Company has received a GST demand order for ₹9.13 crore from the Deputy Commissioner of State Tax, Mumbai for FY 2020-21.
Total Demand: ₹9.13 crore
- Tax: ₹4.75 crore
- Interest: ₹3.90 crore
- Penalty: ₹47.57 lakh
Quite an huge amount
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New Member additions in Q425 are down, seems MHRIL is focussing on the high end customers, hence average unit realisations have gone up; also this seems to be their response to the often complaint that members are not able to get rooms for booking.. The member to room inventory ratio has also been continuously improving, and I feel the management may want to focus on higher margin customers for the next few years.. the pace of new room inventory addition if broken down to quarters is also less than 200/quarter (4000 in 20 Qtrs (2025-2030))
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Instead of adding 200keys this quarter, MHRIL saw a degrowth of 53 keys!
Also, Occupancy has fallen this quarter compared to last year
but still due to increase in rooms vs last year same quarter, the room count and Average realization per room seems to have contributed equally to this 10% rise in revenue.
With a treasury balance of 1576Cr, yielding 8.8% pa, almost 35Cr profit seems to be through passive income itself; but they are also showing FOREX loss of 28.1Cr this qtr vs gain of 3.4Cr last year same quarter. Need to understand whats contributing to these forex loss, since HCR (Finnish subsidiary) loss has reduced over last year.
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Degrowth in number of keys continues this quarter, with a drop of 52 keys. and so does the new member addition count, which fell from 1524 in previous quarter to 1432 this qtr.
Treasury Balance also reduced along with fall in Yield from 8.8% to 6.9%!!
Interest expense has gone up by 10Cr as compared to same quarter last year; out of which 8Cr the firm says was on account of interest on tax expenses for prior years. Wonder why, as they have been cash rich!!
Q3FY25 they had mentioned target to add 1000keys in next 5 Qtrs, but 3 quarters down they have added only 50 keys!! 90% underperformance!!
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