Mahindra Holidays & Resorts India is looking at acquisitions of resorts. Kavinder Singh, MD & CEO, Mahindra Holidays, told CNBC-TV18 that the company is planning to acquire properties to add to its inventory.

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“We are, at this point in time, looking at acquisitions of resorts. There is a due diligence process which is going on and there is an opportunity to pick up some good resorts at this time,” said Singh.

Mahindra Holidays reported a consolidated profit after tax of Rs 29.8 crore for the April-June quarter, boosted by higher revenue. Focus on adding room inventory at a faster pace along with creating immersive experiences at its resorts helped the company deliver the highest-ever resort revenues, higher occupancies and member spends for the quarter.

The company is planning to accelerate its inventory addition to keep the momentum going.

“In the last two years, we added about 800

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The company said with the addition of a new resort at Gangtok and the extension of Udaipur resort, it has has added 107 rooms in the last quarter.

It has a total inventory of 4,617 rooms across 84 resorts.

Singh said Mahindra Holidays wants to add inventory, both in India and abroad.

The company is performing strongly in the new members front and he expects the fiscal 2023 results to beat last year’s pandemic-hit numbers, he said.

Mahindra Holidays' member additions for the April-June quarter was 3,807, with a cumulative member base of around 2.7 lakh.

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Singh added that the company expects to have an occupancy of over 85 percent for the third quarter.

“If I look ahead in October-November-December, the business on books is about 85 percent. So, the outlook seems good as far as the occupancies are concerned,” he said.

Mahindra Holidays' occupancy for the financial year 2022 stood at 74 percent with high resort occupancies at 77 percent in the fourth quarter, signalling a recovery from the pandemic.

Shares of Mahindra Holidays and Resorts are trading at Rs 298, up by 5. 5 percent from the previous close on the BSE.

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(Edited by : Shoma Bhattacharjee)