MHRIL to Re Appoint Mr. Ruzbeh Irani as Director in its 28th AGM  

MHRIL Board will decide the re-appointment of Mr. Ruzbeh Irani as a Director of Mahindra Holidays & Resorts India Limited (MHRIL) at its 28th Annual General Meeting:

• The Board of Directors of MHRIL has proposed the reappointment of Mr. Ruzbeh Irani as a Director of the company.
• Mr. Ruzbeh Irani is liable to retire by rotation and, being eligible, has offered himself for re-appointment.
• Mr. Ruzbeh Irani's Director Identification Number (DIN) is 01831944.
• As per the Companies Act, 2013, one-third of the Directors are liable to retire by rotation at the Annual General Meeting.
• The shareholders will consider and, if thought fit, pass an Ordinary Resolution to re-appoint Mr. Ruzbeh Irani as a Director of the company at the 28th Annual General Meeting of MHRIL.

Profile 

Mr. Ruzbeh Irani is currently the President of Group Human Resources at Mahindra & Mahindra Limited. He is also responsible for the Corporate Social Responsibility and Corporate Services of the Mahindra Group, and serves on the company's supervisory board.

Mr. Irani joined Mahindra in 2007 as the Executive Vice President of Corporate Strategy, and later took on roles leading the company's brand, international operations, and racing team. Prior to Mahindra, he had a long career of over 22 years with Hindustan Lever and Unilever, working across various geographies in marketing, customer management, and general management roles.

Mr. Irani holds a Bachelor's degree in Commerce from Bombay University and a Master's in Management Studies from Jamnalal Bajaj Institute of Management Studies. He is also an alumnus of the Advanced Management Program at Harvard Business School.

Overall, the re-appointment of Mr. Ruzbeh Irani as a Director of Mahindra Holidays & Resorts India Limited is a routine matter that requires shareholder approval at the company's Annual General Meeting. 

AGM Business Discussion

The 28th Annual General Meeting (AGM) of MHRIL will be held on Thursday, July 25, 2024 at 3:30 p.m. Indian Standard Time (IST). The AGM will be conducted through Video Conferencing (VC) / Other Audio Visual Means (OAVM).

The registered office of the company at Mahindra Towers, 1st Floor, "A" Wing, Dr. G. M. Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai - 400018 shall be the deemed venue of the AGM.

The business to be transacted at the 28th Annual General Meeting of Mahindra Holidays & Resorts India Limited:

Ordinary Business

1. Consideration and Adoption of Audited Standalone Financial Statements Shareholders will consider and adopt the audited standalone financial statements of the company for the financial year ended March 31, 2024.
2. Consideration and Adoption of Audited Consolidated Financial Statements Shareholders will consider and adopt the audited consolidated financial statements of the company for the financial year ended March 31, 2024.
3. Re-appointment of Mr. Ruzbeh Irani as DirectorShareholders will consider and approve the re-appointment of Mr. Ruzbeh Irani as a Director liable to retire by rotation.

Special Business

• Appointment of Mr. Manoj Bhat as DirectorShareholders will consider and approve the appointment of Mr. Manoj Bhat as a Director of the company.
• Appointment of Mr. Manoj Bhat as Managing Director & CEOShareholders will consider and approve the appointment of Mr. Manoj Bhat as the Managing Director & Chief Executive Officer of the company for a period of 5 years from May 17, 2024 to May 16, 2029.

The key highlights of the agenda items are the re-appointment of a Director, appointment of a new Director, and the remuneration of the new Managing Director & CEO of the company.

Mahindra Holidays & Resorts India Limited Annual Report 

Mahindra Holidays & Resorts India Limited (MHRIL) is a leading player in the leisure hospitality industry in India. Founded in 1996, the company is the market leader in the vacation ownership business with over 2.97 lakh members as of March 31, 2024. The Company has released its annual report for 2023-24 find the key parameters of the company down below.

