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IDBI Capital Report
Chalet Hotels Ltd. reported robust Q1 FY23 results which were ahead of our and consensus estimates on key parameters. Better than expected demand traction led to improved revenue per available room over QoQ/YoY.
Hospitality segment growth was led by IPL season and strong recovery in business travel in Q1 FY23. Net sales increased by 275% YoY to Rs 2,530 million, while Ebitda came in at Rs 1,018 million, compared to loss of Rs 90.4 million in Q1 FY22.
Chalet Hotel reported net profit of Rs 285 million. The company has resumed its inventory addition plans at existing locations.
Chalet will expand footprint in northern India with a property in Delhi, opposite Terminal-III at Delhi Airport. We have marginally increased earnings estimates owing to strong demand outlook.
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