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Mahindra Holidays & Resorts India Ltd. reports Q4 FY21 & FY21 Results

Mahindra Holidays & Resorts India Ltd. reports Q4 FY21 & FY21 Results 1

Mahindra Holidays & Resorts India Ltd. (‘Company’), India’s leading leisure hospitality provider reported its Standalone and Consolidated financial results for the fourth quarter ending 31st March 2021.

Operational Highlights –

  • Member additions for the quarter at 4,789, up by 46% (QoQ) and 32% (YoY)
  • Member additions grew every quarter to a total of 12,031 members during the year. Our cumulative member base stands at 2,54,431.
  • High resort occupancies at 85% in the fourth quarter, close to pre-pandemic levels and strong occupancies of 72% for the year
  • Achieved a milestone of 4,000+ rooms with the addition of 465 rooms during the year, taking our total inventory count to 4,197 rooms
  • Added 9 resorts during the year to reach a total of 79 resorts
  • Resorts were added in Goa, Kerala, Rajasthan, Gujarat, Maharashtra and Andaman & Nicobar Islands
  • In the fourth quarter, a new greenfield property at Assonora, Goa was launched
  • Share of member acquisition through the digital and referral routes increased to 55% this year
  • Our resorts have obtained the highest level of certification in safety and hygiene standards from ‘Bureau Veritas’ – the global leader in testing and inspection.
  • Cash position has increased from Rs. 781 Crs as on March’20 to Rs. 940 Crs as on March’21

Financial Highlights –

Q4 FY21 (Standalone)

  • Total Income at Rs. 255 Crs, up by 4% (QoQ)
  • Resort Income at Rs. 53 Crs, up by 19% (QoQ) and 8.5% (YoY) 
  • EBITDA at Rs. 63.5 Crs, up by 8.5% YoY; EBITDA Margin at 24.9% (up by 203 bps)
  • PBT at Rs. 32.5 Crs, up by 11.7% YoY; PBT Margin at 12.7% (up by 137 bps)

FY21 (Standalone)

  • Total Income at Rs. 909 Crs
  • EBITDA at Rs. 286.2 Crs, up by 18.4% YoY; EBITDA Margin at 31.5% (up by 819 bps)
  • PBT at Rs. 169.5 Crs, up by 36.7% YoY; PBT Margin at 18.6% (up by 670 bps)
  • Cash position at Rs. 940 Crs, up from Rs. 781 Crs as on Mar’20

Commenting on the results, Kavinder Singh, Managing Director and Chief Executive Officer, Mahindra Holidays & Resorts India Ltd. said, “Despite Covid-19 related challenges, we have delivered a strong fourth quarter performance as demonstrated by all operational and financial metrics such as occupancy, resort income, member additions, operating margins and profit growth. Our early focus on safety & hygiene measures inspired trust amongst our members to visit our spacious resorts. Our business model is unique, resilient and different from the traditional hospitality sector. We are confident of emerging stronger as pent-up demand for leisure family experiences unlocks in the near future.”

Commenting on European operations he added, “Operations at our European subsidiary Holiday Club Resorts’ (HCR) were affected due to Covid-19 related local restrictions. With the vaccination rollout accelerating, and the onset of the summer season from June onwards, we expect an uptick in domestic leisure travel leading to improved performance of HCR.”

Standalone Results (Under INDAS)

Q4 FY21

  • The Total Income for Q4 FY21 is Rs 254.7 Crs as compared to Rs. 255.5 Crs in Q4 FY20. (Resort Income for Q4 FY21 is Rs 53.1 Crs as compared to Rs 48.9 Crs in Q4 FY20 and Rs. 44.6 Cr in Q3 FY21).
  • Profit before Tax for Q4 FY21 is Rs 32.5 Crs as compared to Rs. 29.1 Crs in Q4 FY20.
  • Profit after Tax for Q4 FY21 is Rs 24.6 Crs as compared to Rs. 30.5 Crs in Q4 FY20.
    • The PAT in Q4 FY20 was higher as the company adopted a lower corporate tax rate. As a result, in Q4 there was a reversal of excess provision made in the earlier three quarters.
    • The Profit (after tax) for Q4 FY20 and FY20 is before considering the one-time transition impact on account of the adoption of the lower corporate tax rate amounting to Rs. 199.7 Crs.
  • Deferred tax liability has been revalued in Q4 FY21 and has been accounted for in the Other Comprehensive Income at Rs. 31.7 Crs. With this benefit, the total comprehensive income for Q4 FY21 is Rs. 56.5 Crs as compared to Rs. (-)169.3 Crs in Q4 FY20.

