Chalet Hotels Q1 Results Review - Expands Into Leisure Markets: Prabhudas Lilladher

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We cut our Ebitda estimates of Chalet Hotels Ltd. by 3%/1% for FY25E/FY26E as we re-align our RevPAR growth assumptions and annuity leasing timelines in light of weaker performance in Q1 FY25. Hospitality segment reported same-store RevPAR growth of 4% due to elections, severe heat wave and lower number of auspicious wedding days. Nonetheless, management indicated of a strong recovery in July 2024. Further, while leasing timelines have witnessed some delay, 90% of the portfolio is expected to be leased out by end of the year, resulting in strong traction in annuity income from FY26E. Though there are early signs of headwinds in RevPAR growth, buoyed by operationalization of ~200 new rooms in Lonavala and Bengaluru coupled with expansion in lease portfolio, we expect revenue/Ebitda CAGR of 19%/25% over FY24-FY26E. We maintain our ‘Accumulate’ rating on the stock with a revised target price of Rs 887 (earlier Rs 902) as we value the hotel business at enterprise value/Ebitda multiple of 23 times (no change in target multiple), annuity portfolio at a cap rate of 8.5% and the residential project at net asset value of Rs 21 per share..Click on the attachment to read the full report:.Chalet Hotels Q1 Results: Revenue Up 16%, Profit Falls.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Chalet Hotels Q1 Results Review - Expands Into Leisure Markets: Prabhudas Lilladher

The company enters leisure market in Goa with plans to construct a 5-star luxury hotel having ~170 rooms, adds the brokerage.

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Chalet Hotels Q1 Results Review - Expands Into Leisure Markets: Prabhudas Lilladher

The company enters leisure market in Goa with plans to construct a 5-star luxury hotel having ~170 rooms, adds the brokerage.

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