Mumbai, May 18, 2021 (GNI): Chalet Hotels Limited, owner, developer and asset manager of high-end 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:
o Sequential Revenue Growth for Q4FY21 was 16%
o 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
o 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
Performance for Q4 & FY21:
Rs. Million
| Q4FY21 | Q3FY21 | Var % | FY21 | |
| Revenue | 1,021 | 916 | 11% | 3,167 |
| Adj EBITDA* | 187 | 179 | 5% | 417 |
| EBITDA | 64 | 179 | -64% | 294 |
| PAT | (260) | (310) | – | (1,391) |
* Adj for reversal of SEIS income of the previous period of Rs. 123 mn in Q4FY21
Segmental Performance for Q4 & FY21:
Rs. Million
| Q4FY21 | Q3FY21 | Var % | FY21 | |
| Hospitality | ||||
| Occupancy | 39% | 33% | 600 bps | 30% |
| RevPAR (Rs.) | 1,610 | 1,318 | 20% | 1,214 |
| Revenue | 724 | 625 | 20% | 2,021 |
| EBITDA | 19 | 20 | – | (213) |
| Retail & Commercial | ||||
| Revenue | 258 | 226 | 14% | 926 |
| EBITDA | 215 | 168 | 28% | 724 |
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,” stated in the press release.
About Chalet Hotels Limited (CHL), is an owner, developer and asset manager of high-end hotels in key metro cities in India. CHL’s hotel platform comprises seven operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad, Bengaluru and Pune. CHL’s hotels are branded with globally recognized hospitality brands and are in the luxury-upper upscale and upscale hotel segments. The hotel platform emphasizes strategic locations, efficient design and development, appropriate positioning in hotel segments together with branding and operational tie-ups with leading hospitality companies. CHL uses its experience to actively manage the hotel assets to drive performance.
In addition, CHL developed commercial and retail spaces, in close proximity to its existing hotels. CHL has developed hotels at strategic locations generally with high barriers-to-entry and in high density business districts. The Company generally develops its hotels on large land parcels, allowing them to situate a greater number of rooms, as well as provide a wide range of amenities, such as, fine dining and specialty restaurants, large banquet and outdoor spaces. CHL endeavor is to build hotels to superior standards targeting the luxury, upper upscale, and upscale hotel segments at an efficient gross built up area and development cost per key. For more information about the company, please visit our website www.chalethotels.com
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