Mahindra Holidays & Resorts India Ltd. Announces its Results for Q2 & H1 FY23

Mumbai, 03^rd November 2022:  Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider reported its standalone and consolidated financials for the second quarter ending 30^th September 2022.

Operational Highlights (Standalone) – Q2 FY23

Member Additions

• Highest ever Q2 member additions at 4397, growth of 12% YoY.
• Cumulative member base stands at 2,73,488, with 85% fully paid.
• Highest ever Q2 Membership Sales Value at Rs. 194 Crs, growth of 93% YoY. Includes large corporate deal of Rs. 24 Crs.
• Upgrades Value doubles (YoY) driven by higher in-resort conversions.
• Higher Average Unit Realization (AUR) at Rs. 3.9 lakhs¹ vs Rs. 2.6 lakhs in Q2 FY22.

Resorts/Room Inventory

• High resort occupancies² at 79% vs 73% in Q2 FY22, addition of ~500 rooms over the past year.
• Highest ever Q2 Occupied Room Nights, growth of 27% YoY.

Note:  1. AUR for Q2 FY23 excludes Corporate Sales; 2. Occupancy as a % of operational room inventory

• New resorts at Mount Abu and Kathmandu (Nepal) and extension of Gangtok (Sikkim) resort have added 116 Keys to the existing inventory.
• Total inventory consists of 4,715 rooms across 86

Standalone Financial Highlights –

Q2 FY23

• Highest ever Q2
• Total Income at Rs. 302 Crs, up 19.0% YoY excluding one-offs*.
• Resort Income at Rs. 68 Crs, up 33.5% YoY, driven by high occupancies and increased room inventory (Resort Income grew by 53.7% compared to pre-pandemic levels – Q2 FY20).
• EBITDA at Rs. 83 Crs, up 12.4% YoY excluding one-offs*; EBITDA Margin at 27.5% (up 500 bps vs pre-pandemic – Q2 FY20).
• PBT at Rs. 42 Crs, up 4.8% YoY excluding one-offs*. PBT Margin at 13.8% (up 270 bps vs pre-pandemic – Q2 FY20).
• Cash position at Rs. 1,018 Crs as on Sep’22, post loan repayment of 25 M€ to MHR Holdings (Mauritius) Ltd.

H1 FY23

• Total Income at Rs. 606 Crs, up 30.0% YoY excluding one-offs*.
• Resort Income at Rs. 152 Crs, up 130.6% YoY.
• EBITDA at Rs. 167 Crs, up 17.2% YoY excluding one-offs*; EBITDA Margin at 27.6% (up 560 bps vs pre-pandemic – H1 FY20).
• PBT at Rs. 87 Crs, up 14.0% YoY excluding one-offs*. PBT Margin at 14.4% (up 350 bps vs pre-pandemic – H1 FY20).