About
Chalet Hotels Ltd
Chalet Hotels Limited was incorporated as a Private Limited Company with the name 'Kenwood Hotels Private Limited' on January 6, 1986. On July 19, 1997, the Company was converted into a Public Company and the name was changed to 'Kenwood Hotels Limited'. On April 6, 1998, the name of Company was further changed to 'K. Raheja Resorts & Hotels Limited'. Thereafter, on May 4, 1999, the name was changed to 'Chalet Hotels Limited'. On the conversion of Company to a Private Limited Company and a fresh Certificate of Incorporation issued by the RoC on October 15, 2011, the name changed to 'Chalet Hotels Private Limited'. Resulting to this, Company converted to a Public Limited Company and name of the Company was changed to 'Chalet Hotels Limited' effective on June 6, 2018.
Chalet Hotels Limited, the hospitality arm of one of India's leading real-estate development group, viz. K Raheja Corp, is an owner, developer, asset manager and operator of hotels under globally leading hospitality brands and resorts in the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune and Lonavala.
The Company is engaged in business of hospitality (hotels), commercial and retail operations and real estate development. At March 31, 2023, the Company has 6 hotels (and one service apartment building) operating at Powai and Sahar (Mumbai), Vashi (Navi Mumbai), Pune, Bengaluru and Hyderabad, commercial property at Bengaluru and Sahar, Mumbai and is engaged in construction and development of a residential property at Bengaluru.
Chalet Hotels Limited came out with an Initial Public Offering (IPO) of 58,613,571 equity shares of Face Value of Rs 10 each of the company for cash at a price of Rs 280 per equity share (including a share premium of Rs 270 per equity share) aggregating to Rs1614.18 Crores. The offer comprises of a fresh issue of 33,928,571 equity shares aggregating Rs 950 crores by the company (fresh issue) and an offer for sale of 24,685,000 equity shares aggregating to Rs 691.18, comprising an offer for sale of 5,550,000 equity shares aggregating to Rs 155.40 crores by Ravi C Raheja, 5,550,000 equity shares aggregating to Rs 155.40 by Neil C Raheja, 10,784,176 equity shares aggregating to Rs 301.96 crores by K Raheja Corp Pvt. Ltd., 800,000 equity shares aggregating to Rs 22.40 crores by Palm Shelter Estate Development LLP., and 2,000,824 equity shares aggregating to Rs 56.02 crores by Ivory Properties and Hotels Pvt., Ltd, (the selling shareholders). The IPO was priced at Rs 280 per equity share.
IIn FY'21, the Company acquired 20.8% of the Equity Share Capital of Krishna Valley Power Private Limited and 26% of the Equity Share Capital of Sahyadri Renewable Energy Private Limited, being entities engaged in generation of hydropower.
During 2021-22, commercial projects in Mumbai and Bengaluru and the residential project at Bengaluru were recommenced. It completed the 1st phase of renovation and rebranding of Powai Hotel and expanded room inventory at Novotel in Pune.
In 2022-23, the Company acquired 80-room resort property, The Dukes Retreat' at Lonavala; it ventured into the North Indian market with the Delhi International Airport Limited to design, develop and operate a hotel opposite Terminal 3, at the IGI Airport in New Delhi. It opened the first all-women operated hotel - The Westin Hyderabad HITEC City in June 2023.
During 2022-23, the Company commissioned renovation of 121 rooms and the banquet facilities at The Westin Mumbai Powai Lake'; expansion work on 88 rooms at Novotel Pune Nagar Road; construction of the commercial tower at Whitefield, CIGNUS Tower 1 and conversion of the mall at Bengaluru to commercial premises.
In 2022-23, the Company acquired 100% of the Equity Shares of Sonmil Industries Private Limited and accordingly post completion of the transaction, Sonmil was made a wholly owned subsidiary of the Company effective March 23, 2023. Similarly, 82.28% of the Equity Shares of The Dukes Retreat Private Limited was acquired and it became the subsidiary of the Company effective from the March 23, 2023.
In 2022-23, the Transferor Companies viz., Belaire Hotels Private Limited and Seapearl Hotels Private Limited merged with the Company through Scheme of Amalgamation effective from June 19, 2023.
Chalet Hotels Ltd
Chairman Speech
Dear Stakeholders,
It gives me immense pleasure to highlight the remarkable progress we have made over the
past year. I am excited to share with you the positive outcomes we have achieved as we
continue to embrace the flywheel effect.
