The Mahindra Holidays' stock was down more than 5 percent in trade on Friday (26 November) as COVID concerns re-surfaced in parts of Europe.

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In an interview to CNBC-TV18, Kavinder Singh, MD & CEO of Mahindra Holidays said they are not seeing any impact on European operations due to resurgence in COVID cases.

"At this moment in time we are not seeing any effect on the European operations. We have presence in Finland, Sweden and Spain but we have not seen any dip in occupancies. However, this is not the season in Europe for Holidays. So we are at a mid to slightly higher occupancy zone."

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Singh said the company is better prepared to deal with COVID-related headwinds and is not witnessing any cancelations yet due to the new COVID variant.

"We are not witnessing any cancellations as yet due to the new COVID variant. There were times in January, February and March when people were not vaccinated and still we hit 85 percent occupancy. So, we have developed significant level of confidence amongst our member base. We have taken a lot of care in terms of building the safety measures and those are still continuing. If this variant really spreads far and wide, then we could probably see some effect. However, our ability to ramp down and ramp up operations has been tested twice - once in the first wave, and second in the second wave. So, we have been able to show our ability to withstand these shocks both in our performance as well as on ground."

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He expects Q3 occupancy in India to be above 80 percent.

"In India, we clocked about 78 percent occupancy in October. We should be above 80 percent in Q3 if things go as we see them now."

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(Edited by : Thomas Abraham)