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Chalet Hotels reports results for Q3FY21; registers positive EBITDA at Rs.169 mn

The company’s total income for Q3FY21 grew by 43% to Rs. 916 mn sequentially as compared to Q2FY21

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Chalet Hotels reports results for Q3FY21; registers positive EBITDA at Rs.169 mn

Chalet Hotels Limited, owner, developer and asset manager of high-end hotels in key metro cities of India, announces its results for the third quarter and nine months ending December 31, 2020. The company’s total income for Q3FY21 grew by 43% to Rs. 916 mn sequentially as compared to Q2FY21.

The EBITDA for Q3FY21 was at Rs 169 mn as against Rs 30 mn in Q2FY21.

• For the Hospitality segment:
o It saw sequential Revenue Growth for Q3FY21 was 74%
o Occupancy for Q3FY21 was at 33% as against 25% for Q2FY21 an expansion of 800 bps. ADR was stable at Rs. 4,023 resulting in a RevPAR growth of 31% to Rs. 1,318 in Q3FY21.
o EBITDA for the quarter was at Rs. 20 mn as against a loss of Rs. 107 mn in Q2FY21.

• Retail & Commercial segment: revenues were at Rs. 226 Mn with EBITDA at Rs. 168 Mn.

Performance for Q3 & 9MFY21:

Segmental Performance for Q3 & 9MFY21:

Development Pipeline Update:

  • Development of commercial projects at Renaissance Complex, Powai, Mumbai and Marriott Complex, Whitefield, Bengaluru are back on track and expected to be completed by Q4FY23 & Q4FY22 respectively.
  • The lobby renovation at Renaissance, Powai has been completed. Rest of the renovation at this hotel will 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.
  • The other projects are presently on hold and are being reviewed at regular intervals.

Speaking on the results, Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “I am happy to share that we have been EBITDA positive through the pandemic. Backed by our persistent cost efficiencies, coupled with a focus on fortifying revenue streams, we have achieved INR 169 mn EBITDA for the quarter.”

“Government interventions towards gradual lifting of restrictions, Union Budget stimulus, reducing cases of Covid-19 and widespread distribution of vaccines both in India and globally, have provided the necessary impetus required for economic revival and boost for the travel & hospitality industry,” he added.Â