Mahindra Holidays & Resorts India Limited · NSE:MHRIL
Mahindra Holidays & Resorts India — Q1 FY24 Earnings Presentation
68 slides from Mahindra Holidays & Resorts India's earnings presentation, Jul 25, 2023
Slide 1: Exchange filing cover letter for results presentation
July 25, 2023 MHRIL/SE/23-24/35 Listing Compliance Listing Compliance National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block Floor 25, PJ Towers, Bandra-Kurla Complex Dalal Street Bandra E, Mumbai – 400 051 Mumbai – 400 001 Symbol: MHRIL Scrip Code: 533088 Dear Si
Slide 2: Q1 FY24 Investor Presentation
e `A INDIA'S e RANK HSI "A (..! TOP SO INDIA'S BEST ".4 MOST POPULAR."1 ‘i Ili BEST WORKPLACE ‘;$ le ASIA'S BEST **4 4 le le WORKPLACES 4 4 114/4 RESORT i!,1 \Al IN HOSPITALITY Ij ‘,1 1 WORKPLACES, A.,1 MAI niNG. A CI II TIMC v ClubMahindra V 44 CHAIN de' 4Z 2021812022 41- .„) 2022 e- •4 OF INNOVATI
Slide 3: Outline
Outline Ac 4 CLubMahindm Highlights - Q1 FY24 (Standalone) Performance 1 03 MHRIL - Key Trends Et Business Environment 1 16 - Unique 8- Profitable Vacation Ownership Business 1 21 - Long-Term Value Creation I 31 - ESG Initiatives 37 Holiday Club Resorts - Business Model 41 - Q1 FY24 Performance 47 M
Slide 4: Highlights Q1 FY24 (Standalone) Performance
Ae 4 CLubMahindm Highlights Q1 FY24 (Standalone) •- • • --- 7.. =:_ • CLUB MAHINDRA ASHTAMUDI • _ • L • - ' • • -- • .. - 1 Performance KERALA
Slide 5: Q1 FY24 Key Highlights
Q1 FY24 Key Highlights Ae 4CLubMahindm • MHRIL Standalone (excl. one-offs)1: o Highest ever Total Income of Rs. 355 Crs. (+17% YoY) o Highest ever EBITDA of Rs. 101 Crs (+19% YoY) o Highest ever Q1 PBT of Rs. 55 Crs (+19% YoY) • Highest ever Quarterly Resort Income of Rs. 92 Crs (+10% YoY) with 90%
Slide 6: Strong Performance continues in Q1
Strong Performance continues in Q1 AP 4 CLubMahindm Member Base Resort Performance Income excl. one-offs3 4,696 (+23% YoY) 90% Rs. 355 Crs Member Additions Occupancy2 Highest ever 2,86,039 Rs. 92 Crs (+10% YoY) Cumulative Member Base Highest ever +17% YoY Growth Membership Sales Value1 Inventory PBT
Slide 7: Robust growth in Member Additions & Sales Value
Robust growth in Member Additions Er Sales Value Ae 4 CLubMahindm Member to Room 58 57 Ratio 4,696 177 Membership Sales Member Additions Value1 146 (Nos.) 3,807 (Rs. Crs) 3.8 3.8 Average Unit Realization Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 (AUR)1 Member acquisitions through referral and digital routes a
Slide 8: Resort Revenues have grown due to increased occupancies
Resort Revenues have grown due to increased Occupancies, higher to room inventory & Member Spends _Ave CLubMahindm Inventory (No. of keys) 4,617 5,005 92 90% 84 Resort Resort Income Occupancy' (Rs. Crs) (%) Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 • Overall room count increased to 5,005 keys. • Resort Revenu
Slide 9: Our Focus on Inventory acceleration continues
Our Focus on Inventory acceleration continues Ac India 4 OubMahindra LADAKH SRINAGAR DHARMASHALA NALDHERA 82 Properties MANALI1V JANJHELITT 143 properties across the globe including 82 properties in India RISHIKESH SHIMLA T T KANATAL KANDAGHAT T BINSAR MUSSOORIE CORBETTT ,KLACHUNG TAGRA BAIGUNET ITG
Slide 10: Q1 FY24 Total Income grows by 17% YoY and PBT by 19%
