(Reuters) -Mahindra Holidays and Resorts India reported a 30% rise in second-quarter profit on Friday, benefitting from steady travel demand for its family holidays in India and Europe.
The company, known for its premier resorts brand ‘Club Mahindra’, reported a consolidated net profit of 178.5 million rupees ($2.03 million) for the quarter ended September 30, up from 137.7 million rupees a year earlier.
Travel demand remains steady in the world’s most populous country, with affluent Indians splurging on resort stays and travel experiences both locally and globally.
Revenue at the company, which offers resorts and sightseeing packages through its ‘Club Mahindra’ membership and generates revenue through membership fees, rose 7% to 7.17 billion rupees.
Domestic revenue rose 2.3%, while that of its European unit – which has holiday properties across Finland, Sweden, and Spain – increased 9.4%.
Mahindra Holidays said it added 1,432 members during the quarter, taking total memberships to 304,000.
Its average unit realisation, the average revenue generated per membership, grew 85%.
($1 = 87.8950 Indian rupees)
(Reporting by Komal Salecha and Hritam Mukherjee in Bengaluru; Editing by Subhranshu Sahu)
