Barbeque Nation Hospitality Ltd one of the leading food services company in India, announced its Q3 FY23 results.
Revenue from operations during the quarter was INR 328.2 crores, delivering a growth of 14.5% compared to the same period last year. The growth was primarily driven by 18.0% growth in dine-in business. Reported gross margins were 66.7%, which improved by over 90 basis points during the quarter as compared to the previous year. Reported EBITDA for the quarter stood at INR 63.1 crores with EBITDA margins of 19.2%.
During the quarter, the Company added 10 new restaurants and closed 3 restaurants, resulting in total count of 212. Total restaurants included 14 Toscano restaurants, 6 Barbeque Nation international restaurants and balance 192 were Barbeque Nation India network.
Commenting on the business, Kayum Dhanani, Managing Director, said, “Our performance during the quarter was modest despite prevailing subdued demand scenario. We recorded a topline growth of around 15% primarily driven by growth in dine-in segment. During the first nine months, we have added 31 new restaurants. Currently, we have around 14 restaurants under fit-out, which gives us confidence of achieving our guidance of adding 40 new restaurants in FY23. We remain focussed on growing each of our 4 business verticals to build one of India’s largest food services company owning its restaurant brands.”
Commenting on the performance, Rahul Agrawal, CEO and Whole Time Director, said, “Our revenue growth during the quarter was primarily led by growth in dine-in business. The performance of delivery segment was encouraging with around 15% sequential growth. Our delivery transaction volumes continued to increase and with stable AOVs. This improvement was primarily driven by recent initiatives such as menu re-engineering, new combo meals and launch of new Biryani brand, ‘Dum Safar’. Dum Safar is now available at over 50% of our network and continues to generate strong traction from customers. We remain focused on strengthening and accelerating our core dine-in business, growth in the delivery vertical, unlocking the growth potential of Toscano and calibrated international expansion.”