Q1 FY24 Total Income grows by 17% YoY and PBT by 19% YoY Ae 4 CLubMahindm Q1 FY24 vs Q1 FY23 (adjusted for one-offs)* Rs. Crs Total Income EBITDA PBT 355 101 304 H 55 85 46 -VO Resorts 235 204 Others Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Note: *One-offs: Loss due to exchange fluctuation of
Slide 11: Margin expands driven by Revenue Growth & Cost Optimization
Margin expands (vs pre-pandemic Er YoY) driven by Revenue Growth & Cost Optimization AP 4CLubMahindm EBITDA* Margin PBT* Margin 690 bps 460 bps 40 b • s 30 b•s 27.9% 28.3% 15.1% 15.4% • 21.4% 10.8% Q1 FY20 Q1 FY23 Q1 FY24 Q1 FY20 Q1 FY23 Q1 FY24 Note: *One-offs: Loss due to exchange fluctuation of R
Slide 12: Total Income grows by 17% YoY in Q1 FY24
Total Income grows by '47% YoY in Q1 FY24 AP 4CLubMahindm Quarter end Total Income (Rs in Crs) Income from Vacation Ownership ASF Income Interest & Others Total VO Income Resort Income 1 .1 Revenue from Operations 327.6 287.9 13.8% Non-Operating Income 27,3 16.3 66.8% Other Income 27.3 16.3 66.8% To
Slide 13: Profit & Loss Statement - Q1 FY24
Profit Er Loss Statement - Q1 FY24 Particulars Rs in Crs Quarter ended Q1 FY24 Q1 FY23 YoY Gr 4 CLubMahindm Revenue from Operations 327.6 287.9 13.8% Q1 FY24 Non-Operating Income 27.3 16.3 66.8% Total Income 354.9 304.2 16.6% • Sales and Marketing Expenses increased YoY Employee Benefit Expenses 86.
Slide 14: MHRIL Standalone One-offs
MHRIL Standalone One-offs AP 4CLubMahindm In Rs, Cry Income Expenses (Loss on Exchange Fluctuation) 3.8 0.6 Net PBT Impact (0.6)
Slide 15: Strong Balance Sheet
Strong Balance Sheet Ae 4 CLubMahindm Strong Asset Base Rs. 5,392 Cr Rs. 1,136 Cr Rs. 2,371 Cr Zero debt Includes Land Net addition valued at Rs. 1,235 Rs. 66 Cr in Q1 Cr and FY24 excludes Long- Term Leases valued at Rs. 403 Cr MIN ■
Slide 16: Snapshot of Balance Sheet
Snapshot of Balance Sheet Ae Description As on Rs. in Crs As on 4CLubMahindm 30th June 2023 31st March 202.3 ASSETS Property, Plant and Equipment 2,371.3 2,349.5 Right of Use Asset (IND AS 116) 403.0 380.9 Trade receivables 1,164.0 1,160.3 Cash and cash equivalents (regrouped) 1,135.6 1,157.7 Deferr
Slide 17: MHRIL Key Trends & Business Environment
Ac 4 CLubMahindm MHRIL Key Trends 6- Business Environment CLUB MAHINDRA KANHA MADHYA PRADESH
Slide 18: Key Trends
Key Trends V Ae 4 Cr.1 bMatlirkdr a RBI Consumer Confidence reflects steadily improving Domestic Airline Passenger Traffic has seen uptick in Q1 consumer demand Current Situation Index (CSI) Future Expectations Index (FEI) I • Domestic Passengers (in million) I 140.0 120.0 20 100.0 80.0 10 • / 60.0
Slide 19: Indian Hospitality Sector's key metrics indicating demand normalization
Indian Hospitality Sector's key metrics indicating demand normalization a llif CLubMahindra Normalized Occupancy AP ADRs Higher than Pre-pandemic levels Industry witnessed a minor decline in occupancy rates year- .dmst Average rates remained significantly above pre-pandemic levels. on-year after rea
Slide 20: Indian Hospitality Industry Snapshot
Indian Hospitality Industry Snapshot Ae 4 CLubMahindm Rise in Leisure trave RevPAR indexed to 2019 Hotel demand soaring high in 2023, mainly due to the rise in leisure travel. North India Goa Major tourist destinations in North India, Er Goa seeing surge in demand. South India Rajasthan Higher ADR 8
Slide 21: MHRIL Unique & Profitable Vacation Ownership Business
Ae 4 CLubMahindm MHRIL Unique Et Profitable Vacation Ownership Business CLUB MAHINDRA VARCA GOA GU
Slide 22: A Large & Attractive Market for Vacation Ownership in India
