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Mahindra Holidays & Resorts Harihareshwar (MHRHL) has been incorporated as a special purpose vehicle company for upgradation, operation and maintenance of the Maharashtra Tourism Development Corporation (MTDC) resort at Harihareshwar under public private partnership (PPP) model.
The company acquired MHRHL for a consideration of Rs 5 lakh by subscribing to 50,000 equity shares of the face value of Rs 10 per share.
Post acquisition, MHRHL becomes a wholly owned subsidiary of the company and also a subsidiary of Mahindra & Mahindra.
Mahindra Holidays & Resorts India, 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.
The company reported a consolidated net profit of Rs 29.73 crore in Q1 FY23 as against a net loss of Rs 21.43 crore in Q1 FY22. Net sales rose 63.1% YoY to Rs 604.85 crore in Q1 FY23.
Shares of Mahindra Holidays & Resorts India rose 0.04% to Rs 268.75 and Mahindra & Mahindra rose 0.37% to Rs 1,272.15 on the BSE.
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