CHALET HOTELS LIMITED ANNOUNCES Q3FY23 RESULT
Mumbai, January 25, 2023: Chalet Hotels Limited announces its results for the third quarter and nine months ending December 31, 2022.
Highlights for Q3FY23:
- Total Income grew 94% as compared to Q3FY22 to Rs. 3.2 bn
- EBITDA was at Rs. 5 bn, 247% higher as compared to Q3FY22
- Hospitality segment performance:
- Highest Ever Revenue Rs. 2.65 bn, up by 87% from Q3FY22 and 19% sequentially
- ADR at Rs. 10,168, up by 100% over Q3FY22 and up 28% sequentially
- Occupancy at 65%
- Retail & Commercial segment: Revenue stood at Rs. 244 mn with EBITDA at Rs. 198 mn
Other Highlights:
- The Company has derived ~80% of its energy for its hotels, from renewable sources
- Water-bottling plants to substitute single use plastic bottles with glass installed in >70% of the properties
- All properties equipped with EV charging stations
Consolidated Performance for Q3FY23
Rs. Million
| Particulars | Q3FY23 | Q3FY22 | Var % | 9MFY23 | 9MFY22 | Var % | Q3FY20 | Var % | |
| Total Income | 3,218 | 1,657 | 1.9x | 8,322 | 3,762 | 2.2x | 2,847 | 1.1x | |
| EBITDA | 1,445 | 419 | 3.5x | 3,420 | 835 | 4.1x | 1,189 | 1.2x | |
| PAT | 1,024 | (144) | – | 1,467 | (700) | – | 333 | 3.1x | |
| EPS (Rs.) | 4.99 | (0.71) | – | 7.15 | (3.41) | – | 1.62 | 3.1x |
Segmental Performance for Q3FY23
Rs. Million
| Particulars | Q3FY23 | Q3FY22 | Var% | 9MFY23 | 9MFY22 | Var % | Q3FY20 | Var % | |
| Occupancy | 65% | 60% | 5pp | 71% | 50% | 21pp | 75% | -10pp | |
| RevPar | 6,640 | 3,035 | 2.19x | 6,029 | 2,153 | 2.8x | 6,863 | -3% | |
| Hospitality Revenue | 2,654 | 1,420 | 1.87x | 7,187 | 2,837 | 2.6x | 2,498 | 6% | |
| EBITDA | 1,085 | 367 | 2.96x | 2,849 | 446 | 6.89x | 1,082 | 0.3% | |
| Retail & Commercial (including Discontinued) | |||||||||
| Revenue | 244 | 221 | 10% | 719 | 664 | 8.3% | 281 | 15% | |
| EBITDA | 198 | 175 | 13% | 578 | 532 | 8.6% | 178 | 11% |
Development Pipeline Update:
- At The Westin Mumbai Powai, newly renovated rooms in the process of being handed over to the hotel team
- For Commercial Tower at Westin Complex, Powai handover to prospective tenants can commence from April 2023
- Re-purposing of mall at Whitefield Bengaluru to commercial space will be ready for handover to prospective tenants from Q1FY24
- For Commercial Tower at Marriott Complex, Whitefield, Bengaluru handover to tenants commencing from March 2023
- For the residential project at Koramangala, Bengaluru, work on site is progressing as per schedule
- Westin 2 Hyderabad Mindspace with 168 rooms is expected to be commissioned in phases starting Q1FY24
- At Novotel Pune, handover process for 88 rooms to hotel team has commenced
Speaking on the financial results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “I am delighted to report that for the second consecutive quarter, we have had record-breaking numbers with the highest-ever revenues and EBITDA for the company. This has been delivered on the back of strong domestic business travel, rebound of the MICE segment and with very strong Average Room Rates. Led by sectoral tailwinds, our aggressive growth plans and a focused strategy for value creation, the best for Chalet Hotels Limited is yet to come.”