Kavinder Singh MD & CEO at Mahindra Holidays & Resorts India Limited on Year Thoughts 2023

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The commencement of 2023 brought a positive shift for the tourism and hospitality sector, marking a welcome change from the challenges of the past two years. Mahindra Holidays & Resorts India Ltd sustained its impressive performance in the year 2023, achieving it is highest-ever H1 performance. Our member additions were robust & have grown by 17% YoY while the momentum in upgrades continued, aided by our happy members. Despite challenges like heavy rainfall and landslides in Himachal and Uttarakhand, our resorts achieved occupancy of over 84%.

At Club Mahindra, we take immense pride in our unique membership offerings, which include our flagship membership of 25 years, Bliss membership for 50+ age group, Go Zest for young families, and memberships spanning 10 years, 15 years, and 4 years. The current travel landscape highlights a growing preference for staycations, leisure travel, and drivable destinations for weekend getaways during Diwali and New Year's Eve.

Going forward, in line with our strategic objective, we aim to double the room count from ~5,000 to ~10,000 by FY30. Currently, we have Rest. 835 Crores of capex underway for five Greenfield, Brownfield, and acquisition projects, comprising about 690 keys. Public-private collaboration is a focal point, and we are actively engaged in partnerships with various state governments to identify opportunities.

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