Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q1 FY22 Earnings Presentation
79 slides from Mahindra Holidays & Resorts India's earnings presentation, July 2021
Slide 1: Mahindra Holidays & Resorts India Ltd. FY22 Investor Presentation
INDIA’S INDIA'S INDIA’S BEST =) A MOST POPULAR 2 COMPANIES 70% y RESORT RESORT ‘WORK FOR - CHAIN é CHAIN TOP 50,2021 GGREAT PLACE HOUDAYIQAWARO2017 ——_TMAESTRAVEL ANARO 2019 ToS PACE = Mahindra Holidays & Resorts India Ltd. India’s Best Workplace in Hospitality, 2021 Great Place to Work® Institute I
Slide 2: Outline
Outline Performance Highlights J J J J “Environment Scan & Hospitality Industry : Ql FY22 Quarterly Performance ~— Long-TermValueCreation ____ Subsidiary Performance (Holiday Club Resorts) _._ Consolidated Financial Performance MHRIL India Business Model ___ MHRIL Historical Standalone Financial Per
Slide 3: Resilience of our Business Model demonstrated again in Q1 FY22
The Resilience of our Business Model is demonstrated once a again in Q1 FY22 amidst the second wave of Covid-19 Ms = 1.062 Member additions 255,000+ Cumulative member base a7 Rs. 950 Crs Cash position Rs. 1,170 Crs Receivables available for Securitization | (3) 51% Operational occupancy 4,198 Total
Slide 4: MHRIL - At a Glance
MHRIL - At a Glance a. Well Poised to Drive Domestic Leisure Travel Demand New and emerging consumer trends augur well for us: * Leisure destinations to lead recovery + Most of our resorts are at drivable distances from cities Large and attractive addressable market for Vacation Ownership ('VO’) in
Slide 5: Unique and sustainable Vacation Ownership business in Indian Leisure space
Built over 25 years, we have created a unique and sustainable a. Vacation Ownership business in the Indian Leisure space C} ClubMahindra MHRIL has developed a strong vacation ownership business... ATAU MITE US CommpsaNTS advantages Strong economic moat viz a viz H eoee ' i i 1 i ‘conon H i i ef : ho
Slide 6: We Differentiate ourselves through High Occupancies and Zero Debt
We Differentiate ourselves from Other Hospitality Players a. through High Occupancies and Zero Debt Upfront Membership Fees Healthy Cash Flows Growing Inventory Multiple Annuity Streams of Revenue Growing and Loyal Member Base Accelerate Member Additions through Referrals & Digital routes Large Pred
Slide 7: Environment Scan & Hospitality Sector
2 Environment Scan & Hospitality Sector ASHTAMUDI- =~ KERALA > =% === ==. ==
Slide 8: India is emerging out of the second Covid-19 wave
India is emerging out of the second Covid-19 wave a . en een Shane a ea nO + India leads the total vaccination count BU cases down by 90% from the peak of A ko gileleetliy wedi ari) iid WEEMS CLES L. nearly 4 lakh cases per day s 3 administered till date ze EN * Continued Fiscal and Monetary x . . .
