Chalet Hotels Limited Announces Q2FY23 Results
POST-PANDEMIC STABILITY CONTINUES ADR at Rs. 7,930, 6% UP QoQ and 1% higher than Q2FY20 HOSPITALITY REVENUE RS. 2.2BN, 9% higherthan Q2FY20 HOSPITALITY EBITDA RS. 0.8BN,8% higher than Q2FY20 Mumbai, October 21, 2022: Chalet Hotels Limited announces its results
POST-PANDEMIC STABILITY CONTINUES
ADR at Rs. 7,930, 6% UP QoQ and 1% higher than Q2FY20
HOSPITALITY REVENUE RS. 2.2BN, 9% higherthan Q2FY20
HOSPITALITY EBITDA RS. 0.8BN,8% higher than Q2FY20
Mumbai, October 21, 2022: Chalet Hotels Limited announces its results for the second quarter and half year ending September 30, 2022.
- grew 4% as compared to Q2FY20 to Rs. 2.5 bn
- was at Rs.0.9 bn, was 1% higher as compared to Q2FY20
- Revenues were at Rs. 244 mn with EBITDAat Rs. 198 mn
- (Delhi International Airport Limited) for development of ~375-400 room hotel at T3 Terminal of IGIA, New Delhi has been executed. The initial designs are in progress and the project work will start soon with expected completion in FY26.
- India’s Top 10 Best Workplaces for Women in 2022 by Great Place to Work® India, for the third year in a row. The Company has also been listed in the Best Workplaces in Asia™ in 2022 in the Mid-size category.
- has EV charging stations functional at all its properties.
- derived~80% of its energy from renewable sources in H1 for its hotels.
Performance for Q2FY23
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Segmental Performance for Q2FY23
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|Retail & Commercial (Incl Discontinued)|
Development Pipeline Update:
- As part of the second phase of renovation at The Westin Mumbai Powai, banquet renovation has been completed and ~150 rooms are expected to be completed by end of the financial year.
- Commercial Tower at Westin Complex, Powai is expected to be completed by Q4FY23.
- For the Koramangala residential project in Bengaluru, municipalapproval and RERA registrationi sunderway.
- Re-purposing of retail space at Whitefield Bengaluru to commercial space is expected to be completed by this financial year.
- Commercial Tower at Marriott Complex, Whitefield, Bengaluru has already received partial OC.
- Westin 2 Hyderabad Mindspace with 168 rooms is on track and is expected to be completed in Q4FY23.
- At Novotel Pune, work on 88 rooms isexpected to be completed in the current quarter.
“The business trend continues to be positive with the Company delivering a strong performance withimprovements in room rates and F&B. The quarter ended on an extremely positive note with ARRs for September atRs. 9,070, the highest this year. The positive signals on revenues for the existing assets, combined with the culmination of on-going growth-based CAPEX initiatives, should accelerate the company’s performance in the near future.”Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited,
About Chalet Hotels Limited:
Chalet Hotels Limited (CHL), is an owner, developer, asset manager and operator of high-end hotels in key metro cities in India. CHL portfolio comprises of seven operating hotels, including a hotel with a co-located serviced residence, which are situated across the markets of the Mumbai Metropolitan Region, Hyderabad, Bengaluru, and Pune. The hotels are branded with globally recognized hospitality brands and are in the luxury, upper upscale and upscale segments. CHL uses its experience to actively manage the hotel assets to drive performance. In addition, CHL has developed commercial assets, co-located with the hotels under a mixed-use strategy. These are at strategic locations, generally with high barriers to entry, and in high-density business districts.