CHALET HOTELS LIMITED REPORTS THE BEST QUARTER EVER Q3FY24 RESULTS

HIGHEST HOSPITALITY REVENUE at INR 3.4 bn, up 29% YoY 

RevPAR up 18% YoY to INR 7,838

HOSPITALITY EBITDA Margin up by 5pp, to 46.3%

CONSOLIDATED REVENUE at INR 3.8 billion, up 18% YoY

Chalet Hotels Limited announces results for the third quarter ending December 31, 2023.

Key Highlights for Q3FY24:

• Total Income at INR 3.8 bn, up 18% as compared to Q3FY23 

• EBITDA at INR 1.7 bn, up 18% as compared to Q3FY23, Margin at 45%

• Consolidated PAT at INR 706 million

• Hospitality Segment Performance:

• Revenue at INR 3.4 bn, up by 29% from Q3FY23 

• ARR at INR 10,974, up by 8% over Q3FY23

• Same store ARR at INR 11,253, up by 11% over Q3FY23

• Occupancy was at 71%, expansion of 6 percentage points over Q3FY23 

• RevPAR improved by 18% YOY to INR 7,838

• EBITDA was at INR 1.6 billion, up by 46% from Q3FY23

The board also approved raising of funds up to INR 20 Bn through issue of equity shares or any other convertible instruments, subject to shareholders approval. The proceeds of the issue are intended to be utilized inter alia towards paring down of debt, organic & inorganic growth, general corporate purposes and redemption of preference shares. 

ESG Highlights:

• The Westin Hyderabad HITEC City has received USGBC LEED GOLD in December 2023 under LEED V4 Building Design and Construction Hospitality.

Development Pipeline – On Schedule: 

• Hotel inventory expansion at Marriott Bengaluru (~130 rooms) and The Dukes Retreat, Lonavala (~70 rooms)

• New hotel projects at The Taj, New Delhi Airport (~390 rooms) and Hyatt Regency, Airoli, Mumbai (~280 rooms)

• CIGNUS Bengaluru Tower II is nearing completion.

• Handover at CIGNUS POWAI® Tower I, Westin Complex in Powai to begin from Q4FY24.

Speaking on the above, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “We are pleased to record another strong quarter with highest-ever revenue and EBIDTA. With a strong pipeline for expansion, healthy operating performances and a team that continues to excel, we remain excited about the foreseeable future for our company.”

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

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.”

Four Points by Sheraton Navi Mumbai celebrates World Earth Day, hosts ESG centric activities and invests in the planet

Four Points by Sheraton, a premium hotel in Navi Mumbai, marked World Earth Day 2023 by hosting a range of activities focused on promoting sustainable living and environmental awareness. These initiatives were designed in accordance with this year’s theme for

EARTH DAY, i.e., ‘Invest in Our Planet’ and to encourage the community to act towards a greener future, in line with the hotel’s commitment to making a positive impact on the environment. While issues such as climate change and a decrease in oxygen levels in the atmosphere are a matter of concern, trees are said to be holding the entire planet together by providing enough oxygen to all living creatures. As part of the Earth Day 2023 activities, the hotel distributed 101 saplings to guest and Associates. A custom-made DIY germination kit, curated by ‘Book a Workshop’, was handed out for guest who were travelling and couldn’t carry the pot.

This kit had a pot, soil, and seeds with a QR code on how to start plant parenting at the comfort of their home or office. The tree selected for the activity are native and draught tolerant species that enhances biodiversity of the property and a healthy mix of fruit bearing, flowering and trees that produce the most oxygen, such as Neem, Arjun, and Amla. The hotel also organized a plastics cleaning drive to address the hazardous impact of plastic waste on the environment.

Moreover, the hotel is also promoting sustainable fashion by encouraging hotel associates to upcycle and donate their clothes to the needy. 