Slide 9: Consumer choices centered on health, wellness and new vacation ideas
Consumer choices are now centered towards health and a wellness, and new-found vacation ideas BE sen Domestic Motorable Locations: Risks Focus on Health & Wellness: Health 4 4 of public transport and unpredictable travel hygiene and safety have become crucial factors for £9. restrictions have caused
Slide 10: Global Vacation Ownership Landscape
Global Vacation Ownership Landscape a C} ClubMahindra 9 * US. timeshare industry sales volume witnessed a Globally there are 5,000 timeshare resorts 3 ' : ind2d countries CAGR of ~5% from $ 9.2 bn in 2016 to $ 10.5 bn in 2019 * However due to impact of COVID, total sales volume decreased by ~53% fro
Slide 11: A Large & Attractive Market for Vacation Ownership in India
A Large & Attractive Market for Vacation Ownership in India There is a huge potential target market for VO as household income grows... Vv BE sen « ~3 Crs High-income Households with an annual income > Rs. 27.5 lakhs expected by CY30 e Rs. 55 Lakh Crs Annual Consumption from high-income households b
Slide 12: Sharp recovery in our business post first Covid-19 wave
We witnessed a sharp recovery in our business post the a waning of the first Covid-19 wave BE sen is) ° Second wave of Covid-19 hits Ql FY22 -—_9 . _9 . oO 6 Nationwide Easing Lockdown Unlock of pent-up Vaccination Lockdown Restrictions demand for travel Rollout : Q3 FY21 | 30% occ OE —— ari 1270 Me
Slide 13: Q1 FY22 Performance
Q1 FY22 Performance KANATAL UTTARAKHAND
Slide 14: Strong Business Performance in Q1 FY22
Strong Business Performance in Qi FY22 a¢ Rs. 5,022 Crs Rs. 950 Crs Rs. 1,170 Crs Occupancy* 51% 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Member Additions 1,062 units 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Slide 15: Quarterly Member Acquisitions
Quarterly Member Acquisitions a¢ Nos. 4,789 Growth in Member 3,291 acquisitions QoQ seen 2,681 last year. However, Q1 is impacted by second 1,270 1,062 wave of Covid-19. Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Member acquisitions through the Referral & Digital route at 63% in Q1 FY22
Slide 16: Resort Performance
Resort Performance Rebuilding Resort Occupancy* 0% Ql FY21 Resort Income (In Rs. Crs) 0) Ql FY21 * Local restrictions led to drop in occupancies from mid-April to early June * Our resort occupancies have improved from June due to accelerated vaccination rollouts 30% Q2 FY21 67 | | Q2 FY21 : _ Q3 FY2
Slide 17: Q1 FY22 Performance YoY
Q1 FY22 Performance YoY aye ° Total Income EBITDA Margin PBT Margin Rs. Crs . 50 wp & T% | 217 | 33. 2% 50 bps” 196 a 18.5% 40 ops” 40 ops” 18.9% Ql FY21 Ql FY22 | Q1LFY21 Ql FY22 Q1FY21 Ql FY22 =VO mResorts 17
Slide 18: Q1 FY22 Profits
Q1 FY22 Profits aye EBITDA PBT Rs. Crs Rs. Crs 65 Kany Qi FY21 Qi FY22 Ql FY21 Qi FY22 18
Slide 19: Total Income
Quarter (Rs. Lakhs) Total Income Q1 FY22 Q1 FY21 YoY Gr Income from Vacation Ownership 9,035 8,274 9.2% ASF 7,507 7,498 0.1% Interest & Others 1,626 1,927 -15.6% Non-Operating Income 1,588 1,315 20.8% Income From Lease Rent waivers 423 631 -33.0% Total Income other than Resort Income 20,179 19,645 2
Slide 20: Quarter Income Statement (Rs. Lakhs)
Quarter (Rs. Lakhs) Particulars Q1 FY22 Q1 FY21 YoY Gr Revenue from Operations 19,674 17,701 11.1% Non-Operating Income 1,588 1,315 20.8% Income From Lease Rent waivers 423 631 -33.0% Total Income 21,685 19,647 10.4% Employee Benefit Expenses 6,271 6,590 -4.8% Sales & Marketing Expenses 2,859 2,028
Slide 21: Deferred Revenue, Cash Position and Asset Base
Deferred Revenue Rs. 5,022 Cr ' Deferred Revenue pool will flow ' into the P&L over the membership tenure Strong Cash Position i In addition, Receivables of Rs. 1,170 Cr provide the company liquidity of Rs. 2,100 Cr+ i Strong Asset Base : Includes Land and ' excludes Long- Term Leases | Rs. 2,158 Cr
