Chalet Hotels Limited
, owner of several luxury hotels in key metro cities of India, on Tuesday announced its results for the first quarter ending June 30, 2021. Adjusted Total Income grew by 21% to Rs71.5cr as compared to Rs58.9cr in Q1FY21. Adjusted EBITDA1 was 760% yoy higher at Rs2.5cr as compared to Rs0.3cr in Q1FY21. The company’s loss was at Rs41.8cr in Q1FY22 compared to Rs39.4cr in Q1FY21.
The company said, for the Hospitality segment, the Adjusted Revenue Growth for Q1FY22 was 48%. Occupancy for Q1FY22 was at 36% as against 24% for Q1FY21 an expansion of 1,200 bps. Post the second wave in the month of June, occupancy jumped to 47%. REVPAR at Rs1,252 up by 35%. Retail & Commercial segment: revenues were at Rs23.3cr with EBITDA at Rs19.1cr for Q1FY22.
At around 12.14 pm, Chalet Hotels Ltd was trading at Rs161.10 per piece down by Rs2.95 or 1.8% from its previous closing of Rs164.05 per piece on the BSE.
Development Pipeline Update:
The commercial project at Renaissance Complex, Powai, Mumbai is on track, scheduled to be completed by Q4FY23
Given the labour situation and lockdowns in Bengaluru, completion of the commercial project at Marriott Complex, Whitefield, Bengaluru may get delayed by a quarter, from the earlier target of Q4FY22
We continue to evaluate the demand dynamics to assess the opening of new hotel in Hyderabad, expansion of capacity in Pune and the rebranding of the Powai Hotel.
“While the second wave of COVID-19 did impact business in Q1 of this year, I would like to highlight that the recovery in June and July has been sharper than anticipated, proving the resilience of the travel and hospitality sector. Government initiatives in opening of various states across the country and improving consumer sentiments augur well for a quick revival. At Chalet Hotels we leverage our strength in asset management, with a focus on improving efficiencies and asset allocation for long term sustainable growth,” Sanjay Sethi, MD & CEO, Chalet Hotels Limited,” said Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said.