The hotel advocated for simple yet effective ways such as ‘Five Things to Consider to Reduce Single-use Plastic & Carbon Emission’ so that individuals can contribute to environmental protection. Additionally, the beverage workshop in partnership with Almitra Sustainables showcased interesting techniques for creating zero waste summer healthy hydrating drink.

Speaking about the Earth Day activities, the Cluster General Manager of Four Points by Sheraton Navi Mumbai, Mr. Stephen D’Souza said, "We at Four Points by Sheraton Navi Mumbai are committed to promoting sustainability and protecting our planet. In September 2022, we became the first hotel in Navi Mumbai to install an Electric Vehicle (EV) charging station in our premises. We have also introduced several initiatives in the past including the introduction of energy-saving techniques and water conservation measures.  Similar to our other sustainability initiatives, the Earth Day activities are designed to inspire the community to take action towards a greener future, and we hope to make a positive impact on the environment and the community." 

Four Points by Sheraton Navi Mumbai is guided by Chalet Hotels Limited’s alignment with RE100, EP100, and EV100 initiatives linked to renewable electricity, energy efficiency, and electric mobility, respectively.

World Earth Day is a global event held annually on 22nd April aimed at raising awareness and promoting action to protect the environment. This year’s theme was ‘Invest in Our Planet’ which focused on engaging governments, institutions, businesses, and more than 1 billion citizens who participate annually in Earth Day to do their part – everyone accounted for, everyone accountable.

NEWS | Chalet Hotels reports consolidated net loss of INR 25.96 crore in 2021 Q1

Sales declined 57.12 percent to INR 97.83 crore in the quarter ended March 2021 as against INR 228.16 crore during the previous quarter ended March 2020.

Net loss of Chalet Hotels reported to INR 25.96 crore in the quarter ended March 2021 as against net profit of INR 42.78 crore during the previous quarter ended March 2020. Sales declined 57.12 percent to INR 97.83 crore in the quarter ended March 2021 as against INR 228.16 crore during the previous quarter ended March 2020.

For the full year,net loss reported to INR 139.08 crore in the year ended March 2021 as against net profit of INR 102.68 crore during the previous year ended March 2020. Sales declined 69.99 percent to INR 294.39 crore in the year ended March 2021 as against INR 980.85 crore during the previous year ended March 2020.

The hotels and leisure industry has been one of the worst hit by the pandemic, the restrictions on operations and the social distancing norms prescribed. Most hotels are operating at less than half their capacity and that is evident in the top line numbers.

Chalet Hotels Ltd. announces complete vaccination cover for all its employees, across the country

While the choice to get vaccinated is left to the individual, in the interest of safety and convenience, the Company has provisioned for employees to get vaccinated at any centre of their choice.

As India’s vaccination drive continues to gather momentum, the country’s travel, tourism, and hospitality sector are optimistic about the future. Chalet Hotels Ltd., owner, developer, and asset manager of high-end hotels in key metro cities of India announces complete vaccination cover for all its employees, across the country. This makes it one of the first hospitality companies in India to take this step, joining other leading people-centric organizations from other industries.

As a part of this program, Chalet Hotels Ltd. will cover the vaccination costs for all its employees across its hotels and corporate offices. While the choice to get vaccinated is left to the individual, in the interest of safety and convenience, the Company has provisioned for employees to get vaccinated at any center of their choice.

Speaking about this initiative, Sanjay Sethi, MD & CEO, Chalet Hotels Ltd said, “We are in a people-driven industry and our ‘people’ are our biggest asset. As we march into the new normal, our emphasis on the health and safety of our employees is of highest priority. Their wellbeing is going to be a key enabler in helping us continue to fulfil our commitment of an exceptional hospitality experience.”

Chalet Hotels Ltd. has been recognized in India’s Great Mid-Size Workplaces’ by the Great Place to Work® Institute India- 2020-21. It is also amongst India’s 100 Best Workspaces for Women 2020. The Company has consistently addressed employee wellbeing, and firmly believes that it is crucial to address the safety needs of employees, to build a productive workplace.

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