Mahindra Holidays and Resorts India Ltd reported an over three-fold rise in its fourth-quarter net profit on Tuesday, aided by higher occupancies and strong membership growth.

The company's consolidated profit after tax stood at 563.1 million rupees ($6.9 million) for the quarter ended March 31, compared to 158.7 million rupees a year ago, it said in an exchange filing.

The Mahindra group's hotelier business reported a 31.5% growth in revenue from operations, while expenses rose 19.5%, mainly driven by employee-related expenses as the company hired more people to cater to higher occupancies.

Resort occupancies were at 85% in the fourth quarter against 77%, a year ago, while membership sales value rose 33%.

The company also reported its highest-ever quarterly upgrades at 550 million rupees.

Revenue from the company's European segment, which operates under brand name Holiday Club Resorts OY or HCRO, rose 42%, outpacing growth in its other segment MHRIL, also called Club Mahindra.

Companies in the hospitality space, including Mahindra Holidays, have seen a strong post-COVID comeback due to surge in tourists, and occupancy rates have remained at elevated levels.

Shares of the company jumped 5.3% after the results, and closed 3.4% higher. ($1 = 81.8975 Indian rupees) (Reporting by Manvi Pant in Bengaluru; Editing by Varun H K)