Chalet Hotels Ltd reports 74% Q3FY21 hospitality segment revenue growth
Chalet Hotels Limited releases its Q3 reports and 9MFY21 results that indicates a positive EBITDA at Rs.169 million and sequential hospitality segment revenue growth at 74 per cent.
Chalet Hotels Limited recently announced its results for the third quarter and nine months ending December 31, 2020. The report reveals positive EBITDA at Rs.169 million against Rs.30 million in Q2FY21.
Speaking on the results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “I am happy to share that we have been EBITDA positive through the pandemic. Backed by our persistent cost efficiencies, coupled with a focus on fortifying revenue streams, we have achieved INR 169 million EBITDA for the quarter."
"Government interventions towards gradual lifting of restrictions, Union Budget stimulus, reducing cases of Covid-19 and widespread distribution of vaccines both in India and globally, have provided the necessary impetus required for economic revival and boost for the travel & hospitality industry,” he added.
Moreover, the report reveals that Total Income for Q3FY21 grew by 43 per cent to Rs.916 million sequentially as compared to Q2FY21. The report underscored that the Sequential Revenue Growth for Q3FY21 was 74 per cent.
Furthermore, the occupancy for Q3FY21 stood at 33 per cent as against 25 per cent for Q2FY21 an expansion of 800 bps. ADR was stable at Rs. 4,023 resulting in RevPAR growth of 31 per cent to Rs. 1,318 in Q3FY21. EBITDA for the quarter was at Rs. 20 million as against a loss of Rs. 107 million in Q2FY21. Revenues in Retail & Commercial segment were reported at Rs. 226 million with EBITDA at Rs. 169 million.
Performance for Q3 & 9MFY21:
Q3FY21 | Q2FY21 | Var % | 9MFY21 (Rs in million) | |
Revenue | 916 | 641 | 43% | 2,147 |
EBITDA | 169 | 30 | 470% | 202 |
Segmental Performance for Q3 & 9MFY21:
Q3FY21 | Q2FY21 | Var % | 9MFY21 (Rs in million) | |
Hospitality | ||||
Occupancy | 33% | 25% | 800 bps | 27% |
RevPAR (Rs.) | 1,318 | 1,007 | 31% | 1,084 |
Revenue | 625 | 359 | 74% | 1,298 |
EBITDA | 20 | -107 | - | -232 |
Retail & Commercial | ||||
Revenue | 226 | 229 | - | 668 |
EBITDA | 168 | 169 | - | 509 |
Development Pipeline Update:
* Development of commercial projects at Renaissance Complex, Powai, Mumbai and Marriott Complex, Whitefield, Bengaluru are back on track and expected to be completed by Q4FY23 & Q4FY22 respectively.
* The lobby renovation at Renaissance, Powai has been completed. Rest of the renovation at this hotel will be undertaken in phases.
* The demand dynamics of the Hyderabad market are currently being assessed for the proposed new Westin Hotel and will be activated at an opportune time.
* The other projects are presently on hold and are being reviewed at regular intervals.
