Q3 FY’19 Highlights – Standalone (Ind AS 115- New Accounting Standard applicable from 1st April ‘18)
YTD Dec’18 Highlights – Standalone (Ind AS 115- New Accounting Standard applicable from 1st April ‘18)
Mumbai, February 01, 2019: Mahindra Holidays & Resorts India Limited (MHRIL), India’s leading leisure hospitality provider announced its standalone financial results for the third quarter of FY’19 today.
Financial Performance: The accounts upto 31st March 2018, were prepared according to Ind AS 18 where admission fee of 60% was accounted for as income in the year of sale. The government of India vide notification dated 28th March 2018 has mandated that from 1st April 2018, the accounts have to be prepared in accordance with Ind AS 115. As per this new standard (Ind AS 115), Income from vacation ownership contracts needs to be recognized over the tenure of membership and ONLY incremental costs incurred for obtaining the membership need to be deferred over the tenure of the contract. Other costs have to be charged to Profit & Loss for the period. As per Ind AS 115 on a Standalone basis for the quarter ended 31st December 2018, Total Income is at Rs 246.8 cr and the profit after tax is at Rs 21.3 corers as compared to Rs 14.5 corers in Q2 FY’19 As per Ind AS 115 on a Standalone basis for the Nine months ended 31st December 2018, Total Income is at Rs 711.3 cr and the profit after tax is at Rs 49.4 corers.
Commenting on the results, Kavinder Singh, Managing Director & Chief Executive Officer, Mahindra Holidays & Resorts India Limited said, ‘Our focus on digitization and customer analytics has yielded superior operational performance and improved profit margins. Sustained innovations in resort experiences have led to increases in our occupancies significantly over last quarter’.
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