FY21

  • The Total Income for FY21 is Rs. 908.8 Crs as compared to Rs. 1,037.1 Crs for FY20.

(Resort Income for FY21 is Rs. 104.4 Crs as compared to Rs. 228.3 Crs for FY20. Resort Income for FY21 was lower due to closure of resorts during lockdown.)

  • Profit before Tax for FY21 is Rs. 169.5 Crs as compared to Rs. 123.9 Crs for FY20.
  • Profit after Tax for FY21 is Rs. 125.8 Crs as compared to Rs. 91.5 Crs* for FY20.
  • The total comprehensive income for FY21 is Rs. 157.3 Crs* as compared to Rs. (-)108.8 Crs in FY20.

(*For PAT and comprehensive income related information, please refer to our comments under Q4 FY21).

Holiday Club Resorts, Oy (Under Finnish GAAP)

Q4 FY21

  • Turnover of Euro 23.54 mn for Q4 FY21 as against Euro 38.87 mn in Q4 FY20.
  • Loss (before tax) of Euro 5.71 mn for Q4 FY21 as against a Profit of Euro 0.81 mn in Q4 FY20.
  • Loss (after tax) of Euro 4.62 mn for Q4 FY21 as against a Profit of Euro 0.26 mn in Q4 FY20.

Holiday Club Resorts, Oy (Under Finnish GAAP)

FY21

  • Turnover of Euro 99.46 mn for FY21 as against Euro 157.33 mn in FY20.
  • Loss (before tax) of Euro 15.18 mn for FY21 as against a Profit of Euro 0.26 mn in FY20.
  • Loss (after tax) of Euro 11.40 mn for FY21 as against a Profit of Euro 0.14 mn in FY20.

Consolidated Results (Under INDAS)

Q4 FY21

  • Consolidated Turnover is Rs. 496.2 Crs for Q4 FY21 as against Rs. 631.4 Crs in Q4 FY20.
  • Consolidated EBITDA is Rs. 75.2 Crs for Q4 FY21 as against Rs. 119.0 Crs in Q4 FY20.
  • Consolidated Loss (before tax) is Rs. 10.8 Crs for Q4 FY21 as against Profit of Rs. 41.1 Crs in Q4 FY20.
  • Consolidated Loss (after tax) is Rs. 9.7 Crs for Q4 FY21 as against Profit of Rs. 38.2 Crs in Q4 FY20.
  • Deferred tax liability has been revalued in Q4 FY21 and has been accounted for in the Other Comprehensive Income at Rs. 35.9 Crs. With this benefit, the total comprehensive income for Q4 FY21 is Rs. 26.7 Crs as compared to Rs. (-)161.7 Crs in Q4 FY20.

FY21

  • Consolidated Turnover is Rs. 1,847.3 Crs for FY21 as against Rs. 2,431.1 Crs for FY20.
  • Consolidated EBITDA is Rs. 348.7 Crs for FY21 as against Rs. 427.9 Crs for FY20.
  • Consolidated Profit (before tax) is Rs. 2.5 Crs for FY21 as against a profit of Rs. 101.3 Crs for FY20.
  • Consolidated Loss (after tax) is Rs. 14.0 Crs for FY21 as against a Profit of Rs. 65.5 Crs* in FY20.
  • The total comprehensive income for FY21 is Rs. 30.9 Crs* as compared to Rs (-)131.3 Crs in FY20.

*(For PAT and comprehensive income related information, please refer to our comments under Q4 FY21).

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