HBI Staff | Hyderabad 
Chalet Hotels Limited has announced results for the first quarter of the fiscal year 2024, ending on June 30, 2023. The quarter showcased significant growth with total income reaching INR 3.1 billion, a remarkable 21% increase compared to the same period in the previous year.
The hospitality segment performed exceptionally well during Q1FY24, with revenues hitting INR 2.8 billion, marking a 23% rise from Q1FY23. The Average Room Rate (ARR) saw a remarkable surge, reaching INR 10,317, which is 38% higher than the previous year’s first quarter. Occupancy remained steady at 70%, and Revenue Per Available Room (RevPAR) showed a promising improvement of 24% YoY, reaching INR 7,182. The adjusted EBITDA for this segment stood at INR 1.2 billion, marking a remarkable 26% increase over Q1FY23.
Notably, the company demonstrated its commitment to sustainability, with around 68% of its total electricity for hotel portfolio sourced from renewable resources in Q1FY24. Additionally, the newly launched ‘The Westin Hyderabad HITEC City’ garnered immediate success as it was completely sold out from day one, and operated by an all-women team, running on 100% Green Power.
On the consolidated front, Chalet Hotels Limited posted a total income of INR 3.1 billion, an increase of 21% compared to Q1FY23. The adjusted EBITDA reached INR 1.3 billion, marking a significant 24% growth over the same period in the previous fiscal year.
Looking ahead, Chalet Hotels Limited has an exciting development pipeline. Projects like CIGNUS POWAI Tower I and CIGNUS Whitefield Bangalore Tower II are nearing completion. Tenants are set to move in by August 2023 at CIGNUS Whitefield Bangalore Tower I. Additionally, Novotel Pune is ready to commence commercial usage with 88 new rooms, and Bengaluru Marriott Hotel Whitefield plans to add approximately 130 guest rooms.
Furthermore, the company is progressing well with its residential project, Raheja Vivarea, at Koramangala, Bengaluru, with sales expected to commence within the calendar year 2023.
In conclusion, Sanjay Sethi, MD & CEO of Chalet Hotels Limited, expressed optimism about the future, highlighting the company’s strong business indicators, the successful launch of ‘The Westin Hyderabad HITEC City,’ and India’s robust economic environment, which altogether bode well for the future of Chalet Hotels.
