Mahindra Holidays is planning an aggressive ramp up for the next three years. The company is all set to invest Rs 1,200 crore to add 1,000-1,500 new rooms in the next three years.
“We are a cash rich company and we have seen the cash on our books go up from Rs 760 crore just before the pandemic to Rs 1,108 crore now so this ramp up will be funded through internal accruals entirely,” said Kavinder Singh, MD & CEO, Mahindra Holidays.
The company added 850 rooms during the two years of the pandemic and is currently in the process of ramping up its Shimla resort with 185 room additions at an investment of Rs 200 crore.
It is also building a greenfield 135 room resort in Ganapatipule in Maharashtra at a spend of Rs 250 crore. It is also planning to add another 60 rooms to its Puducherry resort at a cost of around Rs 55-60 crore, said Singh.
Mahindra Holidays is also looking at new properties including a presence in Mahabalipuram, Yercaud and Kodaikanal, he added.
The company is adding around six resorts this fiscal (in Leh, Daman Shillong in India and Bali, Colombo and Pataya abroad) and 380 rooms to take its total tally to 85 resorts and 4500 rooms. The company will end FY21-22 with more than 2,60,000 members and clocked its highest ever resort revenue of Rs 70 crore in Q3.