May 18, 2024

CHALET HOTELS LIMITED ANNOUNCES Q3FY23 RESULT

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Mumbai, January 25, 2023: Chalet Hotels Limited announces its results for the third quarter and nine months ending December 31, 2022.

Highlights for Q3FY23:

  • Total Income grew 94% as compared to Q3FY22 to Rs. 3.2 bn
  • EBITDA was at Rs. 5 bn, 247% higher as compared to Q3FY22
  • Hospitality segment performance:
    • Highest Ever Revenue Rs. 2.65 bn, up by 87% from Q3FY22 and 19% sequentially
    • ADR at Rs. 10,168, up by 100% over Q3FY22 and up 28% sequentially
    • Occupancy at 65%
  • Retail & Commercial segment: Revenue stood at Rs. 244 mn with EBITDA at Rs. 198 mn

 

Other Highlights:

  • The Company has derived ~80% of its energy for its hotels, from renewable sources
  • Water-bottling plants to substitute single use plastic bottles with glass installed in >70% of the properties
  • All properties equipped with EV charging stations

 

Consolidated Performance for Q3FY23

Rs. Million

Particulars Q3FY23 Q3FY22 Var % 9MFY23 9MFY22 Var %   Q3FY20 Var %
Total Income 3,218 1,657 1.9x 8,322 3,762 2.2x   2,847 1.1x
EBITDA 1,445 419 3.5x 3,420 835 4.1x   1,189 1.2x
PAT 1,024 (144) 1,467 (700)   333 3.1x
EPS (Rs.) 4.99 (0.71) 7.15 (3.41)   1.62 3.1x

 

 

 

Segmental Performance for Q3FY23

                                                                                                                                                Rs. Million

Particulars Q3FY23 Q3FY22 Var% 9MFY23 9MFY22 Var %   Q3FY20 Var %
Occupancy 65% 60% 5pp 71% 50% 21pp   75% -10pp
RevPar 6,640 3,035 2.19x 6,029 2,153 2.8x   6,863 -3%
Hospitality Revenue 2,654 1,420 1.87x 7,187 2,837 2.6x   2,498 6%
EBITDA 1,085 367 2.96x 2,849 446 6.89x   1,082 0.3%
Retail & Commercial (including Discontinued)       
Revenue 244      221 10% 719 664 8.3%   281 15%
EBITDA 198 175 13% 578 532 8.6%   178 11%

 

Development Pipeline Update:

  • At The Westin Mumbai Powai, newly renovated rooms in the process of being handed over to the hotel team
  • For Commercial Tower at Westin Complex, Powai handover to prospective tenants can commence from April 2023
  • Re-purposing of mall at Whitefield Bengaluru to commercial space will be ready for handover to prospective tenants from Q1FY24
  • For Commercial Tower at Marriott Complex, Whitefield, Bengaluru handover to tenants commencing from March 2023
  • For the residential project at Koramangala, Bengaluru, work on site is progressing as per schedule
  • Westin 2 Hyderabad Mindspace with 168 rooms is expected to be commissioned in phases starting Q1FY24
  • At Novotel Pune, handover process for 88 rooms to hotel team has commenced

 

Speaking on the financial results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “I am delighted to report that for the second consecutive quarter, we have had record-breaking numbers with the highest-ever revenues and EBITDA for the company. This has been delivered on the back of strong domestic business travel, rebound of the MICE segment and with very strong Average Room Rates. Led by sectoral tailwinds, our aggressive growth plans and a focused strategy for value creation, the best for Chalet Hotels Limited is yet to come.”