Mahindra Holidays Q2 net profit up

Mahindra Holidays & Resorts India Ltd (MHRIL, part of business conglomerate Mahindra Group, today said its net profit rose by 12.26 per cent to Rs 27.01 crore for the quarter ended September 30, 2012 over the corresponding period of previous fiscal.

The company had posted a net profit of Rs 24.06 crore for the quarter ended September 30, 2011, Mahindra Holidays & Resorts India said in a statement.

Net sales of the company rose to Rs 164.54 crore for the quarter under consideration from Rs 148.26 crore for the same period last fiscal.

"In the last quarter MHRIL membership base crossed 1,50,000 taking it into the list of top 10 vacation ownership companies globally," the company said.

The company has also added over 780 rooms to its inventory in the last 10 months, it added.

Commenting on the results and development strategy MHRIL Chairman Arun Nanda said: "Our growth in inventory and large member base will give a huge positive momentum to the business...".

MHRIL offers family holidays primarily through vacation ownership memberships. While Club Mahindra is the company's flagship brand, it also offers other brands such as Zest Breaks, Club Mahindra Fundays and Mahindra.Travel. It operates 43 resorts across India and abroad.

Shares of MHRIL today closed at Rs 290.90 on BSE, up 1.96 per cent from its previous close.

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