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Chalet Hotels

BSE: 542399|NSE: CHALET|ISIN: INE427F01016|SECTOR: Hotels
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Chairman's Speech (Chalet Hotels) Year : Mar '19

Ladies and Gentlemen,

It gives me immense pleasure to present the 34th Annual Report of the Company for the financial year 2018-19.

The Company successfully concluded its Initial Public Offering (IPO) in January 2019 followed by listing of its shares on February 7, 2019. This represents a major milestone in the evolution of the Company since the opening of your Company’s iconic hotel property on the banks of Powai Lake, Mumbai in 2001. The equity shares of the Company are now actively traded on the National Stock Exchange of India Limited and BSE Limited. I am also happy to share that, during financial year 2018-19 your Company entered the Rs.1,000 crore club in terms of total income.

Notwithstanding the global events that impacted the year that went by, the Indian economy continued to deliver steady growth of around 7%, much higher than the global economic growth. Further an air of reassurance has set in with the results of the Election being declared. With a majority government at the Centre and expectations of tangible policy reforms, the next few years should augur well for - business growth in India.

Over the past few years the industry has seen a positive movement in occupancy levels complemented with moderate increase in room rates. Financial year 2018-19 was a good year for the Hospitality sector. For your Company, the room rates grew by 5% and the annual occupancy increased by ~300 basis points to 76% during the financial year 2018-19.

We are now moving forward with optimism and an enhanced vision To create extraordinary shareholder value through enduring experiences for our guests, partners and colleagues’, supported by our values of - Integrity, Agility, Efficiency, Collaboration, Sustainable Development and Respect for Colleagues.

On behalf of my colleagues on the Board, I extend my sincere gratitude for the continued support of all the stakeholders. I am keenly looking forward to welcome all the new shareholders at our first Annual General Meeting (AGM) post listing.

Hetal Gandhi

Chairman and Independent Director

Source : Dion Global Solutions Limited
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