The concept of the flywheel effect, popularized by Jim Collins, emphasizes the power of
consistent and relentless effort in driving sustainable growth. Just like a flywheel, our
business gains momentum through the cumulative effect of our actions, creating a virtuous
cycle that propels us forward. By leveraging this concept, we have witnessed substantial
improvements across various aspects of our business today and the ones that we look
forward to.
The travel sector experienced a significant rebound as air passenger traffic reached
pre-COVID levels. The Company achieved outstanding performance, recording its highest ever
Revenue and EBITDA during the Financial Year. The Average Daily Rates (ADR) crossed
historical peak atRs 11,304 in Q4FY23, while the annual Revenue from operations amounted
to Rs 11.8 billion. The Company concluded the year with an EBITDA of Rs 5 billion and a
Profit After Tax of Rs 1.8 billion.
This has also been a year of many firsts! The Company successfully acquired its first
leisure property, The Dukes Retreat' at Lonavala, which is an 80-room resort. Furthermore,
the Company entered into a License Agreement with Delhi International Airport Limited to
design, develop and operate a hotel opposite Terminal 3, at the IGI Airport in New Delhi,
marking its entry into the North Indian market. The Company opened its first all-women
operated hotel -TheWestin Hyderabad HITEC City in June 2023, and commenced leasing at
Whitefield, Bengaluru. Various other projects, including the residential project at
Koramangala, are progressing smoothly and are on track for completion.
Our dedication to sustainability has been integral to our progress. The Company has
always worked to uphold its Environmental, Social and Governance (ESG) standards and has
been demonstrating the same through various initiatives such as its commitment to Climate
Group's EP100, RE100 and EV100. From energy-efficient practices to waste reduction
strategies, we are actively contributing to the preservation of our planet while also
attracting environmentally conscious guests who align with our values.
Moreover, we have embraced technology as a catalyst for growth. Through digital
transformation initiatives, we have streamlined our reservation processes, expanded our
online presence, and leveraged data analytics to gain valuable insights. These
advancements have not only increased our operational efficiency but have also allowed us
to personalize the guest experience, resulting in higher guest engagement and repeat
business.
Lastly, I would like to acknowledge the invaluable contributions of our dedicated team
members who have been instrumental in driving our success. Their passion, expertise, and
unwavering commitment to excellence have been the driving force behind our achievements.
By fostering a culture of empowerment, collaboration, and continuous improvement, we have
cultivated a workforce that is motivated to go above and beyond for our guests and our
organization.
As we reflect on the progress made, it is important to recognize that the flywheel
effect is a continuous journey. Looking ahead, we remain focused on innovation,
sustainability, and delivering exceptional guest experiences, which are laying the ground
for a promising future.
On behalf of the entire team at Chalet, I extend my deepest gratitude to our esteemed
shareholders, for your unwavering support and trust. It isthrough your continued
partnership that we can shape a prosperous future for our Company.
Yours sincerely,
Hetal Gandhi
Chairman and Independent Director
DIN 00106895
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Chalet Hotels Ltd
Company History
Chalet Hotels Limited was incorporated as a Private Limited Company with the name 'Kenwood Hotels Private Limited' on January 6, 1986. On July 19, 1997, the Company was converted into a Public Company and the name was changed to 'Kenwood Hotels Limited'. On April 6, 1998, the name of Company was further changed to 'K. Raheja Resorts & Hotels Limited'. Thereafter, on May 4, 1999, the name was changed to 'Chalet Hotels Limited'. On the conversion of Company to a Private Limited Company and a fresh Certificate of Incorporation issued by the RoC on October 15, 2011, the name changed to 'Chalet Hotels Private Limited'. Resulting to this, Company converted to a Public Limited Company and name of the Company was changed to 'Chalet Hotels Limited' effective on June 6, 2018.
Chalet Hotels Limited, the hospitality arm of one of India's leading real-estate development group, viz. K Raheja Corp, is an owner, developer, asset manager and operator of hotels under globally leading hospitality brands and resorts in the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Hyderabad, Bengaluru, Pune and Lonavala.
The Company is engaged in business of hospitality (hotels), commercial and retail operations and real estate development. At March 31, 2023, the Company has 6 hotels (and one service apartment building) operating at Powai and Sahar (Mumbai), Vashi (Navi Mumbai), Pune, Bengaluru and Hyderabad, commercial property at Bengaluru and Sahar, Mumbai and is engaged in construction and development of a residential property at Bengaluru.
