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Chalet Hotels Limited, owner, developer, and asset manager of hotels in key metro cities of India, announces its results for its year ending March 31, 2022. 

The company reported a total income of 529.7 crore in the current FY22 year up from 307.5 crore in FY21. It reported a narrowed net loss of 81.5 crore in the financial year as compared to 139.1 crore in FY21.

In FY20, though, before covid struck, the company had reported a profit after tax (PAT) of 99.6 crore. That year, its total income was 1009 crore. 

It said in a statement that in this quarter ended March 31, its revenue grew 75% and its occupancy also was up to 55% as against 39% in FY21’s Q4 when the second wave of the pandemic had struck.   The company’s hotel portfolio includes JW Marriott Mumbai Sahar, Four Points by Sheraton Navi Mumbai; The Westin Hyderabad Mindspace and Bengaluru Marriott Hotel Whitefield. etc.

 Sanjay Sethi, MD & CEO, Chalet Hotels Limited, said, “The business has demonstrated resilience, despite the third wave of Covid-19 during the quarter. Recent months indicate a rapid recovery to FY20 numbers and full recovery to come in about two quarters before earlier estimates. We are well positioned with its ability to realign assets and mitigate risks, focus on sustainability and maintain cost controls, to continue delivering value to our stakeholders,“ he said. 

According to STR, which provides analytics and insights on global hospitality sectors, there has been a continued recovery from the Omicron wave in India’s hotel industry. The company said in a statement that with the passing of the Omicron wave, traveller confidence has grown significantly, and leisure destinations have continued their momentum from the prior months, Matthew Burke, STR’s Regional Director – Pacific, Japan & Central South Asia said some leisure markets such as Himachal Pradesh, Goa, and Uttarakhand had seen significant occupancy levels throughout 2022, most times exceeding pre-pandemic levels. 

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