May 28, 2024



Mumbai, October 27, 2022: Chalet Hotels Limited announces its results for the second quarter and half year ending September 30, 2022.

Highlights for Q2FY23:

  • Total Income grew 4% as compared to Q2FY20 to Rs. 2.5 bn
  • EBITDA was at Rs. 9 bn, was 1% higher as compared to Q2FY20
  • Hospitality segment performance:
    • Revenue grew 9% as compared to Q2FY20
    • F&B revenue grew 18% over Q2FY20
    • ADR at Rs. 7,930 was up 1% over Q2FY20 and up 6% QoQ
  • Retail & Commercial segment: Revenues were at Rs. 244 mn with EBITDA at Rs. 198 mn


Recent Highlights:

  • License Agreement with DIAL (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.
  • Chalet Hotels Limited has been listed amongst 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.
  • As part of its committed goals on climate, Chalet now has EV charging stations functional at all its properties.
  • The Company derived ~80% of its energy from renewable sources in H1 for its hotels.


Performance for Q2FY23

Rs. Million

Particulars Q2FY23 Q2FY22 Var % H1FY23 H1FY22 Var %   Q2FY20 Var %
Total Income 2,505 1,374 82% 5,104 2,105 142%   2,405 4%
EBITDA 877 434 2x 1,965 403 4.8x   867 1%
PAT 157 -138 443 -556   103 53%


Segmental Performance for Q2FY23

                                                                                                                                                Rs. Million

Particulars Q2FY23 Q2FY22 Var% H1FY23 H1FY22 Var %   Q2FY20 Var %
Occupancy 71% 56% 15% 74% 46% 28%   74% -3%
RevPar 5,650 2,161 2.6x 5,722 1,709 3.3x   5,802 -3%
Revenue 2,233 919 2.4x 4,531 1,416 3.2x   2,046 9%
EBITDA 811 138 5.9x 1,762 78 23x   749 8%
Retail & Commercial (Incl Discontinued)               
Revenue 244 377 -35% 475 610 -22%   307 -21%
EBITDA 198 326 -40% 380 517 -26%   222 -11%


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, municipal approval and RERA registration is underway.
  • 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 is expected to be completed in the current quarter.


Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, commented on the financial results: “The business trend continues to be positive with the Company delivering a strong performance with improvements in room rates and F&B. The quarter ended on an extremely positive note with ARRs for September at Rs. 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.”