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New Delhi, <keyword id="45473" type="General" weightage="20" keywordseo="Mahindra-Holidays" source="Orion">Mahindra Holidays</keyword> &amp; Resorts India Ltd on Monday reported a consolidated profit after tax of Rs 21.43 crore for the second quarter ended September 2023. The company had reported a consolidated Profit After Tax (PAT) of Rs 41.4 crore in the corresponding period of the previous financial year, according to a regulatory filing. Its revenue from operations during the July-September quarter stood at Rs 655.27 crore, as against Rs 598.36 crore in the year-ago period, it said. The company's total expenditure also rose to Rs 636.32 crore, from Rs 574.65 crore a year ago.

Mahindra Holidays & Resorts' consolidated PAT almost halves in Q2 2023-24

Timeshare resort major <keyword id="161607" type="General" weightage="20" keywordseo="mahindra-holidays-resorts-india-ltd" source="Orion">Mahindra Holidays &amp; Resorts India Ltd</keyword> closed the second quarter of FY23 with a lower net profit on a higher income. According to the company, for Q2FY23 it logged a profit of about Rs 30.90 crore (Q2FY22 profit of 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 <keyword id="20154" type="General" weightage="80" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> to <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword> and the alteration to the <keyword id="251761" type="General" weightage="80" keywordseo="memorandum-of-association" source="Orion">Memorandum of Association</keyword> 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/electric-mobility-platform-moeving-raises-2-5-million-from-jsw-ventures/articleshow/95252790.cms">Electric mobility platform MoEving raises $2.5 million from JSW Ventures</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/reliance-capital-bidders-flag-off-multiple-legal-issues-involving-rs-20000-crore-liability/articleshow/95248934.cms">Reliance Capital bidders flag off multiple legal issues involving Rs 20,000 crore liability</a>

Mahindra Holiday & Resorts books lower net in Q2 shares down

New Delhi, May 3 () Mahindra Holidays &amp; Resorts India Ltd (MHRIL) on Sunday said it plans to first reopen resorts that are at drivable distance from the metro cities once the coronavirus lockdown is lifted. The Mahindra Group firm has currently suspended operations at its resorts in compliance with the government directives. "At Club Mahindra we have over 255,000 member families and once travel restrictions are relaxed and state borders open up, and people feel comfortable enough to travel again, we expect our members and their families to start travelling to our resorts in their own vehicles, since we are at drivable distances from major cities," MHRIL MD and CEO Kavinder Singh told . The company is gearing up for this by putting in place all the necessary safety related standard operating procedures (SOPs). It will ensure the highest levels of hygiene standards (hospital grade) to achieve a quick return to normalcy, he added. "We will first open resorts that are at a drivable distance from the major metro cities," Singh said. He, however did not share the number of resorts that would be opened in the first phase. The company has over 100 resorts in India and abroad. Asked about the steps the company is taking to ensure the health and safety of guests and employees at the resorts, Singh said: "In view of the current situation we are implementing various SOPs which will cover hygiene and disinfection norms at all the touch points in our resorts." The company will ensure social distancing norms for members at its resorts. The resorts are much bigger than traditional hotels, have open spaces and are spread out and this helps in facilitating social distancing norms, he added. "The entire guest experience right from check in to resort experiences including F&amp;B will be contactless. Our best-in-class experiences will help keep our members and their families engaged, while maintaining the highest safety and hygiene standards," Singh said. Club Mahindra is partnering with experts in the healthcare and technology spaces for implementing these enhanced safety procedures and contactless services, he added. Asked about the impact of the pandemic and subsequent lockdown on the hospitality industry, Singh said: "COVID-19 is a true Black Swan event that presents an unprecedented challenge to the hospitality and aviation industries in India and globally. It has deeply impacted the hospitality industry with occupancies declining sharply, as India went into lockdown from March 25." According to recent estimates, the overall revenue of the Indian hotel industry will decline by about Rs 90,000 crore in 2020, an erosion of 57 per cent compared to last year. More importantly, it is estimated that there will be around 38 million job losses, he said. On the way forward for the industry, Singh said the sector expects a slow recovery as there will be many strict travel restrictions even as the lockdown begins to get lifted. Domestic travel will begin much faster than international travel, but both will take some time to fully recover. He further said the industry is expecting support from the government for its survival. "Most of the hospitality players have debt on their books and industry is hoping for a debt recast and for the moratorium to be extended to 12 months. This would certainly provide much-needed relief," Singh said. The industry is also hoping for waiver or deferment of statutory payments and minimum electricity demand charges as this will help it with the working capital situation, he added. "The industry also employs millions of people, so it would be helpful if there is some level of support for them, such as a direct benefit package for the staff who keep the industry running," Singh said. For the revival of the industry, the annual leave travel allowance (LTA) should be made tax-free, every year, so that people have more money to spend on travel once things get better, he added. AKT ABMABM