A Large Er Attractive Market for Vacation Ownership in India joVe CLubMahindm 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: MHRIL has created a unique and sustainable Vacation Ownership business
Over 25 years, MHRIL has created a unique and sustainable Vacation Ownership business and is the #1 Leisure Hospitality AV( player in the country CLubMahindra MHRIL Vacation Ownership business consists of .. ...with unique competitive advantages Strong economic model and difficult to replicate Mir C
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 Ae Vacation Ownership Income 4 CLubMahindm ➢ Membership Fee over the entire tenure of membership ➢ Interest Income e Annual Subscription Fee (ASF) e ..) l New member joins WON ➢ Recurring fees ➢ Adjusted f
Slide 25: MHRIL's product portfolio has evolved over time
MHRIL's product portfolio has evolved over time to target diverse customer segments Ae 4 CLubMahindm • MHRIL's product portfolio strategy has evolved significantly to Cr) • Families Young Couples include multiple products of different tenures, which enables Empty Nesters a) Singles — cn targeting di
Slide 26: Club Mahindra's Product Portfolio
Club Mahindra's Product Portfolio .11.-Ptahindra 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 Er • Plan vacations in advance with young children aspirational • Stability Er balance se
Slide 27: Growing Footprint in India & Abroad
Growing Footprint in India & Abroad with access to 143 properties Europe LADAKH AP 4 ClubMahindm SRINAGAR 33 Properties DHARMASHALA T NALDHERA India MANALIIV JANJHELITT RISHIKESH 82 Properties SHIMLA T T KANATAL KANDAGHAT T T BINSAR MUSSOORIE CORBETTT LACHUNG BAIGUNE GANGTOK PUSHKAPtw TAGRA JAISALME
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 Program OubMattindm C1,41,Nial-andra CLUB ivl Holiday•Club 1-1()riz()11S SELECT 33 Timeshare/Spa Holiday Exchange Offers 365-day 5,005 rooms across 102 Resorts Hotel Program
Slide 29: Our Business Model is Differentiated
Our Business Model is Differentiated A4e OubMahindra Focus on Family Vacations Multi-Product Portfolio serving diverse consumer needs A II Spacious Resorts with Larger Apartments • Memorable family experiences • Portfolio approach to help • Members prioritize vacationing o New Er popular destination
Slide 30: MHRIL Long-Term Value Creation
CLUB MAHINDRA MANALI HIMACHAL PRADESH Ac 4 CLubMahindm \11\\\1\at MHRIL Long-Term Value Creation 29
Slide 31: Strategy to Drive Consistent Growth
Strategy to Drive Consistent Growth AP 4 CLubMahindm 01 ) ccelerate Room Inventory Additions 02 Grow Cumulative Member Base 03 Deliver Superlative 04 Improve Operational Customer Experience Efficiencies Strengthen Brand Digital Enablers Enablers 11 Pull Transformation 11 30
Slide 32: Accelerate Inventory Addition
Accelerate Inventory Addition Double Inventory base from -5,000 to -10,000 keys by FY30 Ac 4 CLubMahindm Total Inventory No of keys 10,000 4,568 4,940 4,197 3,472 3,595 3,732 2,879 3,152 2,816 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 Ae 4 CLubMahindm MHRIL will use a combination of inventory addition routes: O D 0 Greenfield Resorts Brownfield Resort Built-to-Suit Resorts Resort Leases through existing Land Projects Acquisitions with third-party Partially constructed / Banks & PPP lan
Slide 34: Greenfield/Brownfield/Acquisition in FY24: Projects/Keys
