Chalet Hotels Ltd.'s posted a consolidated net loss in the second quarter of the current financial year on account of higher tax expenses.
Net loss of the company stood at Rs 138.5 crore in the quarter ended September, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had pegged the profit at Rs 64 crore.
Chalet Hotels Q2 Earnings Highlights (Consolidated, YoY)
Revenue up 20% to Rs 377.1 crore versus Rs 314.6 crore (Bloomberg estimate: Rs 372 crore).
Ebitda up 19% to Rs 149.6 crore versus Rs 126 crore (Estimate: Rs 150 crore).
Margin narrows 38 basis points to 39.66% versus 40.04% (Estimate: 40.40%).
Net loss at Rs 138.5 crore versus net profit of Rs 36.4 crore (Estimate: Rs 64 crore).
The rate at which capital gains were taxed have changed and indexation benefits have been withdrawn while calculating the long-term capital gains on capital assets.
The holding company has reversed deferred tax assets created on certain capital assets (carried at indexed cost), leading to a one-time impact of Rs 202.2 crore in the profit and loss statement, thus resulting in net loss.
Shares of Chalet Hotels closed 0.15% lower at Rs 836.30 apiece, compared to a 0.02% decline in the benchmark BSE Sensex.
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