Mahindra Holidays to first reopen resorts near metro cities post lockdown

<ul><li><keyword id="3629833" type="General" weightage="50" keywordseo="roseate-hotels-and-resorts" source="Orion">Roseate Hotels and Resorts</keyword> says that two of its properties are fully booked for August’s long weekends.</li><li>Its occupancy is 6-8% up as compared to pre-Covid year of 2019.</li><li>The popular luxury hotel brand is also looking forward to expanding its presence in Jaipur, Goa and even the UK.</li></ul>Two years back, the lockdown-affected hospitality sector has been seeking a relief package from the government. In a great relief to the players as well as the government, the sector made a full comeback and better this year. Delhi-based popular luxury hotel brand <keyword id="4814851" type="General" weightage="50" keywordseo="roseate-hotels" source="Orion">Roseate Hotels</keyword> &amp; Resorts is one such chain that’s done better and is looking forward to even better traction in the coming months. “For the upcoming long weekends, our leisure hotels – The <keyword id="6739107" type="General" weightage="80" keywordseo="roseate" source="Orion">Roseate</keyword> and The <keyword id="7389846" type="General" weightage="50" keywordseo="roseate-ganges" source="Orion">Roseate Ganges</keyword> – are sold out. In fact, The Roseate Ganges has been consistently sold out on weekends for the last few months,” said <keyword id="5738457" type="General" weightage="50" keywordseo="kush-kapoor" source="Orion">Kush Kapoor</keyword>, CEO at Roseate Hotels, in an exclusive conversation with Business Insider India. August has three long weekends and that’s pushing more of the lockdown-weary Indians to go out and travel. Moreso, business travel is back and that too has been driving growth at Roseate which calls itself an ‘urban resort’ replete with acres of greenery and water bodies. “Occupancy rates at Roseate hotels had exceeded by at least 6-8% from pre-Covid times in 2019,” said Kapoor. Roseate Hotels has a total of six properties — three each in India and the United Kingdom. <a href="https://www.businessinsider.in/business/corporates/news/itcs-net-up-33-in-q1-on-a-strong-show-in-cigarette-hotel-agri-segments/articleshow/93278011.cms">ITC’s hotel business</a> and <a href="https://www.businessinsider.in/business/auto/news/tractors-and-better-cars-drive-mms-q1-[%E2%80%A6]rofit-but-the-future-is-electric/articleshow/93374861.cms">Mahindra Holidays</a> too just reported a stellar quarter with three-fold and four-fold growth in revenues. They, like Roseate, are gaining from the post-pandemic trends of revenge travel and the very-long and busy wedding season. “Business growth is promising, hotels are buzzing with reservations and are sold out on most days. We are also getting many queries and bookings for weddings and events,” he said. <cmsannotation type="cmsannotation" annotationid="On an expansion drive" comment="subhead" text="On an expansion drive">On an expansion drive</cmsannotation> Like ITC, Roseate too sees a clear path of growth ahead, that’s making it add more hotels, cafes and coworking spaces to its portfolio. It’s also looking to expand to Jaipur and Goa – the most preferred Indian destinations by foreigners. While they are looking to open more properties in the UK, they’re also taking advantage of hybrid working trends that have taken off after the pandemic. They plan to open at least two such properties every year. “Our future plans are centred around the vision of making quality expansion in the right direction, in order to continuously enhance our offering as a brand,” Kapoor said. One of them is a 15,000 square feet indoor skating rink at Ambience Mall, Gurugram. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/worst-of-times-can-also-be-the-best-of-times-says-anand-mahindra/articleshow/93376032.cms">Worst of times can also be the best of times, says Anand Mahindra</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tractors-and-better-cars-drive-mms-q1-net-profit-but-the-future-is-electric/articleshow/93374861.cms">Tractors and better cars drive M&amp;M’s Q1 net profit but the future is electric</a>

