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Kavinder Singh, CEO of Mahindra Holidays and Resorts India, expects a resurgence in tourism in the European Union (EU), especially in Finland, in the coming months of this fiscal year. Despite some hurdles, the EU market is showing signs of recovery, he told CNBC-TV18.

In a challenging quarter, particularly in Sweden, holiday club resorts reported an EBITDA (earnings before interest, tax, depreciation, and amortisation) of 1.6 million euros. Despite the Russia-Ukraine conflict, rising inflation, and cautious consumer mood, the Finnish demand for second homes remained robust. Consequently, Singh noted, timeshare sales, which involve shared vacation property ownership, grew by 7% this past quarter.

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The fourth quarter looks promising as tourists from Britain, Germany, and the Netherlands have started booking their winter vacations in Scandinavia, a region famous for its winter holidays. Working closely with their European partners, the management team is optimistic about a notable upswing in the next quarter.

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Mahindra Holidays is in the process of adding 690 rooms and aims to double room inventory to 10,000 by the end of fiscal year 2030. The company also aims to cross the 5,000-members-per-quarter-mark soon.

The leisure hospitality company, on Monday (October 23), reported a 48% year-on-year (YoY) decline in net earnings, to ₹21.3 crore for the second quarter. Total revenue rose 10% YoY to ₹655 crore from ₹598 crore last year.

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(Edited by : Shweta Mungre)