Chalet Hotels Ltd. · NSE:CHALET
Chalet Hotels — Q1 FY2024 Earnings Presentation
29 slides from Chalet Hotels's earnings presentation, Aug 5, 2023
Slide 1: Corrigendum letter to exchanges on revised presentation
August 5, 2023 National Stock Exchange of India Limited BSE Limited Exchange Plaza Corporate Relationship Department Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Dalal Street, Fort, Mumbai 400 051. Mumbai 400 001. Scrip Code: CHALET Scrip Code: 542399 Subject: Investor / Analyst P
Slide 2: Investor Presentation Q1FY24
Investor Presentation Q1FY24
Slide 3: Sustained momentum – Q1FY24
Sustained momentum – Q1FY24 Total air traffic higher Business demand The Westin Hyderabad than pre-Covid remained strong HITEC City International traffic touching Healthy ADR in Q1 FY24, remains Successfully launched the 168- pre-covid levels over Rs 10,000 mark at room The Westin Hyderabad HITEC Ci
Slide 4: The Westin Hyderabad HITEC City
The Westin Hyderabad HITEC City 168-room property launched on 4th June 2023. 3
Slide 5: Operational Overview
Operational Overview
Slide 6: Consolidated Performance
Consolidated Performance (In Rs. Mn) Q1FY24 Adjusted Revenue Adjusted Revenue & EBITDA YoY growth 23% 3,458 3,146 1% 9% 2,553 24% 1,603 1,299 1,052 887 286 366 90% Q1FY23 Q4FY23 Q1FY24 Revenue^ EBITDA* PAT Hospitality Rental / Annuity business Others *Q1FY24: Excluding – 1. Payment made to GST autho
Slide 7: Healthy ADRs throughout Q1FY24
Healthy ADRs throughout Q1FY24 Highest Q1 ADR till date 78% Rate growth driven by domestic travellers 74% 80% 71% 70% 12,000 65% 70% 10,000 60% 31% 33% 50% 8,000 61% 40% 6,000 30% 4,000 69% 67% 20% 10,168 11,304 10,317 39% 7,930 7,457 5,794 5,650 6,640 8,363 7,182 2,000 10% 0 0% Q1 FY23 Q2 FY23 Q3 F
Slide 8: Hospitality Performance
Hospitality Performance (In Rs. Mn) 2000 47.6% 50% 3,097 1800 41.4% 42.5% 45% 228 2,822 208 1600 1,473 40% 2,298 946 1400 35% 148 (31%) 866 1,198 (31%) 1200 30% 803 1000 950 25% (35%) 800 20% 600 15% 1,922 1,747 1,347 400 10% 200 5% 0 0% Q1FY23 Q4FY23 Q1FY24* Q1FY23 Q4FY23 Q1FY24* Room F&B Other Tot
Slide 9: Hospitality Operating Efficiencies
Hospitality Operating Efficiencies Staff to room ratio* 1.18 0.93 0.96 Dec-19Category 1 Mar-23 Jun-23 Payroll Costs % of Revenue Utilities as a % of Revenue 15% 13% 12% 7% 6% 6% FY20 FY23 Q1FY24 *Includes full time and contractual employees 8
Slide 10: Hospitality KPIs
Hospitality KPIs Q1FY24 Revenue Rs. 2,822 Mn Q1FY24 Q4FY23 QoQ% Q1FY23 YoY% FY23 8% ADR (Rs.) MMR 10,826 11,976 -10% 7,988 36% 9,741 17% Others* 9,555 10,228 -7% 6,597 45% 8,170 Combined 10,317 11,304 -9% 7,457 38% 9,169 Occupancy % 12% MMR 74% 77% -3 pp 81% -7 pp 74% 64% Others* 64% 70% -5 pp 73% -
Slide 11: Rental / Annuity Business
Rental / Annuity Business (In Rs. Mn) Q1FY24 Q4FY23 Q1FY23 FY23 Total Revenue 285 281 231 1,000 EBITDA 227 260 183 838 Margin % 80% 93% 80% 84% Leasable Area (msf.) 1.2* 0.5 0.5 0.5 Occupancy 45%* 98% 89% 98% *CIGNUS Whitefield Bangalore® Tower I 0.66 msf is in the process of leasing 10
Slide 12: Consolidated Profit / Loss Statement
Consolidated Profit / Loss Statement (In Rs. Mn) Particulars Q1FY24 Q4FY23 QoQ% Q1 FY23 YoY% FY23 Total Income 3,146 3,458 -9% 2,599 21% 11,780 Total Expenditure 2,010 1,855 8% 1,511 33% 6,757 EBITDA 1,136 1,603 -29% 1,088 4% 5,023 Margin % 36% 46% -10 pp 42% -6 pp 43% Adjusted EBITDA 1,299^ 1,603 -
Slide 13: Leverage Position
Leverage Position (In Rs. Mn) ICRA has upgraded credit rating to ‘A-’ with ‘positive’ outlook from ‘BBB+’ with ‘stable’ outlook Mar-18 Mar-19 Mar-21 Mar-22 Mar-23 Jun-23 Allocable to operating assets 23,339 13,581 14,403 14,147 11,757 12,176 Allocable to under-construction/to be operationalized asse
Slide 14: Project Update
Project Update
Slide 15: Announced pipeline – Hospitality
Announced pipeline – Hospitality ~30% of the additional room capacity is on existing assets which is expected to yield high EBIDTA margins Keys 3,770 FY26 ~680 2,802 FY25 DIAL - ~400 rooms ~200 Airoli – ~280 rooms Marriott Bengaluru Whitefield - ~130 rooms The Dukes Retreat - ~70 rooms FY24 Q1FY24 8
Slide 16: Announced pipeline – Commercial