Greenfield/Brownfield/Acquisition in FY24: 6 Projects/ 750 Keys a clibmahind Expansion Projects (Brownfield): - 290 keys Greenfield (-390 keys) Kandaghat, HP Assonora, Goa Puducherry Ganpatipule, MH 236 keys resort construction commenced in Q1 FY24 Construction to commence for 152 Keys Resort at The
Slide 35: Horizons holiday exchange program
Horizons One-of-a-kind holiday exchange program for our Club Mahindra members Ae 4 CLubMahindm clulaMechAr wire. VIOIT-011.S =QM 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 -0-0- 2018 400+ 17
Slide 36: Accelerate Member Additions
Accelerate Member Additions 4 CLubMahindm I Scale up Member acquisition through Referrals, Digital and Alliances Use a multi-product portfolio to acquire members based on life- stage segmentation (Go Zest, CMH-25, CMH-15, CMH-4 and Bliss) Scale up resort onsite sales teams to acquire new members and
Slide 37: Diverse in-resort Experiences
Diverse in-resort Experiences A ecLubm.h 4 Scuba Diving at Puducherry VR Sky diving at Netrang I 36
Slide 38: Strengthening Brand Pull through Targeted Marketing Campaigns
Strengthening Brand Pull through Targeted Marketing Campaigns Q1 FY24 10it CLubMahindm Digital Brand Campaign: Holidays are Fun, Best Days under the Sun ._._._._._._._._._._._._._._._. ._._._._. To Position 'Club Mahindra' as a Fun Kids & Family Holiday Brand to explore during their HoLLcio, s, Summ
Slide 39: Club M Rewards: Loyalty Program
Club M Rewards: Loyalty Program exclusive for Club Mahindra members 4 CLubMahindm Features: • Members can earn referral points whenever their referred friend buys a Club Mahindra Isi• Club v1REWARDS membership A PREMIuM LOVALTY PROGRAM RV CLIA MA1-II1DRA • Multi-tiered (4 tier) loyalty program based
Slide 40: ESG Initiatives
ASSONORA GOA AP 4 CLubMahindm ESG Initiatives
Slide 41: Our Commitments
Our Commitments Ac We are India's first hospitality company to join the Global campaign for RE100 and EP100. 4 ClubMahindra These initiatives are aligned with the core principles of 'RISE' and our mission of 'Good Living, Happy Families'. Carbon Neutrality Net Zero Green Resorts Sim EP 100 RE 100 Bi
Slide 42: Our Key Sustainability Initiatives
Our Key Sustainability Initiatives Ae Water Management • Jal Jivan InitiP' - improve efficiency Energy Initiatives 4 CLubMahindm of water utilization through 4 R principle • SBT Reduce Greenhouse • Separate Grey Er Black water treatment Emissions by 88.3% by 2031 • Rainwater Harvesting structures ar
Slide 43: CSR - Key Initiatives
CSR - Key Initiatives 4 CLubMahindm Promoting Education Environmental Sustainability • Project Nanhi Ka'. Supporting the education of - 2,782 girl children • Swachh Bharat: Provided toilet facilitiess, distribution of garbage bags, cloth from socially Er economically marginalized families bags and r
Slide 44: Holiday Club Resorts
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Slide 45: Nordic accommodation industry expected to grow at 9% CAGR 2022-2027
The Accommodation industry in Nordic countries is expected to grow at a CAGR of 9% between 2022-2027 4 CLubMahindm Paid accommodation industry revenue in Nordic countries Revenue in Euro Bn Projections 19 18 17 17 14 13 12 8 2020 2021 2022 2023E 2024E 2025E 2026E 2027E Source: Statista —Actual until
Slide 46: HCR - A Leading Timeshare Company
