Chalet Hotels Q4 Results: Profit Rises, But Misses Estimates
The hospitality firm's profit increased 121.6% to Rs 82.4 crore in the quarter-ended March.
Chalet Hotels Ltd.'s consolidated net profit rose 121.6% in the fourth quarter of fiscal 2024, but missed analysts' estimates.
The hospitality firm's profit increased to Rs 82.4 crore in the quarter-ended March, according to an exchange filing on Monday. Analysts tracked by Bloomberg had pegged the profit at Rs 89.9 crore.
Chalet Hotels Q4 FY24 Highlights (Consolidated, YoY)
Revenue up 23.8% to Rs 418.3 crore (Bloomberg estimate: Rs 452.7 crore).
Ebitda up 20.4% to Rs 182.9 crore (Estimate: Rs 203.6 crore).
Margin at 43.7% vs 45.1% (Estimate: 45%).
Net profit up 121.6% to Rs 82.4 crore (Estimate: Rs 89.9 crore).
Other Key Highlights
Average room rate up 5% at Rs 11,862 vs Rs 11,304.
Occupancy at 76% vs 74%.
RevPAR (revenue available per room) up 7% to Rs 8,984 vs Rs 8,363.
Development Pipeline
Hotel inventory expansion at Marriott Bengaluru (~125-130 rooms) and The Dukes Retreat, Lonavala (65 rooms) running as per schedule for completion in FY25.
The Taj, New Delhi Airport (385-390 rooms) and Hyatt Regency, Airoli, Mumbai (~280 rooms) are scheduled for completion in FY26 and FY27, respectively.
Cignus Powai Tower II completion by FY27.
In FY24, the company had a portfolio of 10 hotels as compared with eight in the previous fiscal, taking its total room keys to 3,052. The company plans to have a portfolio of 12 hotels by FY27-end, with a total room count of 3,917.
Shares of Chalet Hotels closed 2.3% lower at Rs 812.85 apiece on the BSE, as compared with a 0.15% advance in the benchmark Sensex.