Slide 22: Balance Sheet
Rs. Lakhs Description As on 30th June 2021 As on 31st March 2021 ASSETS Property, Plant and Equipment 2,15,792 2,14,285 Right of Use Asset (IND AS 116) 23,164 15,412 Trade receivables 1,16,985 1,20,479 Cash and cash equivalents (regrouped) 95,018 93,967 Deferred Tax (Net) 22,665 23,637 Deferred Acqu
Slide 23: Long-Term Value Creation
KANDAGHAT HIMACHAL PRADESH Long-Term Value Creation
Slide 24: Strategy to Drive Consistent Growth
Strategy to Drive Consistent Growth 2) ~ o & _ 1S) — io)) Oo ~ i) _ = Nn = Me Q jubMahindra Accelerate Inventory _,, Addition Hi sfr+ Improve Operational 19! Efficiencies Grow Cumulative A Member Base iti Customer Experience 4 ai, Deliver Superlative fa Strengthen Brand = Continue Digital Pull Trans
Slide 25: Robust Inventory Addition
Robust Inventory Addition Vv Total Room Inventory ClubMahindra in Nos 4,197 3a72 3595 3.732 3,152 2.816 2,879 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Actual FY22 FY23 FY24 FY25 Estimated Room inventory additions are planned to achieve 5,500+ room units in the next 4 years
Slide 26: Creating Superlative & Innovative Customer Experience
Creating Superlative & Innovative Customer Experience ¥v mi ClubMahindra AL A Rajasthani Theme Kids Magic Show Wall Climbing 4 Trampoline Adventure
Slide 27: Accelerate Member Additions
Accelerate Member Additions a teeter ntact Sette toe antag eM Scale up resort onsite sales teams to acquire new members and upgrade existing members (4 », Accelerate customer acquisition by expanding the geographical / reach in Tier 2 and Tier 3 cities 27
Slide 28: Holiday Club Resorts (HCR) - We Create Dream Holidays
Slide 29: Holiday Club Resorts - The Largest European Timeshare Company
Holiday Club Resorts - The Largest European Timeshare ¥v Com ae pany A ctr 5 Largest Vacation Ownership company in Europe Al foo * 33 Timeshare Destinations - 25 in Finland, 2 in Sweden, 6 in Spain (5 in Gran Canary, 1 in Costa del Sol) * 60,000+ Timeshare owners Leading Resort Operator in Scandinav
Slide 30: HCR offers varied consumer experiences
HCR offers varied consumer experiences "] ClubMahindra MEETINGS ACTIVITIES i TREATMENTS ms SA A LY ae CITY / ACTIVITY / NATURE ENTERTAINMENT
Slide 31: Varied Revenue Streams
Varied Revenue Streams av. “ HCR has two major businesses: * Sale of Timeshare o Timeshare sales are either traditional timeshare weeks or fractional villa sales + Spa Hotels with waterparks o Atypical Spa Hotel in Finland comprises waterparks with numerous activities for families o Spa Hotels Reven
Slide 32: Revenue Mix
Revenue Mix Revenue Contribution — Finland 82%, Sweden 11% and Spain 7% Finland Revenue consists of: O° Sales of Timeshare - weekly intervals and Villas fractionals: 34% Spa Resort operations - hotels and restaurants, spas and other activities: 40% Holiday Home Rental: 5% Property management: 3% Spa
Slide 33: Holiday Club Katinkulta
Holiday Club Katinkulta One of the largest and most versatile resort in the Nordic Countries Connected to major ski and sport resort Vuokatti surrounded by vast forests and beautiful lakes and hills 116 hotel rooms, 558 apartments, 90,000+ visitors annually Activity spa with indoor/outdoor pools and
Slide 34: Holiday Club Saimaa
Holiday Club Saimaa Historical milieu, located in beautiful natural landscape of Eastern Finland, spread over 300 hectares of land by the vast lake Saimaa 229 hotel rooms, 281 apartments, 60,000+ visitors annually Waterpark with a variety of indoor and outdoor pools and sauna world as well as spa tr
Slide 35: Holiday Club Vierumaki - latest Spa Hotel launched mid-July 2021
