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Chalet Hotel jumps over 6% in three days

Capital Market 

Chalet Hotels rose 1.67% to Rs 191.25, extending gains for the third straight session.

Shares of Chalet Hotels have risen 6.28% in three sessions from its recent closing low of Rs 179.95 on 17 September 2021. The stock has risen 15.94% in one month compared with the Sensex's 6.71% rise in the same period. It has risen 34.23% in one year as against 56.47% rise in the Sensex.

Hospitality stocks are in demand recently as declining COVID-19 cases in India has boosted reopening optimism. Furthermore reports suggest that India may soon reopen for foreign tourists for the first time in one-and-a-half years.

Following a decline in COVID-19 cases in the country, India is reportedly planning to reopen for foreign tourists. First five lakh foreign tourists will be issued visas free of cost in an attempt to revive the tourism, reports added.

Hospitality and aviation sectors are badly hit by the COVID-19 pandemic since March 2020 when a nationwide lockdown was announced.

Meanwhile, Chalet Hotels on Tuesday (21 September) announced that it has become the first hospitality company, globally, to join Climate Group's RE100, EP100 and EV100 initiatives linked to renewable electricity, energy efficiency and electric mobility respectively.

Under the three initiatives by Climate Group, Chalet Hotels has committed that all properties under its portfolio will move to 100% renewable electricity by year 2031.

Chalet Hotels has committed to double its revenue per unit of electricity consumed by the year 2029, considering a baseline year of 2016.

Further, 100% of the vehicle fleet deployed across the properties in the company's portfolio, that is used for guest transport, will transition to electric vehicles by 2025. All Chalet properties will be equipped with EV charging points accessible to both employees and visitors.

Amongst its other sustainability initiatives, Chalet Hotels is in the process of putting into place measurable benchmarks to monitor its carbon footprint, and electricity and water consumption through the deployment of solutions based on the Internet of Things (IoT) and automation. Hotels of the Chalet portfolio ensure 0% waste-water discharge and have been committed to reducing use of single use plastic and paper. The company has reduced overall energy consumption, by investing in energy efficient devices, automation, and latest technology, across its portfolio.

On a consolidated basis, Chalet Hotels reported net loss of to Rs 41.66 crore in Q1 June 2021 as against net loss of Rs 39.36 crore in Q1 June 2020. Net sales rose 32.12% to Rs 69.52 crore in Q1 June 2021 over Q1 June 2020.

Chalet Hotels is an owner, developer and asset manager of high-end hotels in key metro cities in India. Its hotel platform comprises seven operating hotels, including a hotel with a co-located serviced residence, located in the Mumbai Metropolitan Region, Hyderabad, Bengaluru and Pune.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 22 2021. 12:58 IST