Chalet Hotels shares surge over 4% after company launches Athiva Hotels & Resorts

Shares of the hospitality and resorts chain operator, Chalet Hotels, rose as much as 4.41% to hit an intraday high of ₹918.80 on the National Stock Exchange after the company informed exchanges that it has launched its new hospitality chain Athiva Hotels & Resorts.

The company launched hotels in six cities with 900 plus keys. The company launched properties in two properties in Mumbai, two properties in Goa and one in Thiruvananthapuram.

Chalet Hotels launched Athiva, Navi Mumbai, Athiva Resort & Spa, Aksa Beach, Mumbai, Athiva Resort & Spa, Varca, Goa, Athiva Resort & Spa, Bambolim, Goa and Athiva Resort & Convention Centre, Thiruvananthapuram

The company currently has 11 hotels with 3,389 keys.

Chalet Hotels in the second quarter of current financial year reported net profit of ₹155 crore against loss of ₹139 crore in the year-ago period.

Its revenue from operations jumped 94% to ₹744 crore in July-September period from ₹383 crore in the same period last year.

The company reported strong operational performance as its EBITDA came in at ₹308 crore as against ₹155 crore in the year-ago period and its EBITDA margin improved by 75 basis points to 41.4%.

The company declared its maiden interim dividend of ₹1 per equity share (face value ₹10 each), reflecting its commitment to rewarding shareholders and encouraging the expansion of the shareholder base, Chalet Hotels said.

Chalet Hotels Limited, part of K Raheja Corp, is an operator, owner, developer and asset-manager of high-end hotels and luxury resorts in India. It comprises of 11 operating hotels & resorts with 3,359 keys across globally.

As of 10:01 am, Chalet Hotels shares traded 3.26% higher at ₹909, outperforming the NIFTY500 index which was down 0.6%.