CHALET HOTELS LIMITED REPORTS THE BEST QUARTER EVER Q3FY24 RESULTS

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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.

CHALET HOTELS LIMITED REPORTS THE BEST QUARTER EVER Q3FY24 RESULTS



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.”