Chalet Hotels Limited witnesses highest Q1 revenue till date
The company announced the results for first quarter of FY23 on Thursday
Chalet Hotels Limited, owner, developer and asset manager of high-end hotels in key metro cities of India, has announced its results for the first quarter of the FY23. During Q1FY23, the company recorded a total income of Rs 2.6 billion, its highest Q1 total income till date. Moreover, at an EBITDA of Rs 1.1 billion, Chalet also recorded its highest Q1 EBITDA so far.
As far as the performance of the company’s hospitality segment is concerned, Chalet witnessed an 82 per cent increase in Revenue compared to Q4FY22 and a five-times increase as compared to a year ago. RevPar increased by 95 per cent as compared to the previous quarter, with Chalet recording a five-time increase compared to a year-ago period in this metric as well. Apart from this, occupancy went up from 55 per cent in Q4FY22 to 78 per cent in Q1FY23.
Giving an update on the development pipeline, Chalet Hotels Limited shared that the Koramangala residential project in Bengaluru is municipal approved with the RERA registration now in process. It is expected that the project would be completed in a phased manner by FY26. Development of the new commercial towers at Bengaluru and Mumbai is moving rapidly to completion. Re-purposing of retail space at Whitefield Bengaluru to commercial space is on target, scheduled to be completed by Q3FY23. At Novotel Nagar Road Pune, work on 88 rooms is on track, completion is expected by Q3FY23. The last phase of renovation at The Westin Mumbai Powai Lake is under way and expected to be completed within Q3FY23. New Westin 2 at Hyderabad with about 168 rooms is expected to be commissioned by Q4FY23.
Chalet has been ranked fourth in the list of India’s Great Mid-Size Workplaces 2022-23 and also been ranked the best hotel company in the category. This is the third consecutive year that Chalet has been certified by the Great Place to Work Institute.
Speaking on the results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “This has been the quarter of redemption for Chalet with the hospitality business showing outstanding resilience. The company has reported one of the best Q1 performances across several KPI’s. I am delighted to add that Chalet has been declared the successful bidder for the development and operations of a hotel at the Terminal 3 of Delhi International Airport. We look forward to working with the DIAL team on the project. This is in line with our stated strategy to expand into the NCR market with a large box high return hotel asset there.”
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