EBITDA rose 4% to Rs 1,136 crore in Q1 FY24 as against Rs 1,088 crore recorded in corresponding quarter last year. EBITDA margin declined to 36.1% in Q1 FY24 from 41.9% in Q1 FY23.

The company's hospitality segment reported revenue of Rs 280 crore, up 23% from Q1 FY23. Average daily room rate (ADR) stood at Rs 10,317, up by 38% over Q1 FY24 and down 9% sequentially.

Occupancy was at 70% in Q1 June 2023 as against 78% in Q1 June 2022.

The revPAR, or revenue per available room, for the first quarter was Rs 7,182, up 24% compared with Rs 5,794 in the same quarter last year.

Sanjay Sethi, MD & CEO, Chalet Hotels, said, “ARRs have been holding strong with 38% growth year-on-year, a key business performance indicator for the Company. This quarter also witnessed the launch of our first all-women-run hotel, ‘The Westin Hyderabad HITEC City', a small contribution towards gender equality and empowerment in the hospitality industry. India's strong economic indicators combined with a robust demand-supply environment and our ongoing capex initiatives, bode well for the future of Chalet Hotels.”

Meanwhile, the board has approved the appointment of Shwetank Singh as chief growth & strategy officer with effect from 2 August 2023.

Chalet Hotels is an owner, developer, asset manager and operator of high-end hotels in key metro cities in India. CHL portfolio comprises of seven operating hotels, including a hotel with a co-located serviced residence, which are situated across the markets of the Mumbai Metropolitan Region, Hyderabad, Bengaluru and Pune.