Mahindra Holidays and Resorts India Ltd reported a 30.7 per cent 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 Rs 40.86 crore from Rs 58.97 crore a year earlier, the company said in an exchange filing.
Total expenses rose to Rs 575 crore from Rs 515 crore.
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 per cent to Rs 598 crore. Revenue from its Finnish business declined to Rs 311 crore from Rs 321 crore
The company had said in July that its European business saw unprecedented cost pressures due to high inflation.