Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q4 FY24 Earnings Presentation
65 slides from Mahindra Holidays & Resorts India's earnings presentation, Apr 26, 2024
Slide 1: Stock exchange intimation of Q4 FY24 presentation
April 26, 2024 MHRIL/SE/24-25/11 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Floor 25, PJ Towers, Bandra-Kurla Complex, Dalai Street, Fort, Bandra (E), Mumbai - 400 051. Mumbai - 400 001. Symbol : MHRIL Scrip Code: 533088 Dear Sir/Madam, Sub.: Presenta
Slide 2: Q4 & FY24 Investor Presentation
,# INDIA'S if MOST POPULAR e ~ INDIA'S BEST WORKPLACE ( RANK#S1 ASIA'S BEST f TOP SO INOIA'S RS.ST WORKPLACSS M ~. ~ RESORT CHAIN '"" _§ ~ IN HOSPITALITY Jj 2021 a2022 v WORKPLAClliS, ,I/ ~ 2022 C' ' \ IIUIL.OING A CUL.TUR5 OF INNOVATION IJY ,,,; ALL• LARGli, 20:lJ - ClubMahindra Tl TIIAVEL AW D 101
Slide 3: Outline
Outline .~ ~ ClubMahindra Highlights - 04 & FY24 Performance J 03 •------------------------------------------------------------------------------------------------------------------------------------------------------------------- MHRIL - Key Trends & Business Environment J 16 •---------------------
Slide 4: Highlights Q4 & FY24 Performance
.~ ~ ClubMahindra Highlights Q4 & FY24 Performance CLUB MAHINDRA ASHTAMUDI KERALA 3
Slide 5: FY24 Key Highlights
FY24 Key Highlights .~ ~ ClubMahindra • Highest ever Annual MHRIL Standalone excl. one-offs 1 o Total Income of Rs. 1424 Crs, up by 12% YoY o EBITDA of Rs. 406 Crs, up by 15% YoY o PBT of Rs. 213 Crs, up by 16% YoY o PAT of Rs. 158 Crs, up by 16% YoY • Highest ever Resort Revenue of Rs. 337 Crs with
Slide 6: Strong Performance continues in Q4
Strong Performance continues in 04 .~ ~ ClubMahindra Member Base Membership Sales Value 1 Inventory & Occupancy 5,734 (+12% YoY) Rs. 243 Crs (+18% YoY) 5327 Keys Member Additions Inventory base (expanded by 198 keys) 2,9Z771 Rs. 4.2 lakhs 87% Average Unit Realization (AUR) Highest ever 04 0ccupancy2
Slide 7: Strong Performance in FY24
Strong Performance in FY24 .~ ~ ClubMahindra Member Base Membership Sales Value 1 Inventory & Occupancy 20,019 (+15% YoY) Rs. 824 Crs (+16% YoY) 5327 Keys Member Additions Highest ever Inventory base (expanded by 387 keys) 2,9Z771 Rs. 4.1 lakhs 85% Cumulative Member Base Average Unit Realization (AU
Slide 8: Robust growth in Member Additions & Sales Value
Robust growth in Member Additions & Sales Value .~~ ClubMahindra Member to Room Ratio 57 0 ~ 5,734 ~ -2_4_ 3 __ 5,097 205 04 FY23 04 FY24 Membership 04 FY23 04 FY24 Member Sales Value* Highest Additions (Nos) (Rs. Crs) Ever ~20,019 17477 ~ 824 710 FY23 FY24 FY23 FY24 Member Additions through Referra
Slide 9: Consistent growth in Deferred Revenue pool
Consistent growth in Deferred Revenue pool .~ ~ ClubMahindra Deferred Cost (Rs. Cr) 723 767 774 784 794 807 269 ' • 5595 5512 5445 5392 5326 Deferred Revenue Pool 5083 (Rs. Cr) FY22 FY23 01 FY24 02 FY24 03 FY24 FY24
Slide 10: Our Focus on Inventory acceleration continues
Our Focus on Inventory acceleration continues .~ ~ ClubMahindra ""I LADAKH '. ----DHARMASHALA NALDHERA JANJHEu India ---◄~,..,_--;:::===-----RisHIKEsH 82 Properties 151 properties across the globe including 82 properties in India BINSAR KAZIRANGA PUSHKAR JAISALMER AGRA JAIPUR KALIMPONG T ---- T JODH
Slide 11: MHRIL Standalone Financials: Highest Ever Yearly Performance
