Chalet Hotels stock marginally higher post Q4 numbers

11 May 2022 , 09:17 AM

Chalet Hotels Limited, owner, developer, and asset manager of highend hotels in key metro cities of India, announced its results for the fourth quarter and year ending March 31, 2022.

Highlights for Q4FY22:

• Total Income grew by 55% to Rs1,535 million as compared to Q4FY21
• EBITDA (from continuing operations) was at Rs369 million as compared to Rs61 million in Q4FY21
• Hospitality segment performance YoY:
• Revenue growth for Q4FY22 was 75%
• REVPAR for Q4FY22 at Rs. 2,973 up by 85%
• Occupancy for Q4FY22 was at 55% as against 39% for Q4FY21
• Retail & Commercial segment (Incl Discontinued): Revenues were at Rs216 million with EBITDA at Rs144 million for Q4FY22

Development Pipeline Update:

• The residential and commercial project at Koramangla, Bengaluru has cleared the initial approval on height. Other development approvals are underway, the project is expected to be completed in a phased manner by FY26.
• The commercial project at Powai, Mumbai is on course, and scheduled to be completed by Q4FY23.
• New commercial tower at Whitefield, Bengaluru is expected to be completed by Q2FY23. Earlier targeted date was pushed due to changes in project specifications and other lockdown related delays.
• Re-purposing of retail space at Whitefield Bengaluru to commercial space is on target, scheduled to be completed by Q3FY23.
• Commenced work on the partly built 88 rooms in Novotel Nagar Road Pune (existing 223 rooms), completion expected in early H2FY23.
• We continue to evaluate the demand dynamics to assess the opening of the new hotel in Hyderabad.

Speaking on the results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “The business has demonstrated resilience, despite the 3rd wave of Covid-19 during the quarter. Recent months indicate a rapid recovery to FY20 numbers and full recovery to come in about two quarters before earlier estimates.

Chalet is well positioned with its ability to realign assets and mitigate risks, focus on sustainability and maintain cost controls, to continue delivering value to our stakeholders.”

At around 9:17 AM, Chalete Hotels was trading at Rs290.40 per piece higher by 0.55% on the BSE.