Chalet Hotels Reports Impressive Q1 Results, Shares Surge 3%

31 Jul 2023 , 12:44 PM

Chalet Hotels Limited witnessed a 3 % surge in its shares in the early trade on July 31. Approximately one lakh shares were exchanged on the NSE, compared to the one-month average of three lakh shares.

The hospitality company reported a remarkable 207 % increase in net profit, reaching Rs 89 crore in the first quarter. This growth was attributed to strong average room rates, which demonstrated a remarkable 38 % year-on-year increase, a significant business performance indicator for the company.

The revenue from operations also showed robust growth, amounting to Rs 311 crore, a 23 % rise from the same period in the previous year.

Sanjay Sethi, MD and CEO of Chalet Hotels expressed optimism about the future, citing India’s strong economic indicators and a favorable demand-supply environment. He also highlighted the company’s ongoing capital expenditure (capex) initiatives.

Notably, the first quarter saw the launch of The Westin Hyderabad HITEC City, the company’s first all-women-run hotel. Sethi emphasized that this move represents a small contribution towards gender equality and empowerment in the hospitality industry.

Additionally, Chalet Hotels announced progress on various projects. The 88 new rooms at Novotel Pune are ready, and the company is awaiting an occupancy certificate to commence commercial usage.

Moreover, the company is in the final stages of designing 130 guest rooms at Bengaluru Marriott Hotel Whitefield. In line with the residential project Raheja Vivarea at Koramangala, Bengaluru, sales for the project are expected to begin within the calendar year 2023.

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