5 crore during FY24, change 21%.
  • PAT: Rs 125.9 crore compared to Rs 116.1 crore during FY24, change 8%.
  • Highest ever inventory addition of 520 keys.
  • Strong growth in resort revenue, Rs 396 crore ( 8% YoY).
  • 1.4 million guests welcomed; occupancy stable at 84% on expanded inventory base.
  • Average Unit Realisation (AUR) at Rs 5.73L ( 39% YoY).
  • Deferred Revenue stands at Rs 5,736 crore.
  • Cash Position at Rs 1,555 crore as on 31st Mar'25

Manoj Bhat, Managing Director & Chief Executive Officer, Mahindra Holidays & Resorts India, said: "Our network expansion momentum further gained pace with the addition of more than 500 keys to our portfolio in FY25. Our consistent delivery of exceptional customer experience has helped us deliver double-digit growth in resort revenues for two consecutive quarters. We have recorded significant growth in average unit sales realization as part of our premiumization strategy.

Our domestic business has been robust with FY25 standalone profit growth of 25% and margin expansion by 170 bps. Our European operations, HCRO, has delivered a steady performance despite multiple economic headwinds. Our FY25 consolidated profits* are up by 37%, reflecting our focus on improving our operating metrics."

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q3FY25 results

Standalone Financial Highlights:

  • Total Income at Rs 391 crore ( 5% YoY).
  • EBITDA at Rs 127 crore ( 6% YoY); EBITDA Margin at 32.4% ( 10 bps YoY).
  • PAT at Rs 51 crore (PAT excluding one-off at Rs 52 crore, 15% YoY).
  • Deferred Revenue stands at Rs 5,722 crore.
  • Cash Position at Rs 1482 crore as on 31st Dec'24.

Consolidated Financial Highlights:

  • Total Income at Rs 710 crore ( 7% YoY).
  • EBITDA at Rs 178 crore ( 30% YoY); EBITDA Margin at 25% ( 450 bps YoY).
  • PAT at Rs 35 crore (PAT excluding one-off at Rs 19 crore, 5.4x YoY).

Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India, said: "We have had a good quarter with robust improvement in consolidated profits. In India, we saw the continuation of the strong demand for leisure hospitality leading to a growth of 12% YoY in resort revenues. We continued to expand our inventory to offer more choices to our members. We have added 206 keys during the quarter. We have launched a new resort at Patkote, near Corbett in Uttarakhand and expanded our existing resort at Kandaghat in Himachal Pradesh. Our focus on premiumization continues with higher unit sales realization.”

"HCR has delivered a steady quarter despite multiple economic headwinds. We continue to focus on improving our operating metrics."

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q2FY25 results

Standalone Financial Highlights:

  • Total Income at Rs 371 crore ( 12% YoY).
  • EBITDA at Rs 120 crore ( 13% YoY); EBITDA Margin at 17.2% ( 30 bps YoY).
  • PAT at Rs 47 crore ( 14% YoY); PAT Margin at 12.7% ( 30 bps YoY).
  • Deferred Revenue stands at Rs 5,685 crore.
  • Cash Position at Rs 1452 crore as on 30th Sept'24

Consolidated Financial Highlights:

  • Total Income at Rs 706 crore ( 5% YoY).
  • EBITDA at Rs 159 crore ( 4% YoY); EBITDA Margin at 22.5%.
  • PAT at Rs 11.5 crore (PAT excluding forex impact at Rs 27 crore, 36% YoY)

Operational Highlights:

  • Member additions at 3,583; cumulative members base of 3,02,274 members.
  • Average Unit Realisation (AUR)1 at Rs 5.04 L ( 28% YoY).
  • Membership Sales Value1 at Rs 180 crore.
  • 3 new managed resorts added to the network- Bharatpur (Rajasthan), Pavagadh, (Gujarat) and Mysuru (Karnataka).
  • Inventory expanded by 219 keys to 5492 keys.
  • Resort performance stable YoY with Occupancy at 77.3% despite disruptions due to inclement weather in certain locations.
  • Tripadvisor Travellers’ Choice Award 2024 for being in the Top 10% worldwide received for Barbeque Bay (Saj Mahabaleshwar & Madikeri), Ascot (Ooty), Seashellz (Puducherry).
  • New 5-year tenure product GoZest-5 launched.

Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India, said: " In line with our aspiration of 10,000 keys by FY30, we had a strong inventory addition of 219 keys this quarter. We have also added three managed resorts at Bharatpur (Rajasthan), Pavagadh (Gujarat) and Mysuru (Karnataka). Our focus on premiumization continues with higher sales realization. Our margins expanded & standalone profit grew by 14% YoY.”

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q1FY25 results:

Consolidated:

  • Total Income at Rs 686 crore ( 5% YoY)
  • EBITDA at Rs 139 crore ( 14% YoY); EBITDA margin at 20.2% ( 160 bps YoY)
  • PAT at Rs 6 crore 

Standalone:

  • Total Income at Rs 384 crore ( 8% YoY); Resort Income at Rs 94 crore
  • EBITDA at Rs 113 crore ( 17% YoY); EBITDA Margin at 29.5% ( 220 bps YoY)
  • PAT at Rs 45 crore ( 19% YoY); PAT Margin at 11.8% ( 110 bps YoY)
  • Cash Position at Rs 1,437 crore as on 30th June'24

Operational Highlights:

  • Member additions at 3,692; AUR at Rs 4.9L ( 31% YoY)
  • Membership Sales Value at Rs 182 crore ( 3% YoY)
  • Cumulative member base grows to 3 Lakh
  • Resort occupancy stable at 90% on expanded inventory base
  • Operations commenced at two Resorts, ~200 keys (Pelling, Sikkim and Agra)
  • One new expansion project commenced at Treehouse, Jaipur in addition to two ongoing Greenfield projects at Ganpatipule, MH and Theog, HP and one expansion project at Kandaghat, HP.

Commenting on the performance, Manoj Bhat, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India, said, " Its been a robust quarter on multiple parameters. We have added new members at higher realization and now have 3 lakh plus members. We delivered 90% occupancy while being on track in terms of inventory expansion. Our profit margins expanded by 110 bps while standalone PAT grew 19%"

Commenting on European operations, He added, "Holiday Club Resorts (HCR), our European Subsidiary, has delivered a stable performance despite the adverse macroeconomic situation. We continue to focus on improving operating metrics"

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

Consolidated:

  • Total Income at Rs 828 crore ( 13% YoY).
  • EBITDA at Rs 211 crore ( 8% YoY)
  • PBT at Rs 102 crore ( 28% YoY); PBT Margin at 12.3% { 140 bps YoV)

Standalone:

  • Total Income at Rs 378 crore ( 14% YoY)
  • EBITDA at Rs 96 crore ( 14% YoY); EBITDA Margin at 25.4% ( 20 bps YoY)
  • PBT at Rs 47 crore ( 23% YoY); PBT Margin at 12.5% ( 100 bps YoY)
  • PAT at Rs 35 crore ( 25% YoY); PAT Margin at 9.4% ( 90 bps YoY)
  • Resort Income at Rs 86 crore

FY24 Financial Highlights:

Consolidated:

  • Highest ever Total Income at Rs 2,810 crore
  • Highest ever EBITDA at Rs 623 crore
  • PBT at Rs 154 crore

Standalone:

  • Total Income at Rs 1,424 crore ( 12% YoY)
  • EBITDA at Rs 406 crore ( 15% YoY); EBITDA Margin at 28.5% ( 90 bps YoY)
  • PBT at Rs 213 crore ( 16% YoY); PBT Margin at 15% ( 60 bps YoY)
  • PAT at Rs 158 crore ( 16% YoY); PAT Margin at 11.1% ( 50 bps YoY)
  • Resort Income at Rs 337 crore
  • Deferred Revenue stands at Rs 5,595 crore ( up by Rs 269 crore YoY)
  • Cash position at Rs 1,383 crore as on 3i5t March'24. Income Tax Refund received of Rs 66 crore. (includes interest of Rs 6.5 crore) 

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India said, "We have achieved exceptional results in FY24 with highest ever Total Income, Resort Income, EBITDA, PBT & PAT along with improved profit margins on VoV basis.

Our consistent delivery of immersive family vacation experiences helped us cross a significant milestone of adding ~20,000 members and reach a cumulative member base of 2.98 Lakhs. We have also accelerated our inventory additions & have expanded the inventory base by 387 keys to 5327 keys."

