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IDBI Capital Report
Chalet Hotels Ltd.'s Q2FY25 result was in-line with our estimates on net sales and Ebitda front, while profit after tax was below forecast on account of change in the rate at which capital gains were taxed and indexation benefits have been withdrawn.
However, on operational parameters, the company reported yet another best ever quarterly performance aided by healthy revenue per available room growth. We anticipate RevPAR growth to further strengthen in H2, aided by wedding season and increased leisure and corporate travel.
New inventory addition at existing hotels, inorganic acquisition and upcoming hotels in Delhi and Goa will keep the hospitality revenue growth on uptrend. Further, rental assets and Koramangla residential project are expected to support the growth.
We have reduced our PAT estimate for FY25E, adjusting one time impact of tax outgo. Maintain Hold with a revised target price of Rs 924 (earlier Rs 934), assigning 27 times enterprise value/Ebitda on FY26E.
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