Holiday Club Vierumaki - latest Spa Hotel launched in mid- Vv July 2021 nahin * Holiday Club Vierumaki is 125 kms, ~1 hour drive from Helsinki Airport and is a leading destination for active sports holidays in Southern Finland surrounded by beautiful woods and lakes * Itis the 8" addition to our Spa
Slide 36: Holiday Club Q1 FY22 Performance
Holiday Club Qi FY22 Performance
Slide 37: HCR Quarterly Revenue by Segment
Quarter (Euro Mn) ▪ Particulars Q1 FY22 Q1 FY21 o Timeshare 5.24 3.13 Spa Hotels 7.84 4.80 Renting 1.76 0.59 o Real Estate Management 1.44 1.50 Villas 0.71 1.10 ▪ Other Income 4.01 1.62 Total Revenue 21.00 12.74
Slide 38: HCR Turnover and Operating Profit / (Loss)
Quarter (Euro Mn) Particulars Q1 FY22 Q1 FY21 Turnover 21.00 12.74 • Operating Profit / (Loss) (3.46) (5.12) Less: Depreciation and Amortisation Expense 1.17 1.35 Less: Financial Expense 0.29 0.18 Profit / (Loss) before Tax (4.92) (6.65) • Add: Minority Share + Associate Share 0.00 0.45 Add: Taxes 0
Slide 39: HCR Outlook
HCR Outlook a. ClubMahindra * Vaccination rollout is improving the sentiment for tourism in Europe * Domestic leisure travel is strong in Finland and Sweden and is expected to remain so throughout the year * Summer holiday season in Finland is at its peak with high occupancies in Spa Hotels and rent
Slide 40: Consolidated Financial Performance
POOVAR ClubMahindra Consolidated . Financial ae Performance
Slide 41: Consolidated Segment Revenue
Quarter (Rs. Lakhs) Particulars Q1 FY22 Q1 FY21 - MHRIL 21,788 19,500 - HCRO 20,041 13,008 Total Segment Revenue 41,829 32,508 - Others - 13 Revenue from Operations 41,829 32,521
Slide 42: Consolidated Segment Results
Quarter (Rs. Lakhs) Particulars Q1 FY22 Q1 FY21 - MHRIL 4,234 3,550 - HCRO (4,317) (5,220) PBT before Ind AS 116 & Consolidation adjustments (83) (1,670) - Ind AS 116 Impact (395) (204) Segment Results (478) (1,874) - Forex Gain/ (Loss) (822) (861) - Others (644) (719) Total Segment Results (PBT) (1
Slide 43: Consolidated Income Statement
Quarter (Rs. Lakhs) Particulars Q1 FY22 Q1 FY21 Income from Operations 37,088 29,403 Non-Operating Revenue 4,741 3,118 Total Income 41,829 32,521 Cost of vacation ownership weeks 3,488 3,085 Employee benefits expense 12,880 11,134 Other expenses 17,937 13,320 Operational EBITDA 7,524 4,982 Operation
Slide 44: MHRIL India Business Model
ASSONORA MHRIL India Business Model
Slide 45: Our Capabilities Built Over Years of Our Journey
Our Capabilities Built Over 25 years of Our Journey 2 ClubMahindra ff Creation of marquee resorts in new and unexplored destinations Choice of 67 Domestic Resorts, 10 resorts in South-East Asia, 9 Associate Resorts in USA, 33 Holiday Club Destinations & 9 Spa Resorts in Europe _—® Manage fully servi
Slide 46: Lead Generation and Member Lifecycle Management
Lead Generation Diversity of Destinations Leads via Referrals, Digital, and Alliances Selection of unexplored and popular destinations Member Lifecycle Management Resort Design & Creation • Member delight at every touchpoint • Holiday planning and member • Our resorts are designed to services cater
Slide 47: Unique and Resilient Business Model
Unique and Resilient Business Model a. o [Admission Fee | Resort - Members Hl Interest ee | | (Resort - FIT {Annual Subscription Fee => Upfront; Admission fees | Residual Value* : z - Built In ‘Multiple Annuity. Streams | Opportunity for and oN Upfront 1 - “| eycle - ZERO marginal 2s Admission Fee |
Slide 48: Our Business Model is well-positioned to emerge stronger
Our Business Model is well-positioned to emerge a. stronger ChubMahinda Large and Loyal Member Spacious Properties and Base Rooms + 255,000+ members holidaying with families & + Hotels spread over a sizeable area and large friends rooms > Conducive to social distancing Year-round High Dedicated Focu
