BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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