It’s a great summer but August’s long weekends are even better for luxury hotel chain

New Delhi, May 9 () Mahindra Holidays &amp; Resorts India Ltd on Saturday reported a consolidated loss after tax of Rs 161.51 crore for the fourth quarter ended March 2020. The company had posted a consolidated net profit of Rs 52.35 crore in the same period a year ago, Mahindra Holidays &amp; Resorts India said in a regulatory filing. Revenue from operations in the fourth quarter stood at Rs 616.61 crore, as against Rs 634.59 crore in the year-ago period. The company said in the fiscal ended March 2020, it posted a consolidated loss after tax of Rs 134.26 crore. It had posted a consolidated profit after tax of Rs 59.57 crore in 2018-19. Revenue from operations in 2019-20 stood at Rs 2,371.87 crore, as compared to Rs 2,238.99 crore in the previous year. RKL ABMABM

Mahindra Holidays posts Rs 161.51 cr loss in Q4

The domestic hospitality industry is gearing up to make the most of full-fledged <keyword id="8206" type="General" weightage="20" keywordseo="christmas" source="Orion">Christmas</keyword> and <keyword id="6389817" type="General" weightage="100" keywordseo="new-year" source="Orion">New Year</keyword> celebrations this time around after two years of washout by the pandemic, with rooms at many hotels and resorts already sold out. As people seek to make up for the winter holidays lost to COVID-19, destinations like Karjat, Lonavala, Vizag, Dharamshala, <keyword id="42774" type="General" weightage="80" keywordseo="udaipur" source="Orion">Udaipur</keyword>, <keyword id="6363190" type="General" weightage="80" keywordseo="manali" source="Orion">Manali</keyword> and Gir are witnessing good demand, apart from traditional popular places like <keyword id="826" type="General" weightage="80" keywordseo="goa" source="Orion">Goa</keyword>, Kerala and Shimla. "The year-end festive season looks very positive and this year appears to be one of the best years so far for the hospitality sector," Apeejay Surrendra Park Hotels Ltd Managing Director, Vijay Dewan told PTI in an e-mailed response. He further said, "All our hotels are gearing up for sold out spaces along with high occupancy in rooms. This year we have lined up some great events during Christmas and New Year's which the guests missed out during the last 2 years due to the pandemic." Mahindra Holidays &amp; Resorts India Ltd (MHRIL) Managing Director and CEO Kavinder Singh, "If you really look at it this year, this Christmas and New Year will be the first proper Christmas-New Year after 2020...if I were to look at December occupancy, in some of our resorts we have no space for even a single room available in December because people have all booked up." Even in 2021, he said the Christmas and New Year celebrations were marred after the outbreak of the Omicron variant of the COVID-19, which continued beyond January. Now, Singh said, people are going to Coorg, Gir, Shimla, Manali beyond the usual destinations like Goa, while some are even travelling abroad to places like Singapore and Dubai. There is a very high level of occupancy in the southern side, he said, adding in the western region locations like Alibaugh and Lonavala are already full. "It's a very, very big momentum now in December and January, aided by the holiday season, and years of not being able to spend time in this period of the year with your loved ones, and that is really aiding the momentum in December and January," Singh said. On the kind of demand coming from travellers, Hotel Association of India Vice President K B Kachru said, "We are finding dates getting sold out months in advance and lots of enthusiasm for innovative and creative offers that showcase the locale that the hotel is in, including its culture and cuisine given our unique and authentic culinary specialties across the country through our culinary ambassadors." Kachru, who is also Chairman Emeritus and Principal Advisor, South Asia, Radisson Hotel Group, further said there is an uptick in demand for the upcoming wedding season as well. "Our hotels across key leisure destinations, including Karjat, Lonavala, Vizag, Goa, Dharamshala, and Udaipur are geared up for welcoming guests," he added. InterGlobe Hotels Head - Asset Management, Manoj Agarwal said, "We expect a healthy and robust room demand during the festive season for our leisure destinations. The ongoing travel patterns and trends have had a positive impact on the hospitality industry, and we are quite optimistic with our portfolio performance already surpassing our pre-COVID numbers." Similarly, an OYO spokesperson said, "Based on advanced bookings for the upcoming holiday season between December 25-31, we are witnessing a 44 per cent rise in booking demand, led by leisure cities such as Goa, Hyderabad, Puri, Manali and Kolkata. Business travel is also showing strong signs of revival."