Slide 49: Member Base - Key Highlights for FY21
Member Base — Key Highlights for FY21 Customer Acquisition Member Booking Preferences Customer acquisitions through referral and digital route 55% 3.1 | New member sales to Millennials (25-40 age group) 34% | 80% New members from 9 38% | Tier 2 & 3 cities Members holiday in a 9 40% group of 4 or mor
Slide 50: Membership Products: CMH, Bliss, GoZest
▪ CMH 25 – 25 years, 7 nights per year ▪ ▪ Bliss - 10 Years, Points Based Membership ▪ ▪ GoZest! - 3 Years, Points Based Membership ▪
Slide 51: Resorts in India, South-East Asia, USA and Europe
Holiday Exchange 33 Timeshare Program - Club 4,300 Resorts in 67 Resorts in India + 10 in South-East Destinations and Mahindra ‘Horizon’ 110 countries Asia and 9 Associate Resorts in USA 9 Spa Resorts in 210+ Partner Europe Hotels worldwide
Slide 52: Resilience of our model during the pandemic
The resilience of our model was demonstrated during the pandemic a and we are well placed to capitalize on the revival in the sector We are completely focused on leisure travel and family experiences and are best positioned to benefit from the pent-up demand for leisure travel With 67 resorts across
Slide 53: MHRIL Historical Standalone Financial Performance
ClubMahindra MHRIL Historical Standalone Financial Performance
Slide 54: Large base of committed members continues to grow
Large base of committed members continues to grow aye Fully paid members crossed 200,000+ in FY21 (CAGR of 8% over the FY16-21 period) CAGR Total Member Base 1,99,617 2,18,138 2,35,792 2,43,574* 2,58,336 2,54,431# 5.0% 1,91,615 2,08,967 1,62,875 177277 145,960 Fully Paid 141947 Members (in nos. and
Slide 55: Investment in Room Inventory with High Occupancy and growing Cash
Investment in Room Inventory continues with High oY. Occupancy Levels and a growing Cash position A ctr Occupancy 81% 85% 85% 83%* 80%* 72%* 1,200 4,197 4,000 1,000 3,732 3,595 3,472 800 3,500 3 ro) 600 & 3,000 2,879 ra 400 ° 1 2,500 200 an 116 2,000 - FY16 FY17 FY18 FY19 FY20 FY21 [7] Occupancy (%)
Slide 56: A Strong and Consistent Performance Track Record
A Strong and Consistent Performance Track Record ay InCrs I InCrs 1 1 1,170 1,090 1,094 ' 241 I ! 1,037 207 I 964 963 oot 201 808 1 168 I 169 1 1 l ! 124 1 105 | 100 ! 1 ! 1 ! I 1 1 l 1 1 FY15 FY16 FY17 FY18 FY19 ! FY1i9 FY20 FY21 FY1S5 FY16 FY17 FY18 FY19 I FY1i9 FY20 FY21 IND AS 18 IND AS 115 & 11
Slide 57: Multiple Annuity Revenue Streams
Multiple Annuity Revenue Streams ay ClubMahindra InCrs I InCrs 1 583 ! I 539 545 557 1 291 293 1 2°40 | 264 444 1 1 210 217 | 1 347 345% | 315 6 173 ! I ! I ! I ! I ! I ! I | I FY15 FY16 FY17 FY18 FY19 | FY19 FY20 FY21 FY15 FY16 FY17 FY18 FY191FY19 FY20 FY21 I IndAS 18 ! IndAS 115 & 116 IndAS 18 1 I
Slide 58: Multiple Annuity Revenue Streams
Multiple Annuity Revenue Streams oY. In Crs In Crs I I I 228" ' 122 190 209 220 109 ! 111 173 gg 93 1 I 80# 132 64 «67 I 104* l I I I I I i] FYi5 FY16 FY17 FY18 FY19 FY20 FY21 FY1i5 FY16 FY17 FY18 FY19,FY19 FY20 FY21 IndAs 18 | IndAS 115 & 116 *Resort Income was impacted due to Covid-19 since March
Slide 59: Multiple revenue streams contribute 91% of Total Income in FY21
IND AS 18 IND AS 115 Our cumulative member base provides us with multiple revenue streams such as VO Income, ASF Income, Resort Income, and Interest Income which contributes to 91% of our Total Income in FY21 VO Income Resort Income ASF Income Interest Non Operating Income
Slide 60: Profit After Tax
* Prior to one-time transition impact of Rs. 199.7 Crs due to adoption of lower corporate tax rate in Q4FY20
Slide 61: Annexures
C} ClubMahindra Annexures CHERAI KERALA
