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Chalet Hotels' subsidiary, Chalet Airport Hotel, has recently entered into a franchise agreement with Indian Hotels Company (IHCL), which is supported by the Tata Group. The agreement paves the way for the development of a new upscale hotel at New Delhi's Indira Gandhi International Airport, under the renowned Taj brand. The strategically located hotel will offer easy accessibility to both domestic and international travellers, being situated within walking distance from terminals 3 and 2. The property is planned to comprise 400 rooms, along with dining and conference facilities.
Sanjay Sethi, the managing director of Chalet Hotels Limited, expressed great satisfaction in partnering with IHCL for their forthcoming venture in New Delhi. Sethi emphasised that the decision to associate with the Taj brand was thoughtfully made, recognizing its prestige and appeal. Puneet Chhatwal, the managing director of IHCL, stated that the agreement aligns with their vision of expanding their presence in key gateway cities. Chhatwal also emphasised the significance of having a Taj-branded hotel at one of Asia's busiest airports, adding to their portfolio in the National Capital Region.
Chalet Hotels celebrated a successful financial performance in the fourth quarter of FY23, with a substantial year-on-year increase in revenue from operations, reaching ?338 crore. The company achieved a profit of ?39 crore during this period, marking a significant improvement compared to the loss of ?11.4 crore reported in the same quarter of the previous fiscal year. On an annualised basis, Chalet Hotels' revenue for FY23 amounted to ?1,128.4 crore, a remarkable growth from ?508 crore in the previous financial year. The company also experienced a profitable year, reporting a profit of ?186 crore for the year ending March 31, 2023, after incurring a loss of ?81.4 crore in the preceding year.
Financial services firm Prabhudas Lilladher has recommended purchasing shares of Chalet Hotels, setting a target price of Rs 498, which suggests a potential increase of 36% from the current market prices. With this new project at New Delhi's airport, the Taj brand extends its presence to some of the largest airports in the country, including Delhi, Mumbai, and Bengaluru.
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