Chalet Hotels Limited reports all-time high quarterly for Q4FY23

Total Income touched all-time high at INR 11.8 bn, up 2.2x as compared to FY22

Chalet Hotels Limited announces its results for the fourth quarter and full year ending March 31, 2023.

Key Highlights for Q4FY23:

Chalet marked its debut in leisure segment with the acquisition of The Dukes Retreat -Lonavala.  

Residential project at Koramangala, Bengaluru received RERA approval 

Total Income touched all-time high at INR 3.5 bn, up 2.3x as compared to Q4FY22 

EBITDA touched all-time high at INR 1.6 bn, up 4.3x as compared to Q4FY22

Hospitality segment performance:

oAll-time high Revenue INR 3.1 bn, up by 2.5x from Q4FY22 and up 17% sequentially 

oAll-time high quarterly ADR at INR 11,304, up by 108% over Q4FY22 and up 11% sequentially

oOccupancy improved 18pp YoY to 74%

oRevPAR improved 2.7x YoY to INR 8,363

oIndustry leading EBITDA Margin at 48%

oF&B Revenues touched all-time high at INR 1 bn

Key Highlights for FY23:

The Company signed its first asset in North India, with the proposed new hotel at Terminal 3 of Delhi International Airport. 

Total Income touched all-time high at INR 11.8 bn, up 2.2x as compared to FY22.

EBITDA touched all-time high at INR 5 bn, up 4.4x as compared to FY22, with margin of 42.6%.

Sustainability Highlights:

The Dow Jones Sustainability Index (DJSI) score significantly improved by 39% to 43, from last year’s score of 31.

~75% of the energy sourced from renewable resources. 

Consolidated Performance (Rs Million)

Particulars

Q4FY23

Q4FY22

Var %

Q3FY23

Var %

FY23

FY22

Var %


Total Income

3,458

1,535

2.3x

3,218

7.5%

11,780

5,331

2.2x


EBITDA

1,603

369

4.3x

1,455

10.2%

5,023

1,138

4.4x


EBITDA Margin

46.4%

24.1%

22pp

45.2%

120bps

42.6%

21.3%

21pp


PAT

392

(115)

-

1,024

(61.7%)

1,858

(815)

-


EPS (Rs.)

1.91

(0.56)

-

4.99

-

9.06

(3.98)

-



Segmental Performance (Rs Million)

Particulars 

Q4FY23

Q4FY22

Var%

Q3FY23

Var %

FY23

FY22

Var %

HOSPITALITY

Occupancy

74%

56%

18pp

65%

9pp

72%

52%

20pp

Average Daily Rate (ADR)

11,304

5,429

108%

10,168

11%

9,169

4,576

2x

RevPAR

8,363

3,053

2.7x

6,640

26%

6,605

2,391

2.8x

Revenue

3,097

1,263

2.5x

2,653

17%

10,281

4,100

2.5x

EBITDA

1,473

292

5x

1,084

36%

4,318

739

5.8x

EBITDA Margin

47.6%

23.2%

24pp

40.9%

7pp

42.0%

18%

24.8pp


RENTAL & ANNUITY 

Revenue

281

216

30%

244

15%

1000

1050

(5%)

EBITDA

260

163

60%

198

31%

838

789

6%


Development Pipeline Update: 

Cignus Powai, the commercial tower at The Westin Complex, Powai is in the final stages of completion. 

Handover to tenants has commenced at Cignus Whitefield Bangalore Tower 1, the commercial tower at Marriott Complex, Whitefield, Bengaluru

Cignus Whitefield Bangalore Tower 2, the re-purposed mall at Whitefield Bengaluru, to be ready for handover to tenants from Q2FY24.

The Westin Hyderabad Hitec City, with 168 rooms will be operational from June 2023.

At Novotel Pune, new 88 rooms are ready, full OC awaited.

~140 guest rooms to be added to Bengaluru Marriott Hotel Whitefield, repurposing 0.1 million sqft. of office space, designs are in final stages. 

For the residential project at Koramangala, Bengaluru, 4 towers in advance stage of completion.

Speaking on the financial results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “It was a year of outstanding rebound and beyond for Chalet Hotels, marked by several achievements in terms of new peaks in revenue, EBITDA, EBITDA margin and room rates. We crossed the Rs. 500 crore EBITDA milestone for the year.

With a strong pipeline, where several capital investments will come to fruition in the next few quarters, we are strategically poised to leverage the strong up-cycle.” 



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