Hotel, resorts sold out as demand soars for first full Christmas-New Year party after two years

In a move to sell unsold rooms in its resorts, the <keyword id="190329" type="COMPANY" weightage="20" keywordseo="Maharashtra-Tourism-Development-Corporation">Maharashtra Tourism Development Corporation</keyword> (MTDC) is now planning to enter into a partnership with Mahindra Group-owned <a href="http://www.businessinsider.in/searchresult.cms?query=Mahindra+Holidays">Mahindra Holidays &amp; Resorts</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=OYO+Rooms">OYO Rooms</a>. 
 
The state tourism agency is in advanced talks with the travel and accommodation companies. "We already have had two rounds of discussions with them. This strategy would help us in increasing our revenue and boosting occupancy,” Paraag Jaiin Nainuttia, MTDC managing director, told The Economic Times. 
 
MTDC is planning to offer 20% of its unsold rooms to these firms under a revenue-sharing agreement. The MTDC is working on a strategy which is being adopted by hotels in India and abroad to boost occupancy. 
 
Explaining the deal further, Nainuttia said, "They have strong technology platforms and larger reach which would help us getting more bookings." The deal is expected to be finalised in the coming months and the customers will be able to avail the facilities by next year. 
 
The corporation had invested an amount of Rs 45 crore for the renovation of its resorts and for the expansion of its properties in Kunkeshwar, Nashik and Mitbhav. 
 Kavikrut, chief growth officer at <keyword id="2550719" type="UNKNOWN" weightage="20" keywordseo="OYO-Rooms">OYO Rooms</keyword>, says, "It's like tying up with any other hotel brand for us, but the difference being that government tourism corporations have really good properties in great locations and we would like to bring our expertise to sell them." 
 
When asked about the pricing that they are working out for the inventory to be sold on third-party platforms, Nainuttia said, "We don't mind differential pricing of product, provided the partners invest in it." 
 
