BENGALURU (Reuters) – Mahindra Holidays and Resorts India Ltd reported a 30.7% drop in profit for the second-quarter on Wednesday, hit by higher expenses and a fall in revenue at its European operations.
Consolidated profit after tax for the quarter ended Sept. 30 fell to 408.6 million Indian rupees ($4.94 million) from 589.7 million rupees a year earlier, the company said in an exchange filing.
Total expenses rose to 5.75 billion rupees from 5.15 billion rupees.
Companies globally ranging from white goods makers to hotel operators have taken a hit to their profits from higher labor and input costs in recent quarters.
Mahindra Holidays’ total revenue from operations rose 9.5% to 5.98 billion rupees. Revenue from its Finnish business declined to 3.11 billion rupees from 3.21 billion rupees.
The company had said in July that its European business saw unprecedented cost pressures due to high inflation. ($1 = 82.7700 Indian rupees)
(Reporting by Biplob Kumar Das in Bengaluru; Editing by Savio D’Souza)
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