HCR - A Leading Timeshare Company Ae 4 aubMahindra HCR's business consists of .. ...with unique competitive advantages Timeshare In Finland, leader in Timeshare owner base trivit .• • • Widespread network of Spa resorts with varied experiences 33 Timeshare 60,000+ 19,000 weeks Destinations in Finlan
Slide 47: HCR Business Model - Finland
HCR Business Model - Finland aubmahin 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, Er leisure activities Spa hotels and resorts generating consistent rev
Slide 48: HCR has turned around and delivered operating profit in FY23
HCR has turned around and delivered € 5 mn Operating Ae Profit in FY23 despite the impact of Russia-Ukraine War 4 CLubMahindm Revenue (€ Mn) Operating Profit (€ Mn) I 161.9 165.0 161.1 157.3 12.0 4111111110 ,r 144.2 122.1/ 7.8 99.5 6.3 6.7 5.0 /- (0.3)/ FY17 FY18 FY19 FY20 FY21* FY22* FY23# I (8.9)
Slide 49: HCR has significantly reduced its debt since acquisition
HCR has significantly reduced its debt since acquisition and generated healthy cash flows from operations Ac 4 CLubMahindm Net Debt (€ Mn) Operating Cash Flow (€ Mn) 51.7 13.1 12.2 12.2 7.8 25.9 21.5 - 4.6 15.6 0.3 Sep-14 FY21* FY22* FY23# FY17 FY18 FY19 FY20 FY21* FY22* FY23# (5.4) Note: Financials
Slide 50: Economy Scan: Finland
Economy Scan: Finland Ae 4 Cr.JbMahincha • GDP growth in the Finnish economy is expected to be muted in 2023, before returning to modest growth in 2024 • Real income seeing a decline of 6% due to increasing interest rates Er food inflation; as a result purchasing power is back to 2010 levels • Infla
Slide 51: Q1 FY24 Performance
HolidayriClub Q1 FY24 Performance
Slide 52: HCR Total Revenue
Ae HCR Total Revenue 4 CLubMahindm Particulars (Euro Mn) Q1 FY24 Q1 FY23 Q1 FY24 Analysis YoY Timeshare 8.0 9.0 • In Finland, vacationing in a second home is a significant part] Spa Hotels 16.4 18.5 of their lifestyle. However, in the current inflationary Renting 2.5 2.5 environment, a mortgage is u
Slide 53: HCR Operating Profit
HCR Operating Profit V Ae 4 Cr.1 bMahindr a Turnover Particulars (Euro Mn) Q1 FY'24 Q1 FY'23 30.3 • 33.5 Q1 FY24 Analysis YoY • Q1 is a seasonally weak quarter and Operating Profit/(Loss) (2.5) (1.5) profitability was impacted due to low demand in Finland and Sweden. Less: Depreciation and Amortisat
Slide 54: HCR Performance & Outlook
HCR Performance & Outlook Ae 4 CLubMahindm • Historically, Q1 and Q3 are the low seasons in Finland and Sweden • Q2 is a summer holiday season, and domestic travel has picked up from the last week of June and continues until mid-August • Current geo-political situation is being monitored closely • F
Slide 55: MHRIL Consolidated Q1 FY24 Financials
CLUB MAHINDRA POOVAR KERALA 4 CLubMahindm MHRIL Consolidated Q1 FY24 Financials 54
Slide 56: Consolidated Revenue for Q1 FY24
Consolidated Revenue for Q1 FY24 AP 4CLubMahindm Quarter ended Segment Revenue (Rs. In Crs) 01FY24 01FY23 MHRIL Standalone 354.9 304.2 Less : IC Eliminations # (5.0) (2.2) Net MHRIL - Standalone 349.9 302.0 HERO 290.1 320.8 Others 11.8 14.2 Consolidated Revenue 651.8 637.0 Note: 4/ Eliminations incl
Slide 57: Consolidated Q1 FY24 PBT
Consolidated Q1 FY24 PBT Quarter ended 4 CLubMahindm Segment PBT (Rs. In Crs) Q1 FY24 Q1 FY23 - MHRIL 50.7 46.2 - HCRO (36.1) (11.0) PBT before Ind AS 116 & Consolidation Adjustments 14.6 35.2 - Ind AS 116 Impact (1.0) (2.4) Segment Results 13.6 32.8 - Interest expense on Euro Loan in Mauritius (7.2
Slide 58: Consolidated Financials Q1 FY24
