Mahindra Holidays Q3 net up 13.68 per cent at Rs 30 crore

NEW DELHI: Mahindra Holidays & Resorts India today reported a 13.68 per cent rise in its net profit to Rs 30.07 crore for the third quarter ended December 31, 2012 over the corresponding period previous fiscal.

The company had posted a net profit of Rs 26.45 crore for the quarter ended December 31, 2011, Mahindra Holidays & Resorts India Ltd ( MHRIL) said in a filing to BSE.

Net sales of the company stood at Rs 172.42 crore for the quarter under consideration as against Rs 144.49 crore for the year ago period.

Continuing its thrust on Greenfield expansions, MHRIL is undertaking strong expansion in Greenfield resorts - Virajpet, Kanha, Naldehra and Munnar, adding over 400 new rooms, the company said.

Commenting on the results, MHRIL Chaiman Arun Nanda said: "Our strong performance has continued to give us the confidence in making very large investments in inventory addition. The strategy of combining inventory acquisition with building inventory is one we have successfully leveraged."

MHRIL which currently operates 40 resorts across India and abroad is a part of $15.9 billion business conglomerate Mahindra Group.

Shares of Mahindra Holidays & Resorts India today closed at Rs 306.05 per scrip on BSE, up 0.81 per cent from its previous close.