Mahindra Holidays & Resorts India Ltd on Thursday reported a consolidated loss after tax of Rs 13.71 crore in the December quarter, impacted by higher expenses and taxes.
The company had posted a consolidated net profit of Rs 13.4 crore in the year-ago period, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a regulatory filing.
Consolidated total income during the quarter under review stood at Rs 624.4 crore as compared to Rs 584.5 crore a year ago.
Total expenses during the October-December quarter were higher at Rs 623.64 crore as against Rs 564.42 crore in the same period last fiscal, while tax expense for the quarter was at Rs 15.03 crore over Rs 6.65 crore in the previous year, it added.
MHRIL Managing Director and CEO Kavinder Singh said the company posted highest-ever quarterly resort income and total income on the back of its strategy of scaling up room inventory at an accelerated pace, creating family vacation experiences at resorts along with a growth in new member additions and upgrades by existing members.
"Profit margins have significantly improved versus pre-pandemic levels," he added.
On the European operations, Singh said, "Despite Q3 being a low holidaying season in Finland and high inflation levels along with ongoing geopolitical situation, Holiday Club Resorts has delivered improved performance in Timeshare and Spa Hotel Revenues on a year-on-year basis with higher occupancies than the local hotel industry."
Winter holiday season augurs well for higher occupancies in the fourth quarter aided by growing international and domestic travel demand, he said.