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Dolat Capital Report
Mahindra Holidays and Resorts India Ltd.'s Q1 FY23 is in-line financially but marginally weak on operational terms with new member additions at 3,637 (our estimate: 4,500).
Mahindra Holidays is an Rs 47 billion midcap company with 4,600 plus rooms, standalone C&CE of Rs 12 billion (consolidated ~Rs 6 billion).
The company has been generating ~Rs 2-2.25 billion free cash flow per annum post capex. Thus, C&CE has rose from Rs 0.5 billion in FY16 to Rs 12 billion in FY22.
Historically, low growth, drag on account of Holiday Club Resorts acquisition in 2015 (~Rs 10 billion) and accounting peril of India accounting standard hiding underlying strong business economics have been key dampener keeping investor interest low.
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