Mahindra Holidays & Resorts Q1 net up 23 per cent at Rs 25 crore

NEW DELHI: Mahindra Holidays & Resorts India today reported 22.72 per cent rise in its standalone net profit to Rs 25.06 crore for the first quarter ended June 30, 2015-16.

The company had posted net profit of Rs 20.42 crore for the April-June period of 2014-15, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a filing to the BSE.

Standalone total income of the company also rose to Rs 227.38 crore for the first quarter of the current financial year, as against Rs 186.16 crore in the year-ago period.

MHRIL Chairman Arun Nanda said: "I am pleased to see that the efforts of the new team and the systems and processes put in place earlier have begin yielding results."

This, along with the company's room inventory addition plan and the government's thrust on tourism infrastructure, augurs well for the future, he added.

During the quarter, the company opened its second property in Munnar with 51 rooms through a greenfield project, Mahindra Holidays said.

Shares of Mahindra Holidays & Resorts India Ltd were trading at Rs 289.75 per scrip, up 3.37 per cent in the afternoon trade on the BSE.