Chalet Hotels Limited came out with an Initial Public Offering (IPO) of 58,613,571 equity shares of Face Value of Rs 10 each of the company for cash at a price of Rs 280 per equity share (including a share premium of Rs 270 per equity share) aggregating to Rs1614.18 Crores. The offer comprises of a fresh issue of 33,928,571 equity shares aggregating Rs 950 crores by the company (fresh issue) and an offer for sale of 24,685,000 equity shares aggregating to Rs 691.18, comprising an offer for sale of 5,550,000 equity shares aggregating to Rs 155.40 crores by Ravi C Raheja, 5,550,000 equity shares aggregating to Rs 155.40 by Neil C Raheja, 10,784,176 equity shares aggregating to Rs 301.96 crores by K Raheja Corp Pvt. Ltd., 800,000 equity shares aggregating to Rs 22.40 crores by Palm Shelter Estate Development LLP., and 2,000,824 equity shares aggregating to Rs 56.02 crores by Ivory Properties and Hotels Pvt., Ltd, (the selling shareholders). The IPO was priced at Rs 280 per equity share.
IIn FY'21, the Company acquired 20.8% of the Equity Share Capital of Krishna Valley Power Private Limited and 26% of the Equity Share Capital of Sahyadri Renewable Energy Private Limited, being entities engaged in generation of hydropower.
During 2021-22, commercial projects in Mumbai and Bengaluru and the residential project at Bengaluru were recommenced. It completed the 1st phase of renovation and rebranding of Powai Hotel and expanded room inventory at Novotel in Pune.
In 2022-23, the Company acquired 80-room resort property, The Dukes Retreat' at Lonavala; it ventured into the North Indian market with the Delhi International Airport Limited to design, develop and operate a hotel opposite Terminal 3, at the IGI Airport in New Delhi. It opened the first all-women operated hotel - The Westin Hyderabad HITEC City in June 2023.
During 2022-23, the Company commissioned renovation of 121 rooms and the banquet facilities at The Westin Mumbai Powai Lake'; expansion work on 88 rooms at Novotel Pune Nagar Road; construction of the commercial tower at Whitefield, CIGNUS Tower 1 and conversion of the mall at Bengaluru to commercial premises.
In 2022-23, the Company acquired 100% of the Equity Shares of Sonmil Industries Private Limited and accordingly post completion of the transaction, Sonmil was made a wholly owned subsidiary of the Company effective March 23, 2023. Similarly, 82.28% of the Equity Shares of The Dukes Retreat Private Limited was acquired and it became the subsidiary of the Company effective from the March 23, 2023.
In 2022-23, the Transferor Companies viz., Belaire Hotels Private Limited and Seapearl Hotels Private Limited merged with the Company through Scheme of Amalgamation effective from June 19, 2023.
Chalet Hotels Ltd
Directors Reports
Chalet Hotels Ltd
Company Background
| Incorporation Year | 1986 |
| Registered Office | Raheja Tower P No C-30 Block G,Bandra Kurla Complex Bandra(E)
Mumbai,Maharashtra-400051 |
| Telephone | 91-22-26564000,Managing Director |
| Fax | 91-22-26565451 |
Hetal GandhiSANJAY SETHI| Company Secretary | Christabelle Baptista |
| Auditor | B S R & Co LLP |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Chalet Hotels Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Hetal Gandhi | Chairman & Non Executive Dir. | 2023 |
| Ravi C Raheja | Non-Exec & Non-Independent Dir | 2023 |
| Neel C Raheja | Non-Exec & Non-Independent Dir | 2023 |
| SANJAY SETHI | Managing Director & CEO | 2023 |
| ARTHUR WILLIAM DE HAAST | Non-Exec. & Independent Dir. | 2023 |
| Conrad D Souza | Non-Exec. & Independent Dir. | 2023 |
| Radhika Piramal | Non-Exec. & Independent Dir. | 2023 |
| Christabelle Baptista | Company Sec. & Compli. Officer | 2023 |
Chalet Hotels Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| CNX500 |
| BSESMALLCA |
| BSEALLCAP |
| GOODSSERVI |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
Chalet Hotels Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Room Charges | NA | 0 | 0 | 0 | 615.702 |
| Food & Beverage | NA | 0 | 0 | 0 | 338.59 |
| Lease Rent | NA | 0 | 0 | 0 | 88.678 |
| Other Services | NA | 0 | 0 | 0 | 74.177 |
| Sale of Products | NA | 0 | 0 | 0 | 11.32 |
| Other Operating Revenues | NA | 0 | 0 | 0 | 0 |
| Sale of Services | NA | 0 | 0 | 0 | 0 |