Mumbai: Vacation home operator Mahindra Holidays and Resorts posted a net profit of Rs401.7 million for the quarter ended March, a 25% jump from the year ago, and said it will spend up to 8 billion rupees on expansion in FY12.
The company, which operates under the flagship brand ‘Club Mahindra’, posted a 27% jump in total operating income to Rs166 crore in the period, it said on Monday.
It added 3,418 members during the quarter ended March, it said. Occupancy across resorts went up to around 78% for the year ended March from 74% last year.
Chairman Arun Nanda said the company plans to spend between Rs700 to 800 crore in the current fiscal to expand its portfolio and take advantage of India’s booming travel and tourism sector.
“It will be a combination of new properties, brownfield properties under construction, acquisition of properties and we might take some properties on lease as well,” Nanda said.
The firm plans to add 700 to 800 units, or rooms, across properties in FY12, said managing director Ramesh Ramanathan.
Mahindra Holidays has over 125,000 long-term holiday members and operates 36 resorts across India and Thailand.
Ramanathan said international expansion was on the cards but did not provide details.
At 2:55 pm, Mahindra Holidays shares were up 0.77% at Rs381.35 in the Mumbai market.