Image: thinkstock

Maharashtra will now be a tourism haven for Oyo rooms

<ul><li>Nepa has conducted a quantitative survey to understand how is the audience preparing for <keyword id="36208" type="PERSON" weightage="20" keywordseo="festive-season">festive season</keyword> this year. It had also done a prelude of changing <keyword id="139079" type="PERSON" weightage="20" keywordseo="Consumer-behaviour">consumer behaviour</keyword> during COVID in the last quarter.</li><li>The new report talks about what consumers are looking at gifting people during the festive season, their travel sentiments and how their overall festive sentiments have been impacted by the Covid situation.</li></ul>Consumer Research and analytics company Nepa did a prelude of changing consumer behaviour during COVID in the last quarter. The report addressed the changing consumer patterns across categories relevant in current times and how consumers are tackling the lockdown on emotional front. The consumer insights firm recently conducted a quantitative survey to understand how is the audience preparing for festive season this year. The OND 2020 is crucial equally for brands &amp; agencies given the festive spends. But the dynamics is so different this year with the pandemic. Are the consumers excited about the key festivals? In the Consumer Narrative report released during early stages of lockdown, Nepa talked about ‘Conscious Shopping’ where consumers were looking at purchases centred around basic necessities of grocery, health &amp; hygiene factors. Over the last 6 months, the paradigm has shifted. As lockdown is easing out and as home quarantine is becoming a new normal, 71% of the consumers are looking forward to buy new clothes for themselves and family. After all the baking and cooking ventures over last few months, close to 70% consumers are keen on gifting the basics in the form of sweets/chocolates/ confectionaries to their loved ones. After a wave of digital normalisation, the latest research by Nepa tells that smartphones became the 3rd clear choice for gifting for close to half of the consumers who participated in the survey, specifically males. Personal care and grooming products are next in line followed by health/immunity boosting products, foods. While females and younger audience in the age group of 18 to 34 is plans to invest in apparel, electronics and health related products, the older audience (35-45) is considering high investment products like Television, furniture for home and home appliances to make the homestay more comfortable. Most importantly, despite COVID there’s almost no one who is not willing to spend on gifts this Diwali &amp; year end. A close to 30% in fact see themselves spending more on gifts this year as compared to last year, 20% would spend at least the same they spent last year, while a half would be conservative with their gifting budgets. However, there are some concerns that are clouding consumers – 43% feel that their usual gift options are not available due to COVID. Close to 1/3rd are speculating that they won’t get discounts from retailers like previous years. 28% worry that home appliances would be costlier this year. Though majority believe in delivery services provided by digital marketplaces across categories and aren’t worried about getting their gifts delivered to their desired locations. “We know that current times have definitely impacted the festive sentiment. But at the same time, it looks like a season to look for a reason too. There is no definite answer on “What will Matter” as we get back given the changes in affinity for categories month on month. But the positivity from <keyword id="412367" type="PERSON" weightage="20" keywordseo="consumer-sentiment">consumer sentiment</keyword> is definitely hinting at a narrative based on optimism. To spend, to celebrate &amp; To continue the festivities with safety at core,” said <keyword id="9379807" type="PERSON" weightage="20" keywordseo="esha-nagar">Esha Nagar</keyword>, Managing Director Nepa India. “Priorities and Purchase patterns are definitely undergoing a possible lasting transformation with every month. In this situation, a regular mapping of underlying missions behind the reason to purchase is critical,” Nagar further added. As lockdown eases out, consumers are able to go back to their usual choice of brands and products. In most parts, the daily routine has started normalizing, however the yearn for travel is a common theme across. Traveling restrictions are slowly being retracted and most consumers are already planning for excursions at a scale that are acceptable. Though 40% of them would not be travelling at all this festive season, not for a vacation and not even to visit their families. Of those who are planning to travel, 1 in 4 are hoping to get away for weekend trips in locations near their city. 32% plan to visit their families or friends in other city, while 20% resort to only long drives within the city to get a travel window. It is the age group of 25–34 that is most inclined to travel in any capacity they can. On travel optimism, our client partner, <keyword id="1201208" type="PERSON" weightage="20" keywordseo="Pratik-Mazumder">Pratik Mazumder</keyword> – CMO, Mahindra Holidays &amp; Resorts India Limited says “Tourism is steadily reviving in India with several states opening up for travellers. As health and safety takes precedence over leisure, people are opting for off-beat, non-congested tourist destinations and stays. We are seeing an increased demand for trends like weekend getaways, staycations and road trips.” He further added,” There is a significant increase in domestic travel and people are holidaying in destinations that are within drivable distances and in the safety of their own vehicles. The focus of hospitality sector on hygiene and safety protocols will only get sharper in the coming years as travel behaviour changes in the post Covid world. People are choosing trusted brands like <keyword id="477996" type="PERSON" weightage="20" keywordseo="Club-Mahindra">Club Mahindra</keyword> as their holiday experience partners. In lieu of this, companies are taking extra care and efforts to ensure contactless services and offer access to good healthcare facilities, wherever possible.” Travel sentiment also is a mixed bag of optimism and caution that we see through our quantitative results and several consumer connects last few months. Consumers are either restricting themselves and family keeping in mind the greater risk of second wave and ever increasing COVID +Ve count or they are stepping out with their belief on the immunity system and precautions they take.

Nepa's latest survey reveals 30% people see themselves spending more on gifts this festive season as compared to last year

Mumbai, Mar 5 () Mahindra Heavy Engines on Thursday said it has doubled its energy productivity much ahead of the target year, making it India's first and the world's third manufacturing facility to achieve the feat in a record four years from a 2016 baseline. Mahindra Heavy Engines Ltd (MHEL) has achieved this feat through its membership to The Climate Group's EP100 initiative, the company said in a release. The Climate Group is a non-profit organisation that works with business and government leaders around the world to address climate change. "The EP 100 journey has enabled Mahindra to reduce cost, drive innovation and support the environment. Doubling energy productivity in short span of time is a feat that we are very proud of," Mahindra Vehicle Manufacturers Ltd CEO and Chief Manufacturing Operation for automotive sector at M&amp;M Ltd, Vijay Kalra said. The company also ensured manufacturing efficiency improvement through cycle time reduction, production shift optimisation, resource optimisation and built flexibility in the process to avoid addition of equipment, it said. "By integrating smarter energy use into their business strategy, they are driving down greenhouse gas emissions while boosting the bottom line. MHEL is the first EP100 member from India to achieve this ambitious goal," said Mike Peirce, Corporate Partnerships Director at The Climate Group. Besides MHEL, Mahindra &amp; Mahindra Mahindra, Mahindra Holidays &amp; Resorts India Ltd, Mahindra Vehicle Manufacturers Ltd and Swaraj Engines Ltd are the other group companies that have signed EP 100 initiative, the release stated. IAS MRMR