MHRIL Standalone Financials I Highest Ever Yearly Performance, excl. one-offs*: Total Income, EBITDA, PBT & PAT Rs. Crs Q4 FY24 vs Q4 FY23 (adjusted for one-offs) .~ ~ ClubMahindra Total Income EBITDA PBT PAT 378 332 ~ 47 35 ■ Others 22 38 28 86 80 ■ Resort 230 257 ■ VO 04 FY23 04 FY24 04 FY23 04 FY
Slide 12: Profit Margin expands driven by Revenue Growth & Cost Optimization
Profit Margin expands driven by Revenue Growth & Cost Optimization . ~ Q4 FY24 vs Q4 FY23 (adjusted for one-offs) ~ ClubMahindra EBITDA Margin PBT Margin PAT Margin r---- r---- 1--- 1 20 bps 1 100 bps 1 90 bps I I I I I I I I I I I I I I I I I I I I 25:2% 11.5% 8.5% T 04 FY23 04 FY24 04 FY23 04 FY24
Slide 13: Total Income grows in Q4 and FY24, excl. one-offs
Total Income grows by ~14% in 04 FY'24 & ~12% in FY'24 YoY, excl. one-offs .~~ ClubMahindra Quarter ended Year ended Total Income (Rs. In Crs) Q4 FY24 Q4 FY23 YoY FY24 FY23 YoY FY24 Income from Vacation Ownership 131.8 120.1 9.7% 503.2 454.5 10.7% • 02 Occupancy was impacted due ASF Income 99.0 90.0
Slide 14: Profit & Loss Statement - Q4 & FY24
Profit & Loss Statement - 04 & FY24 Rs in Crs Particulars Quarter ended Q4 FY24 Q4 FY23 YoY Gr FY24 Year ended FY23 YoY Gr .~~ ClubMahindra Revenue from Operations 343.0 309.7 10.8% 1,314.0 1,196.2 9.8% Non-Operating Income 34.5 22.5 53.3% 110.2 78.6 40.2% One-off Income -2.8 4.1 9.9 30.8 FY24 Total
Slide 15: Strong Balance Sheet
Strong Balance Sheet • Club.Mahindra I I I I I I Rs. 5,595 Cr Rs. 1,383 Cr I I Rs. 2,501 Cr Zero debt I I I I I I I I *Addition of I Includes Land I Addition of . I I I Rs. 225 Crs in FY24 I valued at Rs. 1,276 I Rs. 269 Crs in FY24 i I I I I Cr and I I I I excludes Long- I I I I Term Leases I I I v
Slide 16: Snapshot of Balance Sheet
Snapshot of Balance Sheet Rs. In Crs .~ ~ ClubMahindra Description As on As on 31st Mar 31st March ASSETS Property, Plant and Equipment 2,500.5 2,349.5 Right of Use Asset (IND AS 116) 400.7 380.9 Trade receivables 1,219.5 1,160.3 Cash and cash equivalents (regrouped) 1,383.3 1,157.7 Deferred Acquisi
Slide 17: MHRIL Key Trends & Business Environment
.~ ~ ClubMahindra MHRIL Key Trends & Business Environment CLUB MAHINDRA KANHA MADHYA PRADESH 16
Slide 18: Key Trends in Indian Economy
Key Trends in Indian Economy .~ ~ ClubMahindra RBI Consumer Confidence reflects optimism; future expectations Domestic Airline Passenger Traffic continues to be higher index registered a new peak since the onset of the pandemic than last year, 5% YoY increase in 04FY24 - Current Situation Index (CSI
Slide 19: Indian Hospitality Sector's key metrics
Indian Hospitality Sector's key metrics .~ ~ ClubMahindra en +-' ..c: ,,, JI t:n Improved Occupancy Higher ADRs ·- Industry level occupancy of 73% ( +2 pp YoY), nearing pre- Average rates continue to be significantly higher than pre-pandemic Feb'19 :2 t:n pandemic levels of ~76% in Feb'19 rates by 3
Slide 20: Market Landscape: Emerging Trends & Consumer Preferences
Market Landscape I Emerging Trends & Consumer Preferences .~~ ClubMahindra Rise in Leisure Travel Growing Revenue from MICE & Weddings Hotel demand soaring in 2023, mainly due to rise in leisure CY2023 witnessed resurgence of Corporate MICE and Big Fat Indian travel. High footfall observed in popula
Slide 21: Unique & Profitable Vacation Ownership Business
.~ ~ ClubMahindra MHRIL Unique & Profitable Vacation Ownership Business CLUB MAHINDRA VARCA GOA 20
Slide 22: A Large & Attractive Market for Vacation Ownership in India
