Mumbai, May 8 (PTI) Leisure hospitality firm Mahindra Holidays and Resorts India (MHRIL) today reported a 21.2 per cent year-on-year growth in standalone profit at Rs 38.5 crore for the March quarter due to decline in expenses.
The company's net profit stood at Rs 31.8 crore in the corresponding quarter of FY17, a release said. Total income of the company was flat at Rs 306 crore, compared with Rs 309 crore last year. The company said the net profit was up as expense has reduced, even as the income remained flat.
"Our focus on enhancing member delight and repertoire of resorts has helped us improve our occupancies and revenues. Cost management actions along with improvement in operational metrices have helped improve profit before tax margin to 19 per cent," said Kavinder Singh, managing director and chief executive officer, MHRIL.
"Focus on new member additions with higher down payments, lower tenure EMI's along with higher collections has improved our cash balance to Rs 469 crore," he added.
For financial year 2017-18, MHRIL's net profit grew by 2.8 per cent to Rs 134.3 crore, compared with Rs 130.6 crore reported in the previous year. As on March 31, MHRIL had 235,000 vacation ownership members and operated 55 resorts across India and abroad.
Its subsidiary, Holiday Club Resorts Oy, Finland, a vacation ownership company in Europe, had 50,000 members and 33 resorts across Finland, Sweden and Spain.
The company's scrip closed up 2.69 per cent at Rs 317 today, against a 0.02 per cent rise in the benchmark.