Mahindra Holidays Q1 net up 27 pc at Rs 16.89 cr

NEW DELHI: Mahindra Holidays and Resorts India Ltd ( MHRIL) on Monday posted a 27.08 per cent increase in its net profit for the first quarter ended June 30, 2011 at Rs 16.89 crore.

For the same quarter last fiscal, the company's net profit was Rs 13.29 crore, it said in a filing to the Bombay Stock Exchange (BSE).

The company's net sales for the three months ended June 30, 2011 increased by 34.47 per cent at Rs 120.91 crore, compared to Rs 89.91 crore in the first quarter of 2010-11.

During the quarter MHRIL commenced construction of 200 rooms resort at Virajpet near Coorg in Karnataka.

"The company has initiated various steps to add inventory particularly in the north and west and some of these should yield results shortly," the filing said.

MHRIL operates 36 resorts across India and Thailand with a membership base of 1.28 lakh.

The company's scrips closed at Rs 388.40, up 4.11 per cent from previous close on the BSE.