A Large & Attractive Market for Vacation Ownership in India .~ ~ ClubMahindra There is a huge potential Vacation Ownership in India target market for VO as household income grows… ~3 Crs High-income Rs. 55 Lakh Crs Annual VO penetration in India 2x Growth Households Consumption is low (~2%) ‣ with a
Slide 23: Unique and sustainable Vacation Ownership business
Over 27 years, MHRIL has created a unique and sustainable Vacation Ownership business and is the #1 Leisure Hospitality player in the country .~~ ClubMahindra MHRIL Vacation Ownership business consists of .. ... with unique competitive advantages Strong economic model and difficult to replicate tm P
Slide 24: Multi-Year Sources of Value Creation in Vacation Ownership
Multi-Year Sources of Value Creation in Vacation Ownership across the Tenure of the Membership .~ ~ ClubMahindra Vacation Ownership Income ➢ Membership Fee over the entire tenure of membership VO ➢ Interest Income t~ New member joins ~,0,iI Annual Subscription Fee (ASF) 00 ➢ Recurring fees ➢ Adjuste
Slide 25: MHRIL's product portfolio has evolved over time
MHRIL's product portfolio has evolved over time to target diverse customer segments .~ ~ ClubMahindra • MHRIL's product portfolio strategy has evolved significantly to gi Young Couples include multiple products of different tenures, which enables i?f Empty Nesters targeting diverse consumer segments
Slide 26: Club Mahindra's Product Portfolio
Club Mahindra's Product Portfolio Club.Mahindra CMH – 25 years/15 years, 7 nights per year Target Consumer: Lifestyle Parameters Consumer Holiday Needs Couples (Age 30-50 years) • Provider, adaptive to changes & • Plan vacations in advance with young children aspirational • Stability & balance seeke
Slide 27: Growing Footprint in India & Abroad with access to 151 properties
Growing Footprint in India & Abroad with access to 151 properties "'I LADAKH .~~ ClubMahindra Europe - ---DHARMASHALA 33 Properties NALDHERA JANJHEu India ...- _ -+----l ...---;:===--- RISHIKESH 82 Properties BINSAR PELL! . ~CHUNG KAZIRANGA BAIGUNE GANGTOK 9 Finland PUSHKA JAISALMER T DARJEELING KAL
Slide 28: Expanding Choice of Destinations across MHRIL and HCR
Expanding Choice of Destinations available to members across MHRIL ~ and Holiday Club Resorts {HCR) along with Horizons Exchange Program4 ClubMahindra ., CLUB M I-Iot£day ■ Club u &h a-'ldYa I J< I iZ( l s ~ s E- - ---- L E C T C l ubM.a hindra 33 Timeshare/Spa Holiday Exchange Offers 365-day 5,327
Slide 29: Our Business Model is Differentiated
Our Business Model is Differentiated .~~ ClubMahindra Focus on Family Multi-Product Portfolio serving Spacious Resorts with Vacations diverse consumer needs Larger Apartments • Memorable family experiences • Portfolio approach to help • Members prioritize vacationing o New & popular destinations cap
Slide 30: Long-Term Value Creation
CLUB MAHINDRA MANALI HIMACHAL PRADESH .~ ~ ClubMahindra MHRIL Long-Term Value Creation 29
Slide 31: Strategy to Drive Consistent Growth
Strategy to Drive Consistent Growth .~ ~ ClubMahindra 01 • 02 Grow Cumulative Member Base (./) ,-t, """( 03 • 04 r,l.) ,-t, Improve Operational (0 <.O ..... Efficiencies n ~ ;::s (0 ,-t, (/) I Enablers Enablers I 30
Slide 32: Accelerate Inventory Addition
