Mahindra Holidays

Thanks @mahesh_s

1. Definitely fair concern & can incorporate- Especially considering the fact that company cannot give large dividends at this point of time

2. So the way I have accounted for interest income is in the AUR itself- For e.g. for 3.5 lakhs if a installment is being offered @ 15%, NPV of that would finally come back to the same AUR number

3. I don’t think we can compare MHRIL with foreign companies because the business model is completely different- they sell fixed time, fixed place model- so in essence 52 owners for a single property whereas CM is notionally the same but in actuality the model is very different due to the resort choices. Add to that the aspects like Resort income, captive audience & family based value proposition and we get a different company with stronger competitive position and better value proposition in my opinion.