Mahindra Holiday & Resorts books lower net in Q2 shares down

Chennai, Nov 2

Time share resort major Mahindra Holidays & Resorts India Ltd closed the second quarter of FY23 with a lower net profit on a higher income.

According to the company, for Q2FY23 it had logged a profit of about Rs 30.90 crore (Q2FY22 profit about Rs 40.55 crore) on an operational revenue of about Rs 283.60 crore (Rs 237.66 crore).

The company's total expenditure for the period under review went up by about Rs 49.75 crore during Q2FY23 as compared to the same period the previous year.

The company's Board that met on Wednesday also decided to shift the registered office from Tamil Nadu to Maharashtra and the alteration to the Memorandum of Association subject to the approval of the shareholders and the central government.

The company's scrip after opening at Rs 286.15 went down and was changing hands at about Rs 279 per share.