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Mahindra Holidays and Resorts India Ltd on Friday reported over two-fold jump in consolidated profit at 59.76 crore for September quarter 2021-22 on the back of summer holiday season and domestic leisure travel gaining momentum.

The company had posted a consolidated profit after tax (PAT) of 28.7 crore in the same quarter last fiscal year, Mahindra Holidays and Resorts India Ltd (MHRIL) said in a regulatory filing.

“Consolidated revenue from operations during the second quarter increased by 13.5% to Rs. 546.40 Crs from Rs. 481.37 Crs in the year-ago period."

Commenting on the results, MHRIL Managing Director and CEO Kavinder Singh said,"Our performance has surpassed pre-pandemic levels driven by a strong focus on ramp up of resort operations, after the second Covid wave, with world class safety and hygiene protocols."

A resilient business model along with focus on member experiences has helped the company achieve higher resort occupancies, member additions and profitability along with improvement in cash position, he added.

On the operating front, the company's member additions for the quarter stood at 3,943 as against 2,681 in the last year period.

Resort operational occupancies surged to 73% during the quarter, while the company has a total room inventory of 4,233 rooms across 78 resorts.

On the European operations, Kavinder Singh said vaccination rollout has improved the travel sentiment in the continent.

"With the onset of summer holiday season and domestic leisure travel gaining momentum, Holiday Club Resorts delivered significant improvement in performance with profit before tax of euro 2.45 million this quarter," Singh said.

Going forward, he said,"We expect domestic leisure travel to remain buoyant and our focus on growth initiatives will continue."

In the first half of the fiscal (April-September), the company said its consolidated profit was at 38.38 crore. It had posted a loss of 36 crore in the year-ago period.

Revenue from operations in the first half was at 917.28 crore as compared to 775.4 crore, it said.

On Friday, MHRIL stock was up by 2.95% to close at 249.60 on NSE.

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