Financial Performance

The Company has recorded good financial performance with data points that are highly positive for both shareholders and board management. 

• Total income grew by 10% to ₹143,411 lakhs
• Profit Before Tax (PBT) increased by 4% to ₹22,300 lakhs
• Profit After Tax (PAT) grew by nearly 14% to ₹18,064 lakhs

Standalone Financial Statement

Note: Figures are indicated by '*' includes revaluation reserves and transition difference. 

Operational Highlights

The MHRIL operational data shows that company is aggressively trying to increase the inventory and maintain stay occupancy ratio   

• Added 20,019 members to the vacation ownership business
• Cumulative membership base reached 2,97,771 as of March 31, 2024
• Room inventory expanded by 387 keys to 5,327 keys
• Occupancy improved to 85% in 2023-24 from 84% in 2022-23

Macroeconomic Environment and Opportunities

After the covid, the company and the Indian market are growing at steady progress with the tourism sector being at the forefront of it. 

• India recorded strong GDP growth of 7.6% in 2023-24, making it the fastest-growing large economy
• GDP growth expected to remain strong at 7% in 2024-25
• Travel and tourism sector projected to grow annually at 7.1%

Threats and Strengths

The Company in its management discussion board has veld deeper into the company strengths and weakness. 

• Accelerating inventory and member additions to drive consistent growth
• Leveraging technology to deliver superlative customer experience
• Expanding room inventory to 10,000 units by 2029-30 through greenfield, brownfield, acquisitions, PPPs and leases
• Inflationary pressures and tight monetary conditions pose challenges
• Strong brand equity, large inventory, and a customer-first approach are key strengths

New Projects and Expansion

The company also talked about the new and ongoing projects of the company in its report. 

• MHRIL has one expansion project underway in Kandaghat, Himachal Pradesh and two greenfield projects in Ganpatipule, Maharashtra and Theog, Himachal Pradesh that are currently under construction.
• Expansion projects are also planned at the company's existing resorts in Puducherry and Jaipur.
• Development is expected to commence on a PPP project with Maharashtra Tourism Development Corporation at Harihareshwar.
• MHRIL has received in-principle approval for two land parcels for PPP projects in Odisha in 2023-24.
• The company has also entered into MOUs with the governments of Uttarakhand and Tamil Nadu to build new resorts in those states.
• Additionally, MHRIL will continue to look for opportunities for fresh leases and acquisitions, especially in regions where it sees stronger medium-term demand.

The report indicates that MHRIL is actively pursuing multiple avenues to expand its room inventory from the current 5,000 units to 10,000 units by 2029-30, including greenfield projects, expansions, PPPs, leases and acquisitions. 

Future Outlook

The company‘s in report highlighted the future growth, and increased spending by the Indian households in leisure activities. 

• Positive macroeconomic fundamentals and growth outlook for the leisure hospitality industry
• Consistent increase in disposable incomes, especially in higher income brackets, to drive growth in discretionary spends on holidays and leisure travel

Overall, Mahindra Holidays & Resorts India Limited has delivered a strong performance in 2023-24, leveraging the favorable macroeconomic environment and industry trends. The company is well-positioned to capitalize on the growth opportunities with its robust strategy and initiatives.

Find the annual Report And AGM Notice Here  

Mahindra Holidays & Resorts India Limited 

Mahindra Holidays & Resorts India Limited (MHRIL), a part of the Mahindra Group's Leisure and Hospitality sector, offers quality family holidays primarily through vacation ownership memberships under its flagship brand ‘Club Mahindra’.

Established in 1996, MHRIL has grown to become a market leader with over 2,90,000 members who can enjoy holidays at 140+ resorts across India and internationally. The company focuses on reliability, trust, and customer satisfaction, aiming to enhance the vacation experience through a wide range of resorts and excellent service.

MHRIL is committed to becoming one of the top 5 vacation ownership companies globally by expanding its member base and continuously improving its holiday offerings and customer interactions.