In this briefing: Chalet Hotels - ARR-Led Growth & Annuity Momentum Varun Beverages Ltd - Double-Digit Volumes; Resilient Execution Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms Lucror Analytics - Morning Views Asia City Union Bank Ltd - Strong Quarter; Growth Engine Up and Running 1. Chalet Hotels - ARR-Led Growth & Annuity Momentum Stronger ARR: The hospitality business reported 23% YoY revenue growth, with ARR increasing to Rs 14,970 (+15.7% YoY), driven by 25% growth in non-MMR assets. Occupancy stood at 68%, down 230 bps YoY. While MMR and NCR reported muted ADR growth YoY, Hyderabad, Pune, and Bengaluru delivered strong ADR growth. The occupancy softness was primarily due to key additions in Bengaluru and Khandala, leading non-MMR assets to witness a sharper 490 bps decline. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.