Chalet Hotels Limited witnessed a 3% surge in its shares to Rs 490 at 9:20 am on July 31, following a remarkable performance in the first quarter. The hospitality company reported a staggering 207% increase in net profit, reaching Rs 89 crore, driven by robust average room rates with a remarkable 38% year-on-year growth. The company's revenue from operations also climbed to Rs 311 crore, marking a 23% increase from the same period last year.
Sanjay Sethi, MD, and CEO of Chalet Hotels, expressed optimism about the future, citing India's strong economic indicators and a favorable demand-supply environment. He further highlighted the company's ongoing capex initiatives as key contributors to the positive outlook.
In a noteworthy move towards gender equality and empowerment in the hospitality industry, Chalet Hotels also launched the first all-women-run hotel, The Westin Hyderabad HITEC City, during this quarter.
Looking ahead, Chalet Hotels has exciting developments in the pipeline, including the readiness of its 88 new rooms at Novotel Pune, pending an occupancy certificate for commercial usage. The company is also finalizing designs for an additional 130 guest rooms at Bengaluru Marriott Hotel Whitefield. Moreover, Chalet's residential project, Raheja Vivarea, at Koramangala, Bengaluru, is progressing well, with sales expected to commence within the calendar year 2023.
Investors have shown significant interest in the company's growth story, with one lakh shares already changing hands on the NSE, surpassing the one-month average of three lakh shares. The market remains optimistic about Chalet Hotels' potential for future expansion and success in the hospitality industry.