Slide 62: Company Overview
Company Overview
Slide 63: ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Slide 64: Marquee properties in India
ClubMahindra Marquee properties in India a¢ | Naldehra, Himachal Pradesh |
Slide 65: Marquee properties in India
ClubMahindra Marquee properties in India a¢ | Manali, Himachal Pradesh | Jaisalmer, Rajasthan
Slide 66: Marquee properties in South-East Asia
Vv ClubMahindra Marquee properties in South-East Asia Singapore* Dubai Sri Lanka * Park Royal, Singapore is an associate property of Club Mahindra iC) a oH
Slide 67: New resorts added in FY21
Marquee properties in India— New resorts added in FY21 & ClubMahindra Assonora, Goa Arookutty, Kerala
Slide 68: New resorts added in FY21
Vv ClubMahindra Marquee properties in India— New resorts added in FY21 Jaipur, Rajasthan Netrang, Gujarat
Slide 69: Member Experiences
Member Experiences "] ClubMahindra Only @Club Mahindra Experiences Enjoy water rides at the in-house water park in Assonora (Cc) Cruise Dining at Ashtamudi ® Pottery Making in Kumbhalgarh ® Meter-long Tea in Munnar__
Slide 70: Food Festivals
Food Festivals Shaam-e-Awadh Theme Dinner Street Food Festival Vv ClubMahindra Biryani & Kebab Festival
Slide 71: Only @Club Mahindra Experiences
Only @Club Mahindra Experiences
Slide 72: Member Experiences - Holiday Club Resorts
ClubMahindra Member Experiences — Holiday Club Resorts a¢ Enjoy the Midnight sun in summer Magical Blue Winters Soak in the natural landscapes Enjoy the Northern Lights at our resort in Saariselka, Finland and #MeetTheRealSanta
Slide 73: Member Testimonials
Member Testimonials Kshitiz @kshitiz2708 Finally heading out from @clubmahindra corbett and must admit that the hospitality was top notch. Thanks to all the members from the housekeeping, F&B, front office and the fun activity for making this memorable! @anandmahindra @aggarwalprarit @singhkavinder
Slide 74: Member Testimonials continued
Vv ClubMahindra Member Testimonials continued.. & Asad Ghori Gasadutters - Mar 20 This is the view from my hotel room. A recent trip to #uttrakhand @dubmahindra #mussoorie It was amazing the ride, roads and everything | experienced. I've decided to #travel more often now. @ cure konda om #TravelTheW
Slide 75: Covid safety and hygiene protocols at our resorts
• Partnered with Bureau Veritas, a global leader in testing, inspection and certification of ‘Covid Safe’ protocols • Created AV communication for our members on all safety & hygiene actions taken at our resorts • Implemented best-in-class safety & hygiene guidelines Contactless Hospitality Regular
Slide 76: Member services and travel partner offers
Members can get tested for Covid-19 at Free seat selection, meals & flexible home (RTPCR test) cancellation of flights Covid Insurance and Travel Insurance Car sanitization packages through covers for members Mahindra First Choice Wheels State-wise travel guidelines updated Exclusive self-driven car
Slide 77: Resort awards: Trip Advisor Best of Best and Travellers Choice
Club Mahindra Varca, Goa CM Emerald Palms, Goa CM Mashobra, HP = see 22 Bah, 2 2/2725) aaa 4 of our Resorts were awarded as “Best of Best” — Part of the Top 25 resorts by Trip Advisor 39 Resorts and 4 restaurants received the Travellers Choice award
Slide 78: Awards and recognition
Recognized as India’s Best Workplace in Hospitality and amongst the Top 50 Recognized as India’s Most Best Companies to Work for by the Popular Resort Chain - 2019 Great Place to Work® Institute India for 2021 Excellence in Biodiversity (2020) for conservation and sustainability Recognized with Gold
Slide 79: ASSONORA KUMBHALGARH RAJASTHAN
ASSONORA KUMBHALGARH RAJASTHAN
Mahindra Holidays & Resorts India — Q1 FY22 Earnings Presentation on 6ix