Accelerate Inventory Addition Double Inventory base from rvS,000 to rvl0,000 keys by FY30 .~ ~ ClubMahindra Total Inventory No of keys 10,000 4940 5,327 4,568 , 3 472 3,595 3,732 4,197 2,816 2,879 3,152 , FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 : FY24 FY25 FY26 FY27 FY28 FY29 FY30 ~------------
Slide 33: Inventory addition through Multi-modal route
Inventory addition through Multi-modal route .~ ~ ClubMahindra MHRIL will use a combination of inventory addition routes: • Greenfield Resorts through existing Land • Brownfield Projects • Resort Acquisitions • Built-to-Suit Resorts with third-party • Resort Leases Partially constructed I Banks & PP
Slide 34: Inventory Addition Projects
Inventory Addition Projects .~~ ClubMahindra 5 Projects/ "'690 keys with an estimated capex of Rs 835 Crs underway Greenfield Acquisition Expansion of existing Resorts 2 Projects (~390 keys) 1 Resort (72 keys) 2 Projects (44 keys completed, 185 keys ongoing) Ganpatipule, MH Assonora, Goa- Completed
Slide 35: Horizons
Horizons One-of-a-kind holiday exchange program for our Club Mahindra members .~~ ClubMahindra .1 Mah 'ldl'e. J<)l-,iZ<) l Program offers our members freedom of choice to book an accommodation in any of the partner hotels around the world in exchange for their VO Room nights ~ ~ 2018 400+ 185+ 240 H
Slide 36: Accelerate Member Additions
Accelerate Member Additions .~ ~ ClubMahindra CD Scale up Member acquisition through Referrals, Digital and Alliances 0 Use a multi-product portfolio to acquire members based on life- stage segmentation {CMH-25, CMH-15, Bliss, CMH-4 and Go Zest} Scale up resort onsite sales teams to acquire new memb
Slide 37: Diverse in-resort Experiences
Diverse in-resort Experiences .~~ ClubMahindra Pottery Classes Paintball shooting at Madikeri Aqua Zorbing Archery Trekking VR Sky diving Assonora at Jaisalmer at Jhanjeh Hatgad at Netrang Boating at Scuba Diving at E-Cycling Kayaking at Madikeri Ziphne at Dharamshala Jungle Safari at Kanha Ashtamud
Slide 38: Experience Ecosystem
Experience Ecosystem Club M Select: An exclusive member-only program .~ ~ ClubMahindra ,,"' --------------------------------------~ , .... ,,,---------------------------------------~...., / , Travel Planning '\ / Lifestyle Experiences \ leli .. • Ii I • :I•11•I:. d • Curation of premium products and
Slide 39: Strengthening Brand Pull through Targeted Marketing Campaigns
Strengthening Brand Pull through Targeted Marketing Campaigns Q4FY2 Club.Mahindra Occasion Based Marketing: Club Mahindra "A Perfect Gift" l Club Mahindra launched a new film around the core proposition of i "Gifting" in 04, FY 24'. I I l The objective is to position Club Mahindra as a gifting produ
Slide 40: Club M Rewards: Loyalty Program
Club M Rewards: Loyalty Program exclusive for Club Mahindra members .~~ ClubMahindra Features: • Members can earn referral points whenever their referred friend buys a Club Mahindra .... Club M \V AR D I_ membership A P l~EM li., IA LOYAL.Y PROGRAM 8Y Cli.,8 MAHINDfiA • Multi-tiered (4 tier) loyalty
Slide 41: Tech-enabled accelerated Member Acquisition & enhanced Member Servicing
Tech-enabled accelerated Member Acquisition & enhanced Member Servicing Tapping improved digital penetration in India through Revamped digital infrastructure & use of technology across touchpoints • Online engagement through feature-rich prospect website & digitization of loyalty program (HFRP) • Di
Slide 42: ESG Initiatives
ASSONORA GOA .~ ~ ClubMahindra ESG Initiatives 41
