Chalet Hotels Ltd. · NSE:CHALET
Chalet Hotels — Q3 FY23 Earnings Presentation
24 slides from Chalet Hotels's earnings presentation, Jan 24, 2023
Slide 1: Cover letter to stock exchanges
January 24, 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 Dear Sir / Madam, Subject:
Slide 2: Investor Presentation Q3FY23
Investor Presentation Q3FY23
Slide 3: Looking upwards and onwards
Looking upwards and onwards Passenger traffic recovery ~90% for Oct-Nov 2022 vs pre-Covid times Direct flights resumed between India-US (Currently 9 per week from Mumbai and Bengaluru and expected to increase to 16 per week by March) E-Visas re-activated New international airport inaugurated in Goa
Slide 4: Sustained growth momentum in Q3FY23
Sustained growth momentum in Q3FY23 ADRs crossed Rs 10k for the quarter ADR Rs 10,168 +11% vs Q3FY20 +28% vs Q2FY23 At all time high Hospitality Revenue Rs 2,654 mn +6.2% vs Q3FY20 +19% vs Q2FY23 Hospitality EBITDA Rs 1,085 mn +0.3% vs Q3FY20 +34% vs Q2FY23 Consolidated Revenue* Rs 2,955 mn +3.9% vs
Slide 5: Operational Overview
01 Operational Overview
Slide 6: Consolidated Performance
Consolidated Performance Q3FY23 Adjusted Revenue Adjusted Revenue & EBITDA (In Rs. Mn) 8% 2% 4%^ 8,059 7,714 4%^ 0.3%^ 9%^ 90% 3,158 2,847 2,955 3x^ 2,910 2,505 2.5x^ 1,193 1,467 9M FY23 Adjusted Revenue 1,189 877 1,024 333 574 158 2% 9% Q3FY20 Q2FY23 Q3FY23 9M FY20 9M FY23 Revenue* EBITDA* PAT Note
Slide 7: Consistent outperformance
Consistent outperformance November 2022 ADR at 10-year high ADR (Rs.) Occupancy % RevPar (Rs.) 9,000 83% 8,000 8,429 8,342 10,834 75% 75% 74% 10,168 10,164 10,151 71% 7,000 70% 9,284 9,201 6,863 6,640 8,803 6,534 6,000 8,507 6,132 6,077 6,070 8,078 7,930 7,851 5,802 5,794 5,650 7,457 5,000 5,100 4,0
Slide 8: Hospitality Revenue and EBITDA Margin
Hospitality Revenue and EBITDA Margin Consistently over pre-pandemic Q3FY23 Revenue 3000 60% 2,654 7% 2,498 2500 2,298 50% 2,198 2,233 2,046 2000 43% 40% 41% 41% 34% 39% 37% 36% 1500 30% 59% 1,082 1,085 950 1000 854 811 20% 749 500 10% Room F&B Other 0 0% Q1FY20 Q2FY20 Q3FY20 Q1FY23 Q2FY23 Q3FY23 EB
Slide 9: Hospitality City-wise Performance
Hospitality City-wise Performance Q3FY23 Q2FY23 QoQ% Q3FY20 Var% ADR (Rs.) MMR 11,037 8,314 36% 8,942 23% Q3FY23 Revenue Rs. 2,654 Mn Bengaluru 9,495 7,702 23% 9,685 -2% 5% Hyderabad 10,462 8,992 16% 9,747 7% Same store 10,726 8,219 31% 9,201 17% 18% Pune 5,582 5,377 4% Combined 10,168 7,930 28% 9,2
Slide 10: Enhanced Efficiencies – Hospitality Q3FY23
Enhanced Efficiencies – Hospitality Q3FY23 Staff to room ratio** EBITDA Margins consistently above 40% 0.9 Dec-22 (1.18 as on Dec-19) Efficiencies in fixed costs continue Payroll Costs % of Revenue Utilities as a % of Revenue 22% 15% 14% 13% 12% 11% 7% 6.4% 7.2% 5.6% **Includes contractual employees
Slide 11: Rental / Annuity Business
Rental / Annuity Business (In Rs. Mn) Steady Rental from Commercial Portfolio Q3FY23 9M FY23 FY22 Total Revenue 244 719 1,050 SLM 20 59 75 EBITDA 198 578 789 Margin % 81% 80% 75% 10
Slide 12: Consolidated Profit / Loss Statement
Consolidated Profit / Loss Statement (In Rs. Mn) Particulars Q3FY23 Q2FY23 QoQ% Q3 FY22 YoY% 9M FY23 9M FY22 YoY% Q3FY20 Var% Total Income 3,218 2,505 28% 1,657 94% 8,322 3,762 121% 2,847 13% Total Expenditure 1,763 1,628 8% 1,238 42% 4,901 2,927 67% 1,658 6% EBITDA 1,455 877 66% 367 297% 3,420 769
Slide 13: Leverage Position
Leverage Position (In Rs. Mn) Net Debt Movement Interest Rate Movement 91 bps 8.43% CHL 7.52% 225 Bps Policy Repo Rate* Mar-22 Dec-22 Capital expenditure in 9MFY23 was Rs. 3,318 Mn. * RBI 12
Slide 14: Project Update
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Slide 15: Ongoing Projects – Rental & Annuity
Ongoing Projects – Rental & Annuity The Commercial Tower in Marriott Repurposing mall to commercial office Complex, Whitefield, Bengaluru is a space with leasable area ~0.3 msf. premium office space with leasable area ~0.66 msf. Handover to tenants can commence from Q1FY24 Handover to tenants commen
Slide 16: Ongoing Projects - Hospitality
Ongoing Projects - Hospitality Addition of 88 rooms at Novotel Westin 2 Hyderabad Mindspace with Nagar Road Pune 168 rooms Handover to hotel team To be commissioned in phases starting commenced Q1FY24 5-star Hotel at Terminal 3, Delhi Airport~375-400 rooms The office space in the erstwhile Accenture
Slide 17: 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 18: About Chalet
03 |: About Chalet
Slide 19: Sustainable Tomorrow
Sustainable Tomorrow USGB Gold LEED Certification Energy Initiatives – JW Marriot Mumbai Sahar ✓ 79%*of power sourced through renewable – Marriott Whitefield Bengaluru resources (YTD FY23) – Office Tower Sahar, Mumbai ✓ All new properties to be LEED certified – Office Tower Whitefield, Bengaluru ✓ R
Slide 20: Chalet Signs Climate Group Initiatives
Chalet Signs Climate Group Initiatives 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, will double its revenue per unit Company’s portfolio to tra
Slide 21: Chalet - A Great Place To Work
Chalet - A Great Place To Work ® Chalet has been recognized Chalet has been recognized amongst ‘Top 10 | Mid – size Chalet Hotels Ranked 59# in amongst ‘Top 10 | Mid – size India’s Best Workplaces – 2022’ 2022 Best Workplaces in India’s Best Workplaces for by Great Place to Work © Asia by Great Plac
Slide 22: Our Portfolio
Our Portfolio Novotel Pune Nagar Road Hotel JW Marriott Mumbai Sahar Bengaluru Marriott Hotel Whitefield The Westin Hyderabad Mindspace (427 (223 Keys) (588 Keys) (391 Keys) Keys) Strategically Chosen Brands at Key Locations Lakeside Chalet, Mumbai-Marriott Executive The Orb – Office Tower Four Poin
Slide 23: 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 24: 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