Chalet Hotels Limited announces its results for the first quarter of the fiscal year 2024 ending June 30, 2023.

Key Highlights for Q1FY24:

 Total Income at INR 3.1 bn, up 21% as compared to Q1FY23

 Adjusted EBITDA at INR 1.3 bn, up 24% as compared to Q1FY23

 Hospitality Segment Performance:

o Revenue at INR 2.8 bn, up by 23% from Q1FY23

o ARR at INR 10,317, up by 38% over Q1FY23

o Occupancy was at 70%

o RevPAR improved by 24% YoY to INR 7,182

o Adjusted EBITDA was at INR 1.2 billion, up by 26% from Q1FY23

Other Highlights:

 ~68% of the total electricity for hotel portfolio sourced from renewable resources in Q1FY24.

 Newly launched The Westin Hyderabad HITEC City is completely sold out from day 1, operated by an all-women team and is run on 100% Green Power.

Development Pipeline Updates:

 CIGNUS POWAI ® Tower I at Westin Complex, Powai is in its final stages of completion.

 At the CIGNUS Whitefield Bangalore ® Tower I, tenants are moving in by August 2023.

 CIGNUS Whitefield Bangalore ® Tower II is in its final stages of completion.

 88 new rooms at Novotel Pune are ready and awaiting OC to commence commercial usage.

 We are adding ~130 guest rooms at Bengaluru Marriott Hotel Whitefield, designs are in final stages.

 The residential project, Raheja Vivarea, at Koramangala, Bengaluru is progressing well and sales for the project is expected to commence within the calendar year 2023.

Speaking on the financial results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said,

“ARRs have been holding strong with 38% growth year-on-year, a key business performance indicator for the Company. This quarter also witnessed the launch of our first all-women-run hotel, ‘The Westin Hyderabad HITEC City’, a small contribution towards gender equality and empowerment in the hospitality industry. India's strong economic indicators combined with a robust demand-supply environment and our ongoing capex initiatives, bode well for the future of Chalet Hotels.”