Mahindra Heavy Engines doubles energy productivity

New Delhi, Mar 22 () Mahindra Group Chairman Anand Mahindra on Sunday proposed lockdown for the next few weeks, expressing concerns over reports that India is likely to have already reached stage-3 of coronavirus transmission. He also offered the facilities of the group's hospitality arm as medical care facilities while the group will work on how its manufacturing facilities can make ventilators. "Going by various reports from epidemiologists, it is highly likely that India is already in stage-3 of transmission. Cases could rise exponentially with millions of casualties, putting a huge strain on medical infrastructure," Mahindra said in a series of tweets. He further said, "A lockdown over the next few weeks will help flatten the curve and moderate the peak pressure on medical care. However, we need to create scores of temporary hospitals and we have a scarcity of ventilators." Sharing plans of the group which has presence across sectors ranging from farm equipment to aerospace, he said, "To help in the response to this unprecedented threat, we at the Mahindra Group will immediately begin work on how our manufacturing facilities can make ventilators." Mahindra further said, "At Mahindra Holidays, we stand ready to offer our resorts as temporary care facilities." The group's project team stands ready to assist the government and the Army in erecting temporary care facilities, he said adding that the Mahindra Foundation will create a fund to assist the hardest hit in our value chain (small businesses and the self employed). Mahindra also said he will contribute his 100 per cent salary to the fund and add more over the next few months while encouraging "associates to voluntarily contribute". "I urge all our various businesses to also set aside contributions for those who are the hardest hit in their ecosystems," he said. RKL HRS

Coronavirus outbreak: Mahindra proposes lockdown for few weeks

New Delhi, Mar 24 () Mahindra Group firm Mahindra Holidays &amp; Resorts India Ltd (MHRIL) on Tuesday said it has suspended operations at most of its resorts till March 31, 2020 on account of the novel coronavirus pandemic. "Considering the emerging situation in the wake of the coronavirus (COVID-19) pandemic and in due compliance with the advisories or directives issued by the local panchayat or municipal corporation or state government authorities, the company has, over the last few days, suspended the operations in most of the resorts till March 31, 2020," MHRIL said in a statement. As a result, the business of the company will get impacted and it is difficult to ascertain the expected impact at this point of time, it added. Earlier on Sunday, Mahindra Group Chairman Anand Mahindra had said in a tweet that, "At Mahindra Holidays, we stand ready to offer our resorts as temporary care facilities." Shares of Mahindra Holidays &amp; Resorts India Ltd were trading at Rs 135.60 per scrip on the BSE, up 3.12 per cent from its previous close. AKT RVK

MHRIL suspends operations at most resorts due to coronavirus pandemic

<keyword id="6355744" type="CITY" weightage="100" keywordseo="Mahindra-Group">Mahindra group</keyword>, India’s leading conglomerate, is looking forward to hire 20 brilliant minds for its digital force. This is being done to further digitalise this seven-decade old auto-to-defence conglomerate. 
 
Anish Shah, who joined in from GE Capital last year, is leading this plan as the group president for strategy. Streams from where the Mahindra Group is hiring include digital, analytics, innovation and customer insight. 
 
"We are looking to get 20 high-powered folks," Shah told ET. "We want folks with deep level of expertise to help our businesses. If we have experts who have done it before and know that (digital) space well, then it will help create a great digital solution for businesses." 
 
Wasting no time, the group has already poached Askme.com CEO Jaspreet Bindra as group senior VP for digital innovation and ecommerce. He would be driving automation and implementing digital technologies across the group. Namrita Mahindro, former associate VP for internet marketing at Taj Hotels Resorts and Palaces has also been added to the team. 
 
As of now, the plan is to set up an e-commerce platform for its real estate business, and to transform the whole customer experience for Club Mahindra Holidays, its holiday business. However, in the coming few months, as the team grows, several more projects would be picked and digitalised. 
 
