Mahindra Holidays Q4 net down 7% as expenses rise

Moneycontrol Bureau

Mahindra Holidays and Resorts' fourth quarter net profit declined 7% year-on-year to Rs 37.23 crore as a rise in expenses offset net sales growth. In January-March, the Mahindra Group company's net sales were up 13% from a year ago to Rs 173.5 crore. On a sequential basis, MHRL's net profit was up 40%, while net sales rose 20%. The vacation resort operator's total expenses in the fourth quarter were Rs 142.13 crore, up over 27% from a year ago. In the last fiscal year, MHRL increased its resorts network to 42 and added 485 rooms, up 31% from a year ago. It also added 18,089 new members, and now has a total base of 1,43,258 members. It added 10 more destinations - Sikkim, Mussourie, Mahableshwar, Kumarakom, Jaisalmer, Kanatal, Goa and Rishikesh - to its network. "We are committed to offering our members the most memorable holiday experiences, by continuing to strengthen our services, network and technology infrastructure," said MHRL Chairman Arun Nanda. MHRL shares were up 0.7% at Rs 292.25 on NSE in late afternoon trading.