CHALET reported better than expected performance with EBITDA margin of 46.3% (PLe 44.9%) aided by 21.4% growth in RevPAR and strong traction in leasing income. Apart from continuing momentum in RevPAR, near term growth in the hospitality business is likely to be driven by addition of ~450 keys at Khandala and Delhi over the next 2 years. Pipe-line for long term is stronger with plans to add new hotels in Goa, Airoli and Kerala which will take the total key count to ~4,500+ in next 4-5 years. Even the annuity business has started gaining traction with an expectation of reaching an occupancy of ~90% in next...