REVPAR AT RS. 3,035 UP 40% QoQ
HOSPITALITY REVENUE RS. 1,420 MN, UP 55% QoQ
HOSPITALITY EBITDA RS. 367 MN, UP 167% QoQ
Mumbai, January 27, 2022: Chalet Hotels Limited, owner, developer, and asset manager of high-end hotels in key metro cities in India, announces its results for the third quarter and nine months ending December 31, 2021.
Highlights for Q3FY22:
- Total Income grew by 21% to Rs. 1,657 mn as compared to Q2FY22
- EBITDA (from continuing operations)was at Rs. 419 mn
- Hospitality segment performance as compared to Q2FY22:
The Revenue growth for Q3FY22 was 54%
The REVPAR for Q3FY22 at Rs. 3,035 up by 40%
The Occupancy for Q3FY22 was at 60% as against 56% for Q2FY22 an expansion of 4 PP
- Retail & Commercial segment (Incl Discontinued): Revenues were at Rs. 221 mn with EBITDA at Rs. 175 mn for Q3FY22
The Board of directors today approved the change in the use of the proposed new 150 room Hotel at Renaissance Complex Powai to a Commercial office space. The decision was taken after evaluation of the demand dynamics for Hospitality and office rental segments within the market. The project can potentially have ~0.75 mn sqft of leasable area, subject to requisite approvals.
Performance for Q3FY22
Rs. Million
| |
Q3FY22 |
Q2FY22 |
Where % |
9MFY22 |
9MFY21 |
Where % |
| Total Income |
1,657 |
1,374 |
21% |
3,762 |
2,086 |
80% |
| EBITDA |
419 |
448 |
(6%) |
835 |
229 |
264% |
| Adj EBITDA * |
474 |
261 |
82% |
758 |
158 |
380% |
| PAT |
(144) |
(138) |
|
(700) |
(1,131) |
|
*Notes:
- Q3FY22: Rs. 54 mn has been considered for expenses towards repurposing to commercial and asset write off for the same
- Q2FY22:
- Received Rs. 161 mn on early contract termination of a commercial tenant, accounted under revenue
- Received a rebate amounting to Rs. 4.6 mn from a hotel operator in respect of past disputed liability, accounted as “Other Income”
- Cancellation of 3 flats for the residential project: Interest paid of Rs. 34 mn has been accounted as Real Estate Development Cost & exceptional items
- EBITDA includes SEIS Income of Rs. 50 mn
Segmental Performance for Q3FY22
Rs. Million
| |
Q3FY22 |
Q2FY22 |
Where % |
9MFY22 |
9MFY21 |
Where % |
| Hospitality |
|
|
|
|
|
|
| Occupancy |
60% |
56% |
4 PP |
50% |
27% |
23 PP |
| RevPAR (Rs.) |
3,035 |
2,161 |
40% |
2,153 |
1,084 |
99% |
| Revenue |
1,420 |
919 |
55% |
2,837 |
1,297 |
119% |
| EBITDA |
367 |
138 |
167% |
413 |
(232) |
|
| Retail & Commercial (Incl Discontinued) |
|
|
|
|
|
|
| Revenue |
221 |
377 |
(41%) |
664 |
668 |
(1%) |
| EBITDA |
175 |
326 |
(46%) |
532 |
509 |
4% |
Development Pipeline Update:
- Company’s project comprising of residential buildings and a commercial building for strata sale at Koramangala Bengaluru is at development approval stage and expected to be completed by FY26
- The commercial project at Renaissance Complex, Powai, Mumbai is on track, and scheduled to be completed by Q4FY23
- Due to change in project specification and other lockdown related delays the completion of the commercial project at Marriott Complex, Whitefield, Bengaluru may get delayed by a quarter, from the earlier target of Q4FY22
- Re-purposing of retail space at Whitefield Bengaluru to commercial space is underway, scheduled to be completed by Q3FY23. The re-purposing of The Orb at Sahar Mumbai is in its leasing stage.
- Shortly to commence of work on the partly built 88 rooms in Novotel Nagar Road Pune (existing 223 rooms), with launch expected in early H2FY23
- We continue to evaluate the demand dynamics to assess the opening of the new hotel in Hyderabad
Speaking on the results, Mr. Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “The 3rd quarter saw the hospitality segment demonstrating strong recovery with segment revenue growing QoQ by 55% and segment EBIDTA was up 167%. Sweating of real estate assets in our balance sheet and repurposing underperforming assets are expected to be P&L accretive.
The impact from the 3rd wave has been lower and the pick-up is likely to be faster than the earlier waves giving visibility of full recovery in the near future. Throughout these challenging times, Chalet has diligently focused on its core business strategy of prudent capital & asset management and ESG commitments, paving the way for long term returns.”
