MHRIL Q2 Profit Down 46% Due to Forex Impact

New Delhi, Oct 25 (PTI) Mahindra Holidays & Resort India Ltd (MHRIL) on Friday reported 46.4 per cent decline in consolidated profit after tax at Rs 11.48 crore for September quarter FY25, impacted by adverse foreign exchange fluctuation.

The company had posted a profit after tax (PAT) of Rs 21.43 crore in the year-ago period, MHRIL said in a regulatory filing.

Revenue from operations in the second quarter stood at Rs 670.75 crore as against Rs 655.27 crore in the year-ago period, it added.

Total expenses were higher at Rs 677.36 crore in the quarter under review as compared to Rs 636.33 crore in the same period a year ago.

"We had an adverse impact of foreign exchange for a loan taken for the acquisition of our European subsidiary. Otherwise, our PAT, excluding the forex impact is at Rs 27 crore, which is a growth of 36 per cent year-on-year," MHRIL Managing Director and CEO Manoj Bhat told PTI.

During the quarter while demand remained strong, the company lost some "room nights due to weather conditions in Himachal Pradesh, Gujarat, Kerala and Sikkim", he added.

Bhat said in line with the company's aspiration of 10,000 keys by FY30, MHRIL added 219 keys in the second quarter.

"We have also added three managed resorts at Bharatpur (Rajasthan), Pavagadh (Gujarat) and Mysuru (Karnataka). Our focus on premiumisation continues with higher sales realization," he said.

On the European operations, Bhat said HCR (Holiday Club Resorts) delivered improved operating performance. However, the macroeconomic conditions continue to impact overall performance.