Commenting on European operations, He added, "Holiday Club Resorts {HCR), our European Subsidiary, has delivered robust Q4 performance, achieving an operating profit of €6.8 Mn in Q4 leading to a full-year operating profit of€ 5.0 million, despite the adverse macroeconomic situation.

Further highlighting Consolidated FY24 performance, he elaborated, Overall, Total Income & Operating profit, excluding one-offs, is the highest ever in our history."

Result PDF

Mahindra Holidays & Resorts India announced Q2FY24 results:

1. Operational Highlights (Standalone) - Q2 FY24:
- Highest ever Q2 member additions at 4,881, up by 11% YoY.
- Membership sales value at Rs. 192 crores, up by 13% YoY.
- Highest ever Q2 upgrades at Rs. 47 crores, up by 15% YoY.
- Cumulative member base grows to 2,89,688, with 85% of the member base fully paid.
- Resort income at Rs. 70 crores, a 4% increase YoY.
- New greenfield project construction commenced at Theog, Himachal Pradesh.

2. Financial Highlights - Standalone Q2 FY24 (excl. one-offs):
- Total income at Rs. 333 crores, a 10% increase YoY.
- EBITDA at Rs. 99 crores, a 17% increase YoY.
- PBT at Rs. 49 crores, a 15% increase YoY.
- Cash position at Rs. 1,176 crores as of September 30, 2023.

3. Financial Highlights - Consolidated Q2 FY24 (excl. one-offs):
- Total income at Rs. 675.8 crores, a 10% increase YoY.
- EBITDA at Rs. 149.7 crores, a 10% increase YoY.
- PBT at Rs. 32.2 crores.

4. Operational Highlights - European Operations:
- Despite ongoing geo-political crisis, HCR delivers robust performance.
- Significant operating profit achieved due to summer holiday season and improved domestic travel in Finland.

Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd.: "Our sustained focus on delivering superlative member experiences & acceleration in member additions is reflected in the strong performance with the highest ever second-quarter total income, EBITDA, and PBT. Despite heavy rainfall & landslides affecting resort occupancies in North India, we have delivered the highest-ever resort income in Q2.

In line with our strategic objective of rapidly expanding the room inventory, we have commenced a new greenfield resort project this quarter, and with this currently, we have 5 projects/ 690 keys underway with an estimated capex of ~Rs 835 Crs."

 

 

Result PDF

Hotels company Mahindra Holidays & Resorts India announced Q1FY24 results:

  • Consolidated Q1FY24:
    • Total Income at Rs 646.9 crore
    • EBITDA at Rs 120.4 crore
    • EBITDA Margin at 18.6%.
    • PBT at Rs 7.6 crore
  • Standalone Q1FY24:
    • Highest Ever Total Income at Rs 355 crore ( 17% YoY)
    • Highest Ever Resort Income at Rs 92 crore ( 10% YoY)
    • Highest Ever EBITDA at Rs 101 crore ( 19% YoY); EBITDA Margin at 28.3%
    • Highest Ever PBT (first quarter) at Rs 55 crore ( 19% YoY); PBT Margin at 15.4%
    • Cash Position at Rs 1,136 crore as on 30th June'23.

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India, said, "90% occupancy on an expanded inventory base of ~5,000 rooms has helped 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."

 

Result PDF

Hotels company Mahindra Holidays & Resorts India announced FY23 & Q4FY23 results:

  • Standalone FY23:
    • Highest ever:
      • Total Income at Rs 1,275 crore ( 24% YoY) excluding one-offs
      • Resort Income at Rs 323 crore ( 67% YoY) driven by higher occupied room nights and member spends
      • EBITDA at Rs 352 crore ( 18% YoY) excluding one-offs; EBITDA Margin at 27.6% (up 430 bps vs pre-pandemic — FY20)
      • PBT at Rs 183 crore ( 17% YoY) excluding one-offs*. PBT Margin at 14.4% (up 240 bps vs pre-pandemic — FY20)
    • Deferred Revenue stands at Rs 5,326 crore ( Rs 244 Crs)
    • Cash position at Rs 1,158 crore
  • Standalone Q4FY23:
    • Total Income at Rs 332 crore ( 20% YoY) excluding one-offs
    • Resort Income at Rs 80 crore ( 40% YoY)
    • EBITDA at Rs 84 crore ( 18% YoY) excluding one-offs*; EBITDA Margin at 25.2% (up 230 bps vs pre-pandemic — Q4 FY20)
    • PBT at Rs 38 crore ( 18% YoY) excluding one-offs. PBT Margin at 11.5%
  • Consolidated FY23 (excluding One-offs):
    • Highest ever Total Income at Rs 2,593 crore ( 22% YoY)
    • EBITDA at Rs 603 crore ( 42% YoY). EBITDA Margin at 23.3%
    • PBT at Rs 177 crore (3X YoY)
  • Consolidated Q4FY23 (excluding One-offs):
    • Total Income at Rs 731 crore ( 32% YoY)
    • EBITDA at Rs 195 crore ( 93% YoY); EBITDA Margin at 26.7%
    • PBT at Rs 80 crore (16X YoY)

