Mahindra Holidays Q4 net down 7% at Rs 37 cr
Mahindra Holidays & Resorts India today reported 7.34% decline in its net sales for the fourth quarter ended March 31, 2012, at Rs 37.22 crore, against Rs 40.17 crore in the same period of previous fiscal.
The company's net sales for the quarter, however, increased 12.77% to Rs 173.46 crore, as against Rs 153.81 crore in the fourth quarter of 2010-11.
Commenting on the reasons for decline in net profit for the quarter, company's MD Rajiv Sawhney said: "In the same quarter of previous year, we had very large number of corporate bookings, which is a high margin business, as compared to the fourth quarter of 2011-12."
The company's net profit for the full year ended March 31, 2012, increased 1.82% to Rs 104.64 crore, as against Rs 102.76 crore in the year ago period.
Its net sales grew 17.79% to Rs 573.82 crore in 2011-12, compared to Rs 487.12 crore in the previous fiscal.
During the 2011-12, the company added properties at 10 new locations including Sikkim, Mussorie, Mahabaleshwar, Kumarakom, Jaisalmer, Kanatal, Goa and Rishikesh.
"In the last one year we have expanded very aggressively and will continue to do so going ahead," Sawhney said.
During the year, it strengthened customer-centric efforts and launched an online booking facility on its website.
"Within a very short period of time, 13% of all bookings are now being done online," he said.
A part of $14.4 billion Mahindra Group, the company operates in the leisure hospitality segment with a network of 42 resorts across India through vacation ownership memberships.
While Club Mahindra is the flagship brand, the other brands offered by the company are Zest Breaks, Club Mahindra Fundays, Mahindra HomeStays and Mahindra Travel.
In a meeting held today, the company's board of directors have recommended dividend of Rs 4 per equity share of Rs 10 each.
Shares of the company closed at Rs 294.50 per share, up 0.44%, on the BSE.