Chalet Hotels Limited, owner, developer and asset manager of highend hotels in key metro cities of India, announces its results for the fourth quarter and year ending March 31, 2021.
- Total Income for Q4FY21 grew by 11% to Rs. 1,021 mn sequentially as compared to Q3FY21.
- EBITDA for Q4FY21 adjusted for reversal of SEIS income (Rs. 123 mn) was at Rs. 187 mn a growth of 5% as compared to Rs. 179 mn in Q3FY21
For the Hospitality segment:
- Sequential Revenue Growth for Q4FY21 was 16%
- Occupancy for Q4FY21 was at 39% as against 33% for Q3FY21 an expansion of 600 bps. ADR was stable at Rs. 4,173 resulting in a sequential RevPAR growth of 22% to Rs. 1,610 in Q4FY21
- EBITDA for the quarter was at Rs. 19 mn
- Retail & Commercial segment: revenues were at Rs. 258 Mn with EBITDA at Rs. 215 Mn for Q4FY21
Development Pipeline Update:
- Development of commercial project at Renaissance Complex, Powai, Mumbai is on track, to be completed by Q4FY23
- Given the labour situation and lockdowns in Bengaluru, development of commercial project at Marriott Complex, Whitefield, Bengaluru may get delayed by 1-2 quarters from the earlier completion target of Q4FY22
- The renovation work for upgrading the rooms at Renaissance, Powai is scheduled to 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
Speaking on the results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, "Chalet continues to be prudent on cashflow and efficient on cost management which is reflected in our steady positive EBIDTA numbers. The hotel led mixed-use development by the Company has further supported cash flow and continues to provide a hedge, while diversifying risks for the business.
As the world continues to face challenging times, there is positive news with the steady progress made on the vaccination front. This, along with the governments focus on economic revival, provides comfort on the mid to long term recovery of demand for the hospitality industry."
Shares of Chalet Hotels Ltd was last trading in BSE at Rs.156 as compared to the previous close of Rs. 148.1. The total number of shares traded during the day was 32057 in over 703 trades.
The stock hit an intraday high of Rs. 160.5 and intraday low of 147.75. The net turnover during the day was Rs. 4955498.