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February 24, 2024

Chalet Hotels Limited Reports Q1FY23 Results

Chalet Hotels Limited

CONSOL and HOSPITALITY segment witness BEST Q1 performance for the COMPANY

OCCUPANY at 78%, 300 BPS higher than Q1FY20

HOSPITALITY REVENUE RS. 2.3 BN, at par with Q1FY20

HOSPITALITY EBITDA RS. 950 MN, 11% higher than Q1FY20

PAT positive at Rs. 286 MN, 104% higher than Q1FY20

Chalet Hotels Limited, owner, developer, and asset manager of high-end hotels in key metro cities of India, announces its results for the first quarter of the Financial Year 2022-23.

Highlights for Q1FY23:

  • Total Income at Rs. 2.6 billion, highest Q1 total income for the company till date
  • EBITDA at Rs.1.1 billion, which is the highest Q1 EBITDA for the company till date
  • Hospitality segment performance YoY:
    • Revenue at Rs. 2.3 bn, highest Q1 revenue till date, 82% higher sequentially
    • REVPAR at Rs. 5,794 up by 95% sequentially
    • Occupancy at 78% as against 55% for Q4FY22
  • Retail & Commercial segment (Incl Discontinued): Revenues were at Rs. 231 mn with EBITDA at Rs. 183 mn

Performance for Q1FY22-23

Rs. Million

Particulars Q1FY23Q4FY22QoQ%Q1FY22YoY%FY22 Q1FY20YoY%
Total Income2,5991,53569%7323.6X5,297 2,4626%
EBITDA1,0883693X (31)1,139 85527%
Adjusted EBITDA*1,0523413X (60)1,098 85423%
PAT286(115) (418) (815) 1402X


  1. Intereston Income Tax refund of Rs. 30 mn and Provision write-back off Rs. 16 mn.
  2. Income Tax refund and creditors write off Rs. 38 mn, Asset write off of Rs. 18 mn for commercial re-strategizing

Segmental Performance for Q1FY22-23

                                                                                                                                                Rs. Million

Particulars Q1FY23 Q4FY22QoQ% Q1FY22YoY% FY22  Q1FY20YoY%
Occupancy78%55%23%36%42%51% 75%3%
RevPar5,7942,97395%1,2525X2,355 6,070(5%)
Revenue2,2981,26382%4975X4,100 2,1985%
EBITDA9502923.3X(65)739 85411%
Retail & Commercial (Incl Discontinued)        
Revenue2312167%233(1%)1,050 15252%
EBITDA18314526%191(4%)789 742.5X

Development Pipeline Update:

  • The Koramangala residential project in Bengaluru – municipal approval and RERA registration is in process, the project is expected to be completed in a phased manner by FY26.
  • Development of the new commercial towers at Bengaluru and Mumbai is moving rapidly to completion.
  • Re-purposing of retail space at Whitefield Bengaluru to commercial space is on target, scheduled to be completed by Q3FY23.
  • At Novotel Nagar Road Pune, work on 88 rooms is on track, completion is expected by Q3FY23.
  • The last phase of renovation at The Westin Mumbai Powai Lake is under way and expected to be completed within Q3FY23.
  • New Westin 2 at Hyderabad with ~168 rooms is expected to be commissioned by Q4FY23.

Chalet has been ranked 4th in the list of India’s Great Mid-Size Workplaces 2022-2023 and also been ranked the best hotel company in the category. This is the third consecutive year that Chalet has been certified by the Great Place to Work® Institute.

Sanjay Sethi,CEO & MD, Chalet Hotels Ltd
Sanjay Sethi,CEO & MD, Chalet Hotels Ltd

Speaking on the results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “This has been the quarter of redemption for Chalet with the hospitality business showing outstanding resilience. The company has reported one of the best Q1 performances across several KPI’s.

I am delighted to add that Chalet has been declared the successful bidder for the development and operations of a hotel at the Terminal 3 of Delhi International Airport. We look forward to working with the DIAL team on the project. This is in line with our stated strategy to expand into the NCR market with a large box high return hotel asset there.”

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