Mumbai: Chalet Hotels Limited (“Chalet”), an owner, developer and asset manager of high-end hotels in key metro cities of India, has announced its results for the first quarter of financial year 2019-20.
Chalet Hotels Ltd.’s total income for Q1FY20 at Rs. 2,462 million as compared to Rs. 2,456 million and EBITDA at Rs. 854 million as compared to Rs. 871 million in the previous year same quarter.
Profit Before Tax (PBT) grew to Rs. 205 million as compared to loss of Rs. (297) million in the previous year same quarter, indicating a positive growth as a result of healthy capital structuring.
Profit After Tax (PAT) grew to Rs. 139 million as compared to loss of Rs. (227) million in the previous year same quarter. Chalet Hotels Ltd.’s Hotel platform comprises five operating hotels and a hotel with a co-located serviced residence. Chalet Hotels assets are currently branded with global partners such as JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance and Four Points by Sheraton which are part of the Marriott Group.
Segmental Performance Q1 FY20:
• Segmental revenue for hospitality grew by 1 per cent to Rs. 2,198 million for the quarter, with the segmental profit margin before interest depreciation and tax at Rs. 854 with margins at 38.8 per cent
• Occupancyfor the quarterstood at 75 per cent
• RevPAR for the quarterstood at Rs.6,070 higher by 2 per cent from the previous year same quarter
• Revenue for Retail & Commercial Segment was at Rs. 152 million compared to Rs. 65 million in the previous year same quarter with the segmental profit margin before interest depreciation and tax at 48.8 per cent.
Sharing his views on the first quarter’s performance, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “Growth theme remained buoyant for the Company indicated by continuous RevPAR growth and tight control over costs.This, along with a keen focus on capital structure, has helped report a healthy improvement in profitability.
Withstanding uncertain market conditions that have impacted industries largely,Airlines, Banking and Financial Services and Automobiles along with weakness in consumer sentiments impacted our Food & Beverage segment. Despite of these conditions the company has managed to hold its occupancy at 75 per cent.We are committed in our efforts to continue to stay on the growth trajectory.”
• Chalet Hotels Limited has a developmental pipeline of ~580 keys across 3 hotel projects in markets of Mumbai Metropolitan Region and Hyderabad
• In line with our strategy to optimally utilize available land the Company has embarked on 2 commercial projects with an area of ~1.1 million sq.ft. in Mumbai and Bengaluru adjoining its existing hotels