(Reuters) -Mahindra Holidays and Resorts India reported a 33.6% surge in first-quarter profit on Wednesday, underpinned by robust domestic sales.
The company posted a consolidated net profit of 78.7 million rupees ($911,037.80) for the quarter ended June 30, up from 58.9 million rupees last year.
Shares of Mahindra Holidays climbed nearly 4% following the results.
The resort operator has increased investments in upgrading its managed properties and expanding its network of resorts.
Demand remains strong, as affluent Indians continue to splurge on resort stays and sightseeing packages, especially in popular destinations such as Goa.
Domestic revenue for the company, which offers resorts and sightseeing packages through its “Club Mahindra” membership and generates revenue through membership fees, rose 6.5% to 4.15 billion rupees in the reported quarter.
This contributed to a 7.4% increase in overall revenue from operations, which touched 7.01 billion rupees.
($1 = 86.3850 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Sherry Jacob-Phillips)