Slide 43: Our Commitments
Our Commitments .~~ ClubMahindra We are India's first hospitality company to join the Global campaign for RE100 and EP100. These initiatives are aligned with the core principles of 'RISE' and our mission of 'Good Living, Happy Families'. Carbon Neutrality Net Zero Green Resorts EP 100 RE 100 Biodive
Slide 44: Our Key Sustainability Initiatives
Our Key Sustainability Initiatives .~ ~ ClubMahindra Water Management Energy Initiatives • Jal Jivan Initiative - improve efficiency • SBTi: Reduce Greenhouse Emissions by of water utilization through 4 R principle 88.3% by 2031 • Separate Grey & Black water treatment • Solar panels at 25 of our res
Slide 45: CSR - Key Initiatives
CSR - Key Initiatives Promoting Education • Project Nanhi Kali | Supporting the education of 3,290 girl children from socially & economically marginalized families. Women Empowerment • Project Udaan | Placement linked skill training for 100 women in Hospitality Sector (House Keeping) at Mussoorie, U
Slide 46: Holiday Club Resorts
Slide 47: HCR - A Leading Timeshare Company
HCR - A Leading Timeshare Company .~~ ClubMahindra HCR's business consists of .. ... with unique competitive advantages Timeshare In Finland, leader in Timeshare owner base tHt Widespread network of Spa resorts with varied experiences 33 Timeshare Destinations in 60,000+ Finland, Sweden & Spain Time
Slide 48: HCR Business Model - Finland
HCR Business Model - Finland .~ ~ ClubMahindra Spa hotels and resorts are open for all visitors - timeshare owners are essential and frequent visitors • Large resort-style destinations with various room types, restaurants, waterparks/spa, & leisure activities generating consistent revenue streams •
Slide 49: HCR has delivered Operating Profit in FY24 despite Russia-Ukraine War
HCR has delivered€ 5 mn Operating Profit in FY24 despite the impact of Russia-Ukraine War .~~ ClubMahindra Revenue(€ Mn) Operating Profit (€ Mn) 12.0 161.9 165.0 161.1 157.3 144.2 142.3 7. 8 6.7 122.1 5.0 5.0 99.5 II -- (0.3) I_L FY17 FY18 FY19 FY20 FY21 * FY22* FY23# FY24# (8 .9) FY17 FY18 FY19 FY2
Slide 50: Q4 & FY24 Performance
.~ ~ ClubMahindra -----ol i___._ 04 & FY24 Performance 49
Slide 51: HCR Total Revenue
HCR Total Revenue .~~ ClubMahindra Quarter ended Year ended Q4FY24 Analysis YoY Particulars (Euro Mn) Q4 FY24 Q4 FY23 FY24 FY23 Timeshare 13.4 12.3 40.3 38.4 Spa Hotels 22.3 22.7 79.3 82.9 • Despite the current geopolitical situation and tough Renting 4.2 3.4 13.1 12.2 economic environment, HCR has
Slide 52: HCR delivers Strong performance in Q4
HCR delivers Strong performance in 04 I Operating Profit of € 6.8 Mn in 04 & € 5.0 Mn in FY24 .~~ ClubMahindra Q4 FY24 Analysis YoY Quarter ended Year ended Particulars (Euro Mn) Q4 FY24 Q4 FY23 FY24 FY23 • Despite weak consumer sentiment, Revenue Turnover 41.9 41.0 142.3 144.2 increased compared to
Slide 53: HCR FY24 Performance & Outlook
HCR FY24 Performance & Outlook .~~ ClubMahindra • Market challenges continue with the Russia-Ukraine war. • Inflation at 3% & Euribor12 at 3.7%. • Spa Hotels occupancies outperformed the local hospitality market in Finland. However, in-resort spending continues to remain affected due to weak consume
Slide 54: MHRIL Consolidated Q4 & FY24 Financials
CLUB MAHINDRA POOVAR KERALA .~ ~ ClubMahindra MHRIL Consolidated Q4 & FY24 Financials 53
Slide 55: Highest Ever Consol Income & EBITDA in FY24, Excl. one-offs