Announced pipeline – Commercial STRATEGIC RISK HEDGE – 3.0 msf leasable Commercial office space by FY27 3.0 Leasable Area in msf FY27 0.8 msf CIGNUS Powai Tower II 1.2 FY24 1.0 msf CIGNUS Powai® Tower I – 0.75 msf Q1FY24 CIGNUS Whitefield Bangalore® Tower II– 0.3 msf FY27 15
Slide 17: Ongoing Projects - Hospitality
Ongoing Projects - Hospitality Addition of 88 rooms at Taj at Terminal 3, Novotel Pune Delhi Airport ~400 rooms Rooms ready, full OC awaited Expected hotel commissioning FY26 The erstwhile 1.1 msf Renovation and office space at Marriott addition of ~70 Complex, Bengaluru to be rooms at The Dukes con
Slide 18: Bengaluru Commercial Complex
Bengaluru Commercial Complex CIGNUS Whitefield Bangalore® Tower I - leasable area ~0.66 msf. CIGNUS Whitefield Bangalore® Tower II - leasable area ~0.3 msf. Tenants moving in by August 2023 To be ready for handover to tenants from Q3FY24 17
Slide 19: Powai Commercial Complex
Powai Commercial Complex ACTUAL SHOT CIGNUS Powai® Tower I at Westin Complex, Powai is a premium office CIGNUS Powai® Tower II at Westin Complex, Powai a premium space ~0.78 msf. office space ~0.75 msf. In final stage of completion Expected completion by FY27 18
Slide 20: Real-estate Development in Bengaluru
Real-estate Development in Bengaluru ❖ 9 residential towers of 10 floors each ❖ 2 residential towers of 11 floors each ❖ New Commercial block for strata sale ❖ ~Rs. 4,250 mn estimated cost to completion ❖ Project expected to be completed by FY26 Approval in place from existing customers for revised
Slide 21: About Chalet
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Slide 22: For a Sustainable Tomorrow
For a Sustainable Tomorrow Robust and globally benchmarked governance practices, driven by a board with 57% independent directors Environment ▪ 68%*of power sourced through renewable resources in June 2023 ▪ EV charging stations operational at 7 properties ▪ Focus on reducing energy consumption per
Slide 23: Climate Group commitment
Climate Group commitment First hospitality company globally to sign up for all the three initiatives of The Climate Group ✓ 100% of the vehicle fleet ✓ Chalet Hotels commits to ✓ All properties in the used for guest transport - double its revenue per unit Company’s portfolio to will transition to El
Slide 24: Operating Portfolio – Hotels
Operating Portfolio – Hotels The Westin Mumbai Powai Lake, 600 keys JW Marriott Mumbai Sahar, 588 keys The Dukes Retreat, 80 Keys The Westin Hyderabad HITEC City, (Upcoming ~70 Keys) 168 Keys Four Points by Sheraton Navi Lakeside Chalet, Marriott Executive Novotel Pune Nagar Road Hotel, 223 Keys Ben
Slide 25: Operating Portfolio – Commercials
Operating Portfolio – Commercials The Orb – Retail & Office Tower, 0.5 mn sq. ft. CIGNUS Whitefield Bangalore® Tower I, 0.66 mn sq. ft. 24
Slide 26: Profit & Loss Statement – 5 year trend
Profit & Loss Statement – 5 year trend (In Rs. Mn) Particulars (Consolidated) FY23* FY22 FY21 FY20 FY19 ADR 9,169 4,576 4,040 8,482 8,210 Occupancy 72% 51% 30% 71% 77% RevPAR 6,605 2,355 1,214 6,022 6,283 Total Income 11,780 5,297 3,075 10,087 10,348 Total Expenditure 6,757 4,093 2,785 6,380 6,680 E
Slide 27: Balance Sheet – 5 year trend
Balance Sheet – 5 year trend (In Rs. Mn) Particulars (Consolidated) FY23* FY22 FY21 FY20 FY19 Inventory Hotels 8 7 7 7 6 Rooms 2, 634 2,554 2,554 2,554 2,311 Capital Employed 38,531 35,821 32,276 32,816 28,348 Investments# 5,985 3,489 1,433 3,277 656 Net Worth 15,415 13,410 14,329 15,492 14,469 Net
Slide 28: Disclaimer
Disclaimer This release has been prepared by Chalet Hotels Limited (CHL) and the information on which it has been based has been derived from sources that we believe to be reliable. Whilst all reasonable care has been taken to ensure the facts stated are accurate and the opinions given are fair and
Slide 29: Thank You!
Investor Relations Contact Ruchi Rudra / Meghna Luthra E-mail: ruchi.rudra@chalethotels.com meghna.luthra@chalethotels.com investorrelations@chalethotels.com Thank You! Chalet Hotels Limited Raheja Towers, 4th Floor, Block G, BKC, Mumbai 400 051