<a href="http://www.withyouhamesha.com/widget/VERITO%20VIBE/graphics/U22A02.png">Image source</a>

Mahindra to hire 20 brilliant minds in a bid to go digital

<ul><li>After a complete halt during the COVID-19 pandemic, hotels in India are beginning to clock sales and are back on the path to recovery.</li><li>Most of the listed hotels have already shown a gradual quarter-on-quarter growth with their latest results for the October-December quarter of the current financial year.</li><li>The <keyword id="2173225" type="PERSON" weightage="20" keywordseo="travel-and-tourism">travel and tourism</keyword> industry seems to be an elated industry with the news of the COVID-19 vaccine being rolled out across the globe.</li></ul>The stocks of India’s hotel companies have rebounded in the past few months, as several indicators signal a recovery for travel and tourism. After a complete halt during the COVID-19 pandemic, hotels in India are beginning to clock sales and are back on the path to recovery. Here’s how India’s top hotel stocks have fared in the last six months <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in share price in last six months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IHCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+36.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+27.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EIH Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+28.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mahindra Holidays and Resorts </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+40% </td></tr></tbody></table> While most of the stocks are yet to recover to their pre-COVID levels, the recovery in the last few months have been fuelled by various reasons and especially, with the distribution of the COVID-19 vaccines. <cmsannotation type="cmsannotation" annotationid="Vaccine – shot of hope for travel and tourism" comment="subhead" text="Vaccine – shot of hope for travel and tourism">Vaccine – shot of hope for travel and tourism</cmsannotation> The COVID-19 vaccine rollout has started across the globe triggering hopes for people to go on leisure as well as business travel. “While we anticipate a gradual revival in corporate travel, leisure demand is already strong and this traction is expected to further increase in months ahead,” said a report by ICICI Direct dated February 12. <cmsannotation type="cmsannotation" annotationid="Resilience of hotels" comment="subhead" text="Resilience of hotels">Resilience of hotels</cmsannotation> Most of the listed hotels have already shown a gradual quarter-on-quarter growth with their latest results for the October-December quarter of the current financial year. Analysts say this is reflecting in their share price movement. “One is the business recovery, from a complete standstill gradually the businesses have started recovering. Secondly, they have done a good job of cost rationalisation during the pandemic,” Himanshu Shah of Dolat Capital told Business Insider. <div type="image" title="hotels." msid="81032343" hostid="261"></div> Even unlisted companies like OYO Hotels and Homes have seen a recovery in business thanks to “revenge travel”. The term gained popularity in China, after people having been stuck in a lockdown, started travelling within the country, just to get out of their homes. OYO said that during the Valentine’s Day weekend, its online traffic was up by 70% of pre-COVID levels. <cmsannotation type="cmsannotation" annotationid="Premium hotels will be the first to cater to demand" comment="subhead" text="Premium hotels will be the first to cater to demand">Premium hotels will be the first to cater to demand</cmsannotation> The coronavirus pandemic has changed a lot of things, and the most important of them all is our priority towards safety and hygiene. And that’s where premium hotels will have an edge over others as people travel more often. “Most of the listed stocks are premium hotels. Business and leisure travellers will now prefer branded names as they will still be cautious,” Kranthi Bathini, equity strategist at WealthMills Securities told Business Insider. Despite all the disruptions during the pandemic, travel and tourism is set to make a big comeback as Bathini puts it “man is made for mobilisation”. <cmsannotation type="cmsannotation" annotationid="Back on track for business" comment="subhead" text="Back on track for business">Back on track for business</cmsannotation> Hotel companies have also announced that they are now back on track with their plans for new hotels across the country. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New projects already under development or signed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">To be completed by </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chalet Hotels </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial projects at Renaissance Complex, Powai, Mumbai Marriott Complex, Whitefield, Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q4FY23 &amp; Q4FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lemon Tree Mountain Resort, Shimla Lemon Tree Vembanad Lake Resort, Alleppey, Kerala Aurika, Intl. Airport, Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai project to be completed by 2022. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IHCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Signed six new hotels with over 1100 rooms in third quarter </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table> And that may translate into more business for hotels. “Despite investment activity being paused since March 2020, there are emerging signs of re-valuations and a slow demand revival, improvised cost structures and reduced profit levels in the next two years,” said a report by real estate services company JLL. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/info-edge-is-now-worth-almost-10-billion-even-with-its-profits-falling-for-five-quarters-in-a-row/articleshow/80925389.cms">Info Edge is now worth almost $10 billion even with its profits falling for five quarters in a row</a> <a href="https://www.businessinsider.in/science/space/news/from-ambani-adani-to-godrej-indias-treasure-trove-of-satellite-data-goes-beyond-helping-startups/articleshow/80989166.cms">From Ambani, Adani to Godrej — India's treasure trove of satellite data goes beyond helping startups</a>

Indian hotel companies have shown resilience during the pandemic and now the markets are celebrating them