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India said, "We have achieved exceptional FY23 results with new milestones in Total Income, Resort Income, EBITDA and PBT. Highest ever Membership Upgrades along with higher member spends is a great endorsement of the immersive family vacation experiences that Club Mahindra delivers consistently."

Commenting on European operations, he added, "Despite macroeconomic challenges created by the geopolitical conflict, Holiday Club Resorts (HCR), our European Subsidiary, has turned around as reflected in the Q4 performance driving Revenue growth of Timeshare by 57% YoY and Spa Hotels by 19% YoY, along with EBITDA of € 6.4 million and PAT of € 4.0 million. On a full year basis, HCR has delivered EBITDA of € 5.0 million."

Highlighting Consolidated FY23 performance, he elaborated, "Overall, Total Income is the highest ever in our history and has grown by 22% YoY and EBITDA has grown by 42% YoY, excluding one-offs".

 

 

Result PDF

Mahindra Holidays & Resorts India announced Q3FY23 results:

  • Standalone Q3FY23:
    • Highest ever:
      • Total Income at Rs 336 crore ( 18% YoY) excluding one-offs.
      • Resort Income at Rs 91 crore ( 30% YoY) driven by higher occupied room nights and member spending.
      • EBITDA at Rs 99 crore ( 17% YoY) excluding one-offs, EBITDA Margin at 29.3% (up 300 bps vs pre-pandemic - Q3FY20).
    • Highest ever Q3 PBT at Rs 56 crore ( 17% YoY) excluding one-offs. PBT Margin at 16.7%.
    • Cash position at Rs 1,089 crore, up by Rs 71 crore during the quarter.
  • Standalone  9MFY23:
    • Total Income at Rs 943 crore ( 26% YoY) excluding one-offs.
    • Resort Income at Rs 243 crore ( 79% YoY).
    • EBITDA at Rs 268 crore ( 18% YoY) excluding one-offs, EBITDA Margin at 28.4% (up 500 bps vs pre-pandemic - 9MFY20).
    • PBT at Rs 145 crore ( 17% YoY) excluding one-offs. PBT Margin at 15.4%.
  • Consolidated  Q3FY23:
    • Total Income at Rs 597 crore ( 4% YoY) excluding one-offs.
    • EBITDA at Rs 121 crore ( 17% YoY) excluding one-offs. EBITDA Margin at 20.2%.
    • PBT at Rs 23 crore ( 104% YoY) excluding one-offs.
  • Consolidated  9MFY23:
    • Total Income at Rs 1,862 crore ( 18% YoY) excluding one-offs.
    • EBITDA at Rs 380 crore ( 17% YoY) excluding one-offs, EBITDA Margin at 20.4%.
    • PBT at Rs 97 crore ( 91% YoY) excluding one-offs.

Commenting on the performance, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, "Our strategy of scaling up room inventory at an accelerated pace, creating exceptional family vacation experiences at our resorts along with growth in high-quality member additions and upgrades by existing members has helped us deliver highest ever quarterly Resort Income and Total Income. Profit margins have significantly improved vs pre-pandemic levels."

Commenting on European operations, he added, "Despite Q3 being a low holidaying season in Finland and high inflation levels along with ongoing geopolitical situation, Holiday Club Resorts has delivered improved performance in Timeshare and Spa Hotel Revenues on a YoY basis with higher occupancies than the local hotel industry. Winter holiday season augurs well for higher occupancies in Q4 aided by growing international and domestic travel demand."

Highlighting Consolidated Q3 performance, he elaborated, "PBT has grown by 104% YoY and EBITDA by 17% YoY, excluding one-offs."

Result PDF

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