Chalet Hotels’ healthy growth

The company is at the cusp of completing a few of its large capex projects

Sanjay Sethi, MD & CEO, Chalet Hotels

FinTech BizNews Service 

Mumbai, 25 October, 2023: Chalet Hotels Limited announces its results for the second quarter and half year ending September 30, 2023.

Key Highlights for Q2FY24:

• Total Income at INR 3.2 bn, up 27% as compared to Q2FY23
• EBITDA at INR 1.3 bn, up 48% as compared to Q2FY23
• Hospitality Segment Performance:

• Revenue at INR 2.8 bn, up by 27% from Q2FY23
• ARR at INR 9,610, up by 21% over Q2FY23
• Occupancy was at 73%, expansion of 2 percentage points over Q2FY23
• RevPAR improved by 25% YoY to INR 7,034
• EBITDA was at INR 1.2 billion, up by 45% from Q2FY23

• Consolidated PAT at INR 364 million, up by 2.3x YoY

Other Highlights:

• To celebrate its 10th anniversary, Novotel Pune has unveiled a fresh collection of 88 rooms known as 'Novolution'. These premium rooms feature cutting-edge design and technology, tailored to meet the tastes and preferences of modern-day travellers. This has taken the total inventory to 311 rooms, up by 39%.
• Received OC for 4 towers for residential project, Raheja Vivarea at Koramangala, Bengaluru, sales have commenced from October 2023.
• Construction commenced with DIAL on the New Delhi Airport Hotel and completion expected by FY26.
• For the 4th consecutive year, Chalet Hotels has been recognized and certified in the 2023 list of ‘India’s Best Workplaces™ for Women 2023 – Mid-size (Top 50)’ by Great Place to Work® India.
• Chalet Hotels is now a signatory to the ‘G20 Business Letter’ urging G20 governments to commit to clear, 1.5°C-aligned roadmaps.

Development Pipeline Updates:

• Commenced Phase-1 renovation and expansion at The Dukes Retreat, Lonavala.
• CIGNUS Whitefield Bangalore® Tower II and CIGNUS POWAI® Tower I at Westin Complex, Powai are in its final stages of completion.
• Civil work commenced for new 130 guest rooms at Bengaluru Marriott Hotel Whitefield.

Speaking on the financial results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “The first half of FY24 continues to demonstrate persistence in RevPAR growth along with maintaining an all-round healthy growth trajectory with strong flow throughs and cashflows. In addition to a seasonally better second half, we are at the cusp of completing a few of our large capex projects which will further enhance operating performance. The tailwinds of the sector and our strengthening balance sheet are encouraging, and we look forward to accelerating growth through value accretive investments.”