Buy Mahindra Holidays & Resorts India; target of Rs 600: Axis Direct

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Axis Direct's research report on Mahindra Holidays & Resorts India

Standalone revenue growth was strong at 26% YoY to Rs 3 bnled by 9%YoY growth in membership additions (ahead of our estimate of 8% YoY growth) and the effect of 7-8% price hikes taken during the year. 6,200 members were added during the quarter and 18,000 members during FY17.

Outlook

MHRL remains one of our top midcap ideas due to (a) an exceptional business model (with both capex and opex being funded by members) and (b) demonstrated benefits (membership growth + referrals) from well executed on-the-ground initiatives. Maintain BUY.

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