Consolidated Financials Q1 FY24 Quarter ended Particulars (Rs. In Crs) YoY Gr Q1 FY24 Q1 FY23 Income from Operations 614.3 604.9 1.6% Non-Operating Revenue 37.5 32.1 17.0% Total Income 651.8 637.0 2.3% Cost of vacation ownership weeks 43.1 58.7 -26.5% Employee benefits expense 186.3 161.1 15.6% Othe
Slide 59: MHRIL Consolidated One-offs
MHRIL Consolidated One-offs AP 4CLubMahindm In R. Ors IV1HRIL Standalone - Impa Q1 FY24 Q1FY23 Expense Translation Forex Loss on ICDs to Subsidiaries 3.8 a6 Total 3.8 0.6 Other Subsidiaries — Impact Q1 FY24 Q1 FY23 Gain on exchange fluctuation on Euro Loan 1.7 10.0 Translation Forex Gain/(Loss) on I
Slide 60: MHRIL Historical Performance
CLUB MAHINDRA MASHOBRA HIMACHAL PRADESH Ae 4 CLubMahindm MHRIL Historical Performance 111 "-p- • - m* ••• 59
Slide 61: Large base of committed members continues to grow
Large base of committed members continues to grow Ae 4CLubMahindm In FY23, Cumulative Member Base is -2.82 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 2,38,610 2,25,838 1,91,615 2,08,967 1,77,277 1,62,875 1,45,960 Full
Slide 62: Member Acquisition & Holidaying improved in FY23 vs FY22
With an uptick in travel sentiment, Member Acquisition Er Holidaying improved in FY23 vs FY22 Ae Member Holidaying 4 Member Booking ClubMahindni Customer Acquisition Behaviour Preferences II Customer acquisitions g Members holiday in a 57% through referral and 57% group of 4 or more digital route 3.
Slide 63: Investment in Room Inventory continues with Higher Occupancy and Operating Cash
Investment in Room Inventory continues with Higher Occupancy and Operating Cash Ae 4CLubMahindm Occupancy L 81% I 85% I 85% I 83%* 80%* 1 1 72%* [ 74%* I 84% J L 1,600 5,000 4,940 0• 1,400 4,500 1,158 1,200 4,000 1,000 3,472 800 3,500 600 413 356 400 266 267 265 2,500 83 116 200 2,000 FY16 FY17 FY18
Slide 64: A Strong and Consistent Performance Track Record
A Strong and Consistent Performance Track Record AP 4 OubMattindra Total Revenue CAGR: 10% for FY15-19; 8% for FY19-23 PBT CAGR: 23% for FY15-19; 21% for FY19-23 In Crs 1,306 In Crs 1,170 1109 1,090 1,094 1,071* 79 808 19 964 12 67 ■ 173 15:2 89 EPP I 93 1901 209 109 2 963 45 122 1,037 60 111 I 909*
Slide 65: Revenue contributions from various streams
Revenue contributions from various streams AP 4 CLubMahindm IND AS 18 IND AS 115 . .„, i. e. , 6% 5 8% 7% 9% 10% 8% 9% 12% Our cumulative 11% 6% 6% 9% 18% member base 19% 20% 26% provides us with 27% 28% 29% multiple annuity 32% 18% 17% 19% revenue streams which are 23% 22% 12% 18% 25% predictable,
Slide 66: Healthy Profit Margins
Healthy Profit Margins Ae 4 CLubMahindm EBITDA Margin PBT Margin 32%1 32%2 4 29% 21% 1 2 18% 19% 19% 19% 24% 25% 24% A-% 25% 23% 17% 4 16% 13% 12% 16% 10% FY15 FY16 FY17 FY18 FY19 I FY19 FY20 FY21 FY22 FY23 FY15 FY16 FY17 FY18 FY19 FY19 FY20 FY21 FY22 FY23 IND AS 18 IND AS 115 IND AS 115 & 116 IND A
Slide 67: Disclaimer
Disclaimer CI .1 bMahincha 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 b- Resorts India Limited considers reasonab
Slide 68: e,...- yj ClubMahindra
I( INDIA'S 1 /"" INDIA'S Nok i te RANK if c1 TOP 50 INDLArS BEST 71„). ...1 Of Nil If 4/ i MOST POPULAR %I I/ BEST WORKPLACE 4 r ASIA'S BEST 74 WORKPLACES 10 "4: RESORT CHAIN e .+ l 4, 41 %,14 /114 4.4 IN HOSPITALITY 2021 & 2022 ti e,...- yj 4 WORKPLACES) 2022 46' 44 UEL D I NG A CULTURE OF MiNOVA.T
Mahindra Holidays & Resorts India — Q1 FY24 Earnings Presentation on 6ix