That was hardly surprising considering that hotels and tourism resorts were among the worst hit by the pandemic and subsequent lockdowns. Mahindra Holidays & Resorts reported net loss of Rs.32.37 crore for the Jun-20 quarter due to the impact of the Coronavirus lockdown. It had posted a nominal profit of Rs.0.78 crore in Jun-19 quarter.

Total revenues of Mahindra Holidays came in at Rs.325.20 crore for the Jun-20 quarter, almost halving from the Jun-19 levels. Mahindra reported that it had already managed to open 20 resorts as of end of July as travel restrictions were eased. Like other hotel stocks, this has also been deeply hurt by the lag effect of the pandemic.