Chalet Hotels Limited announces financial results for Q2FY22
Chalet Hotels Limited has announced its results for the Q2 of FY22 ending September 30, 2021. The report shows that in Q2FY22, their total income grew by 88 per cent to Rs 1,376 million in comparison to Q1FY22. EBITDA (from continuing operations) was at Rs 441 million as compared to Rs 32 million in Q1FY22. Revealing the performance of the hospitality segment in Q1FY22, the report shows, that the RevPAR was at Rs 2,161 which is up by 73 per cent. Revenue growth for Q1FY22 was 85 per cent. Whereas, occupancy for Q2FY22 was at 56 per cent as against 36 per cent for Q1FY22 an expansion of 20 PP. Revenues from the retail and commercial segment were at Rs 377 million with EBITDA at Rs 326 million for Q2FY22.
“The hospitality performance has seen a sharp ramp-up backed by a significant increase in the vaccination numbers along with easing of restrictions in the country. We have streamlined our business over the past few quarters and re-mobilised dormant assets and re-purposed underperforming ones. I would like to highlight, that the progress on our residential project at Koramangla, Bengaluru is in line with our strategy of unlocking value for the business and will pave way for the monetisation of this luxury project in the upmarket residential district of Bengaluru. In addition, Chalet has significant value to be unlocked from its exiting balance sheet, coupled with our strength in asset management, improving efficiencies and our ESG commitments we are confident of long-term sustainable growth,” said Sanjay Sethi, MD and CEO, Chalet Hotels Limited.
