Chalet Hotels Limited announces results for the fourth quarter and full year ending March 31, 2024.
Key Highlights for Q4FY24:
- Total Income at INR 4.2 BN, up 23% as compared to Q4FY23
- Consolidated EBITDA at INR 1.9 BN, up 18% as compared to Q4FY23, margin at 44.5%
- Consolidated PAT at INR 0.8 BN
- Hospitality Segment Performance:
- Revenue at INR 3.8 BN, up by 24% from Q4FY23ARR at INR 11,862, up by 5% over Q4FY23Same store ARR at INR 12,159, up by 8% over Q4FY23Occupancy was at 76%, expansion of 2 percentage points over Q4FY23RevPAR improved by 7% YOY to INR 8,984
- EBITDA was at INR 1.8 BN, up by 24% from Q4FY23 with margins of 47.8%.
- For the year FY24
- Consolidated Revenue at INR 14.4 BN, up 22%ARR at INR 10,718, up by 17% yoyConsolidated EBITDA at INR 6.0 BN, up by 20%, margin at 42.1%
- Consolidated PAT at INR 2.8 BN
Key Highlights for FY24:
- The company has successfully raised INR 10 BN through Qualified Institutional Placement (QIP); the process concluded on April 03, 2024. The funds have been used to pare down debt.
- Acquired Courtyard by Marriott Aravalli with an EV of INR 3.15 BN.
- Launched 168-room The Westin Hyderabad HITEC City’ at Mindspace, Hyderabad, managed and operated by an all-women team.
- Increased capacity by 88 rooms in Novotel Pune Nagar Road to 311 rooms
ESG Highlights: FY24
- The Dow Jones Sustainability Index (DJSI) score significantly improved by 33% to 57, from last year’s score of 43. With this score, Chalet is ranked 8th amongst global hotels, resorts, and cruise lines.
- The Westin Hyderabad HITEC City received USGBC LEED Gold (V4 BD+C: Hospitality) Certification.
- ‘CIGNUS Whitefield Tower 1’ received ‘USGBC LEED Gold ( V4 BD+C: Core & Shell ) Certification
- ‘CIGNUS Koramangala’ received IGBC Platinum (New Building) Precertification.
- ‘Chalet Airport Hotel at Delhi’ received ‘USGBC LEED Platinum (V4 BD+C: Hospitality) Precertification
Consolidated Performance
Rs. Million
| Particulars | Q4FY24 | Q4FY23 | Var % | Q3FY24 | Var % | FY24 | FY23 | Var % |
| Total Income | 4,244 | 3,458 | 23% | 3,799 | 12% | 14,370 | 11,780 | 22% |
| EBITDA | 1,890 | 1,603 | 18% | 1,722 | 10% | 6,044 | 5,023 | 20% |
| EBITDA Margin | 44.5% | 46.4% | -180bps | 45.3% | -80bps | 42.1% | 42.6% | -50bps |
| PAT | 824 | 366 | 125% | 706 | 17% | 2,782 | 1,833 | 52% |
| EPS (Rs.) | *4.01 | *1.79 | *3.44 | 13.54 | 8.94 |
*not annualised
Segmental Performance
Rs. Million
| Particulars | Q4FY24 | Q4FY23 | Var% | Q3FY24 | Var % | FY24 | FY23 | Var % |
| HOSPITALITY | ||||||||
| Occupancy | 76% | 74% | 2pp | 71% | 4pp | 73% | 72% | 1pp |
| Average Daily Rate (ADR) | 11,862 | 11,304 | 5% | 10,974 | 8% | 10,718 | 9,169 | 17% |
| RevPAR | 8,984 | 8,363 | 7% | 7,838 | 15% | 7,776 | 6,605 | 18% |
| Revenue | 3,830 | 3,097 | 24% | 3,434 | 12% | 12,930 | 10,284 | 26% |
| EBITDA | 1,832 | 1,472 | 24% | 1,589 | 15% | 5,742 | 4,321 | 33% |
| EBITDA Margin | 47.8% | 47.5% | – | 46.3% | 3pp | 44.4% | 42.0% | 2.4pp |
| Rental & Annuity | ||||||||
| Revenue | 354 | 281 | 26% | 301 | 18% | 1,241 | 1,000 | 24% |
| EBITDA | 272 | 260 | 4% | 251 | 8% | 988 | 838 | 18% |
Development Pipeline
- Hotel inventory expansion at Marriott Bengaluru (~125-130 rooms) and The Dukes Retreat, Lonavala (65 rooms) are running as per schedule for completion in FY25
- The Taj, New Delhi Airport (385-390 rooms) and Hyatt Regency, Airoli, Mumbai (~280 rooms) are scheduled for completion in FY26 & FY27, respectively
- CIGNUS POWAI® Tower II- Completion by FY27
Speaking on the above, Sanjay Sethi, MD & CEO of Chalet Hotels Limited, said, “I am very pleased with the consecutive record quarters of operating performances at Chalet. Historically, Chalet has followed the path of high capital productivity through optimal leverage in its balance sheet. This strength, along with exciting portfolio and pipeline growth, a successful capital raise, and our ability to deliver high returns, reiterates our commitment to our stakeholders. The team also continued to deliver strong progress on our ESG plans.”
