Chalet Hotels jumps after foreign broker initiates 'buy' call

Chalet Hotels (CHL) jumped 3.94% to Rs 349.30 after a foreign broker initiated 'buy' rating on the stock with a price target of Rs 455 per share.

The foreign broker reportedly said that CHL is best placed to ride industry upcycle. It has strategically located metro centric hotel portfoliowith requisite pricing power amid affiliation with marquee global brands. The broker expects the company to clock revenue/profit CAGR of 19%/68% over FY23-FY25.

Chalet Hotels (CHL) 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.

On a consolidated basis, CHL reported net profit of Rs 15.73 crore in Q2 September 2022 as against net loss of Rs 13.66 crore in Q2 September 2021. Net sales rose 93.35% to Rs 247.84 crore in Q2 September 2022 over Q2 September 2021.

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