Chalet Hotels is volatile
Chalet Hotels is in the news today while its stock price remains pretty volatile – from opening in the green to trading in the red now. The stock opened 4% higher at Rs.341, close to its 52-week high of Rs.345 but profit booking at this level, wiped out all the gains, going down 4% to an intraday low at Rs.316.40. Curently, stock is trading in the red.
The company, making best of the low base effect wherein Q1FY22 still had many Covid restrictions, for Q1FY23, posted a 255% (YoY) jump in total revenue at Rs.260 crore. EBITDA came in at Rs.109 crore v/s loss of Rs.3 crore. The company ended the quarter with a PAT of Rs.29 crore v/s loss of Rs.42 crore.
Earnings apart, the company announced that it has been awarded the contract by Delhi International Airport Limited (DIAL) to develop a Hotel at the T3 Terminal of Indira Gandhi International Airport (IGIA), marking its entry into North India, expected to be commissioned by FY26. It will have between 350 and 400 rooms positioned in the five-star deluxe space.