Mahindra Holidays & Resorts India Limited (MHRIL) has announced the appointment of Vineet Bhardwaj as its new Chief Technology Officer (CTO) and Senior Management Personnel, effective September 1, 2025. The decision was approved by the company's Board of Directors on August 28, 2025, following a recommendation from the Nomination and Remuneration Committee.

A Seasoned Technology Leader

Vineet Bhardwaj brings over 24 years of extensive experience in digital and information technology leadership to MHRIL. His expertise spans across IT governance, cybersecurity, and digital transformation, making him a valuable addition to the company's senior management team.

Professional Background

Bhardwaj's impressive career includes leadership positions at several prominent organizations:

• Chief Digital & Information Officer at Godrej Properties Limited (most recent role)
• Key roles at Gas Authority of India, Marico Ltd., RGMS, and Aegis Ltd.

Educational Qualifications

Adding to his technical prowess, Bhardwaj holds notable professional qualifications:

• Chartered Accountant (rank holder) from the Institute of Chartered Accountants of India
• Qualified Company Secretary from the Institute of Company Secretaries of India

This unique combination of financial acumen and technological expertise positions him well for his new role at MHRIL.

Strategic Vision

Throughout his career, Bhardwaj has been recognized for his visionary approach in revolutionizing digital landscapes. He has a track record of:

• Crafting future-ready strategies
• Integrating cutting-edge technologies such as Generative AI and Machine Learning
• Enhancing customer experience
• Optimizing operations
• Driving sustainable growth across enterprises

Appointment Details

The appointment of Vineet Bhardwaj as CTO was disclosed by MHRIL in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that Bhardwaj is not related to any Director of the Company, ensuring compliance with corporate governance norms.

As Mahindra Holidays & Resorts India Limited continues to evolve in the dynamic hospitality and leisure sector, the addition of Vineet Bhardwaj to its leadership team signals the company's commitment to leveraging technology for growth and innovation in the years ahead.

Mahindra Holidays & Resorts India Limited (MHRIL) has reported robust financial results for the first quarter, showcasing significant growth in profitability and operational performance.

Financial Highlights

The company's standalone profits, representing its India operations, surged by 69% year-on-year. The PAT (Profit After Tax) margin expanded impressively by 680 basis points. On a consolidated basis, MHRIL reported an 18% growth in PAT, reaching INR 7.20 crores, despite facing a forex impact of INR 28.00 crores due to Euro-INR movement.

Operational Performance

MHRIL maintained strong resort occupancy levels at over 85%, even with the addition of new inventory. Resort revenue grew in double digits, reaching INR 114.00 crores for the quarter. The company added 1,524 new members with an average unit realization (AUR) of INR 8.30 lakhs, representing a substantial 69% increase year-on-year.

Member Acquisition and Digital Initiatives

The company has made significant strides in its digital transformation efforts:

• 65% of new member additions now come through digital channels and referrals
• Implemented a digital engagement tool to enhance membership buying experience
• Piloting contactless check-in processes at two resorts

Inventory and Expansion Plans

MHRIL remains committed to its target of adding 1,000 rooms by March 2026. The current inventory stands at 5,800 keys. Key developments include:

• Commenced a new expansion project at the existing Puducherry resort
• Five ongoing Greenfield and Brownfield projects in progress
• Focusing on a capital-light growth strategy with only 30% owned inventory in future expansions

Sustainability Initiatives

The company continues to prioritize sustainability in its operations:

• Completed biodiversity assessments at four new resorts
• Increased solar installation to 41% of total demand
• Achieved a cumulative solar installation of 15 MW

Holiday Club Resorts Operations (HCRO)

The HCRO business, based in Finland, showed improved performance but continues to face challenges:

• Occupancy increased by 10% to approximately 55%
• Performance affected by geopolitical tensions and Finnish economic conditions
• Management is developing a new business model focused on capital efficiency and enhanced member experience

Future Outlook

MHRIL is evolving its business model to focus on room and experience as central assets, with an emphasis on enhancing member experience. The company is working on simplifying member plans and improving market alignment in terms of realizations.

Manoj Bhat, Managing Director and CEO, commented, "We have delivered a strong quarter operationally and financially, with significant progress on our strategic initiatives. Our focus remains on capital efficiency, profitability, and enhancing customer experience as we continue to evolve our business model for the next stage of growth."

As Mahindra Holidays & Resorts India Limited continues to adapt to changing market dynamics and customer preferences, it appears well-positioned to capitalize on the growing demand for leisure travel experiences in India and beyond.