Mahindra Holidays targets 5x revenue growth, says Group MD & CEO Anish Shah
The Mahindra Group is also looking to triple the number of resorts that Mahindra Holidays has.
The Mahindra Group plans to grow the revenue of Mahindra Holidays & Resorts by 5x going forward, Group CEO & MD Anish Shah told CNBC-TV18 in an exclusive interaction.
"Mahindra Holidays has tremendous potential and we're going to be investing a lot in holidays, we're looking at tripling the number of resorts that we have, the number of rooms that we have, and thereby going up 5x from a revenue standpoint," Shah said, adding that Manoj Bhat is very well positioned to lead that.
"There are a number of very strong leaders in Mahindra Holidays, which will enable strong growth of this business," Shah said.
Mahindra Holidays has seen a leadership churn where MD & CEO Kavinder Singh resigned after nine years at the helm of the company. Mahindra's Group CFO Manoj Bhat, who was earlier the CFO at Tech Mahindra will be the new MD & CEO at Mahindra Holidays.
The promoter entity holds a 67% stake in Mahindra Holidays & Resorts.
Mahindra Holidays is positioned very well for family vacations, Shah said, adding that demand currently is extremely high and that they will expand significantly in the next 12-18 months. "Will have substantial capital for the company," Shah said.
For the quarter that ended in September, Mahindra Holidays reported occupancy of 77.4% and the company added 4,881 new members during the quarter.
Shares of Mahindra Holidays & Resorts are trading 4.4% higher at ₹423.15. The stock has risen nearly 70% over the last 12 months.
(Edited by : Hormaz Fatakia)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