Mumbai, Feb 1 () Bankers said the Union Budget is a balanced one as it maintains fiscal prudence for the medium-term and also offers more capital spending to support the sagging growth.
 The budget has pegged fiscal deficit at 3.8 percent for the current fiscal and 3.5 percent for the next, Finance Minister Nirmala Sitharaman said while presenting the first full budget of the Modi government's second term.
 Bankers said given the deepening slowdown, the move was much needed and it will boost government spending to support economic growth.
 Welcoming the budget, State Bank of India (SBI) Chairman Rajnish Kumar said the proposals will ensure better infrastructure with better connectivity on one hand and improved healthcare and better access to education on the other and both will have long lasting impacts.
 "The new income tax regime without exemptions is a move to a regime of a simplified and clutter-free taxation," he said, adding the five-fold hike in deposit insurance limit to Rs 5 lakh was long overdue.
 He also said the relaxation in the Sarfaesi norms for NBFCs will lead to better recovery and borrower discipline in this sector. "Overall, the budget numbers are realistic and the staggered transition to a lower fiscal deficit is in perfect consonance with the growth objective," Kumar said.
 HDFC Bank's Chief Economist Abheek Barua sees the budgetary numbers as credible in terms of the fiscal math as it has correctly recognised revenue shortfall this year. "It uses up the 50 bps point leeway that the FRBM Act provides for both FY20 and FY21 which is a welcome step," Barua said.
 The 13 per cent spike in capital expenditure in FY21 with increased allocations for education, healthcare and certain schemes in the agricultural sector are big positives, he said, but was quick to add "that said, this expenditure increase, coupled with income tax cuts, does not seem to suggest a large fiscal stimulus that the current slowdown perhaps warranted."
 The tax breaks offered to foreign investors and specifically to sovereign wealth funds, acknowledge the fact that there is a fundamental mismatch between supply of domestic savings and capital needed for accelerated growth, he said, adding this along with the abolishment of dividend distribution tax is likely to help attract foreign fund flows.
 Budget finely balances the objectives of supporting growth while adhering to fiscal prudence in the medium-term, Standard Chartered India Chief Executive Zarin Daruwala said.
 Yes Bank Managing Director Ravneet Gill said the budget reiterates the goal of fiscal consolidation by targeting a fiscal deficit at 3.5 percent next fiscal year after slipping it by 50 bps at 3.8 per cent for FY20.
 ICICI Bank's B Prasanna said the budget is focused on holistic growth objectives by resorting to the escape clause permitted by the FRBM Act even as the commitment to consolidation remains in place.
 Gill said the higher budgetary provision for the rural sector at 13.4 per cent in FY21 will help boost rural purchasing power.
 On the investment front, increase in the capital expenditure ratio to a four-year high of 1.8 per cent of GDP generates hope of crowding in of private investment, Gill said. 
 While there is an allocation across many segments, the budget does not have a significant thrust on any one particular sector or a "big bang" announcement, Kotak Mahindra Bank's Shanti Ekambaram said, adding "a lot was expected to give a big boost to infrastructure, but perhaps the devil is in the details."
 The rural economy including agriculture, which is a very critical component of the economy, received a lot of granular allocation, she said. 
 Bank of India Managing Director A K Das said the budget is forward looking as it aims to revive demand and growth.
 "The feel good elements include sizeable increase in DICGC insurance threshold, subordinate debt facility and extension of restructuring window for MSMEs, liquidity support to NBFCs and tax holiday in the affordable housing segment," Das said.
 Syndicate Bank Managing Director Mrutyunjay Mahapatra, said the budget is a combination of continuation of the initiatives, prioritisation and incentivisation of key focus areas and a set of new experiments.
 StanChart's Daruwala further said the budget rightly attempts to boost spending by enhancing non-tax revenues through higher disinvestments including stake sale in LIC and IDBI Bank.
 Bandhan Bank's Chandra Shekhar Ghosh said hiking deposit insurance to Rs 5 lakh will help drive confidence among banking depositors.
 DBS Bank India's Surojit Shome said the budget reflects the government intent to boost consumption and support inclusive growth. The revision of the income tax rates and the option for individuals to opt for a simpler and lower tax regime is likely to incentivise consumer spending and stimulate demand, Shome said. HV BEN ABM
ABM

You Searched For "Mahindra Holidays resort" and got 14 results

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