Mahindra Holidays & Resorts India announced that in compliance with the advisories / directives issued by the Finnish Government, due to a rise in number of Covid 19 cases, Holiday Club Resorts Oy (HCR), Finland, a Material Unlisted Subsidiary of the Company, has suspended the operations in 4 SPA hotels in Finland for a period of 3 weeks from 08 March 2021.

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Net sales during the quarter declined by 16.8% year-on-year (YoY) to Rs 489.15 crore. Profit before tax in Q3 December 2020 stood at Rs 6.97 crore, down by 51.4% from Rs 14.33 crore in Q3 December 2019. Current tax expense in the third quarter fell by 99.7% YoY to Rs 0.05 crore. Consolidated EBIDTA stood at Rs 100.70 crore in Q3 FY21 as against Rs 99.5 crore in Q3 FY20.

On a standalone basis, the company's net profit has increased 62.8% to Rs 40.62 crore on 10.2% decline in net sales to Rs 226.56 crore in Q3 FY21 over Q3 FY20.

Commenting on the results, Kavinder Singh, managing director and chief executive officer, Mahindra Holidays & Resorts India, said, We have delivered an impressive performance this quarter with our resort occupancies at 75% and member additions growing on QoQ basis. Our profit margins and profit after tax have grown significantly along with improvement in cash position. Our business model is unique and resilient as reflected by our results in the ongoing pandemic

Further, commenting on European operations he added: Our European subsidiary Holiday Club Resorts, Spa hotel operations were affected due to second wave of Covid amidst local restrictions. We have delivered consolidated EBITDA of Rs 100.7 Crs and improvement in the EBIDTA margin by 296 bps over the same quarter last year.

Mahindra Holidays & Resorts India (MHRIL), India's leading company in the leisure hospitality industry, offers quality family holidays primarily through vacation ownership memberships. While Club Mahindra is the flagship brand, the other brands offered by the company are — Club Mahindra Fundays and Svaastha Spa.

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Mahindra Holidays & Resorts India announced the appointment of Ruzbeh Irani, President — Group Human Resources andCommunications, Mahindra & Mahindra, the holding company of the Company, asan Additional Director in the category of Non-Executive Non-Independent Director of theCompany, with effect from 26 January 2021, to hold office up to the date of the nextAnnual General Meeting of the Company.

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Mahindra Holidays & Resorts India announced that due to transition to a new role in Mahindra & Mahindra Limited, the holdingcompany of the Company, V. S. Parthasarathy (DIN: 00125299) has tendered hisresignation as a Non-Executive Non-Independent Director of the Company with effect fromthe conclusion of the Board Meeting of the Company held on 25 January 2021 and thesame has been accepted and noted by the Board of Directors of the Company at itsMeeting held today.

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