Mumbai, January 31, 2025 – Mahindra Holidays & Resorts India Limited (NSE: MHRIL, BSE: 533088) has announced its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2024.
Key Financial Highlights
Standalone Financial Performance (₹ in Lakhs)
| Metric | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | 9M FY2025 | 9M FY2024 |
|---|---|---|---|---|---|
| Revenue from Operations | 35,993.30 | 32,805.99 | 33,570.98 | 1,03,896.06 | 97,101.25 |
| Other Income | 3,148.57 | 4,296.49 | 3,728.02 | 10,795.01 | 8,839.63 |
| Total Income | 39,141.87 | 37,102.48 | 37,299.00 | 1,14,691.07 | 1,05,940.88 |
| EBITDA | 12,723.43 | 11,949.22 | 12,038.50 | 37,999.55 | 35,254.65 |
| Profit Before Tax (PBT) | 6,874.91 | 6,372.12 | 7,172.05 | 19,368.45 | 17,890.82 |
| Profit After Tax (PAT) | 5,072.75 | 4,705.93 | 6,803.83 | 14,299.05 | 14,729.58 |
- Revenue growth: 7.2% YoY increase in standalone revenue.
- Profit decline: PAT declined YoY due to increased employee costs and finance costs.
Consolidated Financial Performance (₹ in Lakhs)
| Metric | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | 9M FY2025 | 9M FY2024 |
|---|---|---|---|---|---|
| Revenue from Operations | 67,842.52 | 67,074.77 | 63,482.44 | 2,00,202.87 | 1,90,440.35 |
| Other Income | 3,196.67 | 3,543.09 | 3,150.17 | 10,062.66 | 8,483.65 |
| Total Income | 71,039.19 | 70,617.86 | 66,632.61 | 2,10,265.53 | 1,98,924.00 |
| EBITDA | 14,995.65 | 14,789.74 | 13,921.12 | 44,391.04 | 41,213.54 |
| Profit Before Tax (PBT) | 4,796.33 | 2,111.70 | 629.59 | 9,012.08 | 5,041.21 |
| Profit After Tax (PAT) | 3,542.21 | 1,148.65 | 1,052.78 | 5,299.60 | 3,285.06 |
- Revenue up: Consolidated revenue grew 6.9% YoY, driven by growth in MHRIL and Holiday Club Resorts Oy (HCRO).
- PAT rise: 236.5% QoQ increase in net profit, largely due to better cost management and tax adjustments.
Segment-Wise Performance
| Segment | Q3 FY2025 Revenue (₹ Lakhs) | QoQ Growth | YoY Growth |
|---|---|---|---|
| MHRIL (Club Mahindra) | 39,612.97 | +6.2% | +6.3% |
| Holiday Club Resorts Oy (HCRO) | 30,909.75 | -8.1% | +6.0% |
| Total | 70,522.72 | -0.6% | +6.1% |
- Club Mahindra continues to be the dominant contributor, while HCRO saw a sequential decline but improved YoY.
- HCRO’s PBT remains negative at ₹(2,719.09) lakhs, indicating ongoing challenges in the European market.
Key Corporate Announcements
- Stock Options:
- 11,461 equity shares allotted under ESOS 2020.
- 15,000 shares transferred under ESOS 2014.
- NFRA Order Compliance:
- The company has reviewed its segment reporting and revenue recognition policies following NFRA's directive and found them compliant with Ind AS standards.
- Tax Adjustment Impact:
- ₹1,541.49 lakhs tax credit recognized due to the resolution of past assessments.
- Deferred tax liabilities remeasured, leading to a ₹4,430.61 lakhs credit in OCI.
Management Commentary
Managing Director & CEO, Mahindra Holidays & Resorts India Limited, stated:Outlook & Strategy
- Domestic expansion: Continued focus on resort additions in India to strengthen Club Mahindra’s portfolio.
- HCRO turnaround: Measures to improve HCRO’s financial performance are underway, with emphasis on cost efficiency and demand revival strategies.
- Digital transformation: Increasing investments in digital member engagement for improved customer retention.
Stock Performance & Market Reaction
- MHRIL’s stock was trading flat post-announcement as investors absorbed the mix of revenue growth and cost pressures.
- Analysts remain cautiously optimistic, awaiting further clarity on HCRO’s performance recovery.
Conclusion:
Mahindra Holidays delivered steady revenue growth in Q3 FY2025, with a strong performance in Club Mahindra offsetting challenges in HCRO. Despite some profitability pressure, strategic cost control and tax adjustments boosted net profits. The company’s expansion plans and digital initiatives will be key drivers of future growth.