Highest Ever Consol Income & EBITDA in FY24, Exel. one-offs Particulars (Rs. In Crs) Quarter ended Q4 FY24 Q4 FY23 YoY Gr Year ended FY24 FY23 YoY Gr .~~ ClubMahindra Income from Operations 800.2 711.6 12.5% 2,704.6 2,517.0 7.5% Non-Operating Revenue 30.1 23.7 27.0% 115.0 106.9 7.6% Total Income 830
Slide 56: MHRIL Consolidated One-offs
MHRIL Consolidated One-offs .~ ~ ClubMahindra Quarter ended Year ended ~ Q4 FY24 Q4 FY23 FY24 FY23 Income 4.1 9.9 30.7 Translation Forex Gain/ (Loss) on ICDs to Subsidiaries 3.8 3.4 27.6 Fair Valuation of Investment in Unlisted Company 2.8 Interest on Income Tax Refund 0.3 6.5 0.3 Expenses 2.8 Trans
Slide 57: MHRIL Historical Performance
CLUB MAHINDRA MASHOBRA HIMACHAL PRADESH .~ ~ ClubMahindra MHRIL Historical Performance 56
Slide 58: Large base of committed members continues to grow
Large base of committed members continues to grow .~ ~ ClubMahindra In FY24, Cumulative Member Base is "'2.98 Lakhs with 85% Fully Paid Members Total Member Base 1,99,617 2,18,138 2,35,792 2,43,574* 2,58,336 2,54,431 * 2,65,980 2,81,820 2,97,771 2,38,610 2,53,302 2,25,838 1,91,615 2,08,967 1,77,277
Slide 59: Member Acquisition & Holidaying improved in FY24
With an uptick in travel sentiment, Member Acquisition & Holidaying improved in FY24 .~~ ClubMahindra Member Holidaying Member Booking Customer Acquisition Behaviour Preferences Customer acquisitions Members holiday in a 57% through referral and 54% group of 4 or more digital route 3.1 Room nights p
Slide 60: Investment in Room Inventory continues with Higher Occupancy
Investment in Room Inventory continues vvith Higher Occupancy and Operating Cash .~ ~ ClubMahindra 5,500 5,327 1,600 5,000 1,400 4,568 1,200 4,500 1,000 4,000 3,472 3,595 800 3,500 781 519 600 3,000 572 413 470 332 331 356 400 266 301 267 2,500 116 265 200 2,000 1 - FY16 FY17 FY18 FY19 FY20 FY21 FY2
Slide 61: A Strong and Consistent Performance Track Record
A Strong and Consistent Performance Track Record .~ ~ ClubMahindra Total Revenue CAGR: 10% for FY15-19; 8% for FY19-24 PBT CAGR: 23% for FY15-19; 17% for FY19-24 In Crs 1,434 In Crs 1,306 120 241 4 1,170 93 3 223 1,090 1,094 109 2 214 201 207 204 964 1,071* 79 109 963 1,037 337 89 909* 168 93 808 67
Slide 62: Revenue contributions from various streams
Revenue contributions from various streams Revenue Mix .~~ ClubMahindra % t-% 8% 7% 9% 10% 8% 8% 8% 9% Our cumulative 12% 11% 6% 6% 6% 9% 16% 18% member base 17% 19% 12% 18% 25% 24% provides us with 23% 22% multiple annuity 19% 18% 19%0 20% revenue streams 32% 29% which are 28% 26% 27% 27%0 predicta
Slide 63: Healthy Profit Margins
Healthy Profit Margins .~ ~ ClubMahindra EBITDA Margin PBT Margin I 1 32% 32'.Yo 5 21% 2 I ~1 29% 29% 19% 1 19% 18% 19% 4 5 24% 25% 24% 24% 25% I 17% 0 16% 16% 23% I 13% I 16% 12% 10% I I FY15 FY16 FY17 FY18 FY19 I FY19 FY20 FY21 FY22 FY23 FY24 I FY15 FY16 FY17 FY18 FY19 FY19 FY20 FY21 FY22 FY23 FY2
Slide 64: Disclaimer
Disclaimer .~~ ClubMahindra This presentation may contain 'forward looking statements' within the meaning of applicable laws and regulations. Investors are cautioned that 'forward looking statements' are based on certain assumptions, which Mahindra Holidays & Resorts India Limited considers reasonab
Slide 65: ( ~ ClubMahindra
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Mahindra Holidays & Resorts India — Q4 FY24 Earnings Presentation on 6ix