Chalet Hotels, 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 the financial year 2019-20.
Chalet Hotels’ total income for Q1FY20 stood at Rs 2,462 mn as compared to Rs 2,456 mn and EBITDA at Rs 854 mn as compared to Rs 871 mn in the previous year same quarter.
Profit Before Tax (PBT) grew to Rs 205 mn as compared to the loss of Rs 297 mn 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 mn as compared to the loss of Rs 227 mn in the previous year same quarter.
Chalet Hotels’ 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.
Sharing views on the company’s first-quarter performance, Sanjay Sethi, MD & CEO, Chalet Hotels, 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 F&B segment. Despite 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.”
The company has a developmental pipeline of 580 keys across three hotel projects in markets of Mumbai Metropolitan Region and Hyderabad. “In line with our strategy to optimally utilise available land, the company has embarked on two commercial projects with an area of 1.1 mn sq ft in Mumbai and Bengaluru adjoining its existing hotels,” added Sethi.