Conference Call with Barbeque-Nation Hospitality Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Restaurant company Barbeque-Nation Hospitality announced Q3FY22 results: Revenue from operations of Rs. 286.7 crore, an increase of 47.1% vs. Q3FY21 Same-store sales growth of 42.7% Delivery revenue of Rs. 46.6 crore, an increase of 64.4% over Q3 FY21 Consolidated sales recovery of 123% in Q3FY22 as compared to the same period in FY20 Reported EBITDA of Rs 70.2 crore, an increase of 41.1% over Q3 FY21 Opened 7 new Barbeque Nation restaurants and 4 extension kitchens in Q3FY22 Own digital assets contribution of ~25% in Q3FY22 Transforming from a casual dining restaurant chain into a food services company Commenting on the business, Mr. Kayum Dhanani, Managing Director, said: “With the receding impact of the pandemic coupled with increased vaccination, we are experiencing improvement in the demand. Later part of December and January experienced some restrictions due to new variant but anticipate relaxation going forward, which will support our strong recovery trend. The dine in business made a robust recovery and our delivery vertical also contributed to our growth and has already achieved 2x of FY21 revenues. This strong performance has resulted recorded best ever topline and EBITDA in the history of the Company. Our various initiatives, including transformation to a food services company has started yielding positive results and is anticipated to provide further impetus to our growth journey going forward.” Commenting on the performance, Mr. Rahul Agrawal, CEO, said: “The gradual lifting of restrictions across the country has supported our recovery journey for the quarter. Of the total 174, over 90% of our outlets were fully operational during the quarter. This has led us to registering a robust growth in the dine-in segment as well as delivery segment. Our revenues have grown at 47% and profitability also improved significantly during the quarter with over 41% y-o-y growth in EBITDA. In continuation of our strategy to expand our reach, we have added 7 new restaurants during the quarter. We are on track to open 20 restaurants by end of the financial year and will also continue to invest in our digital platform, which will further augment our growth journey.” Result PDF
Highlights Revenue from operations of Rs 2,209 million, an increase of 190% vs. Q2FY21 Same store sales growth of 184% Delivery revenue increased by 219% over Q2 FY21 Consolidated sales recovery of 105% in Q2 FY22 as compared to the pre-COVID period of Q2 FY20. Reported EBITDA of Rs 498 million, an increase of 568% over Q2 FY21 Opened 6 new Barbeque Nation restaurants and 8 extension kitchens Own digital assets contribution of 27.3% Transforming from a casual dining restaurant chain into a food services company Commenting on the business, Mr. Kayum Dhanani, Managing Director, said: “As the economy opened up, we delivered a robust performance in Q2 FY22. Our dine-in and delivery business has shown strong growth momentum and continues to grow month on month. In the incoming quarters, as the impact of COVID further subsides, we endeavor to remain focused on our dine-in and delivery business growth with continued focus on network expansion. In line with our strategy, the business is gradually transforming from a CDR chain to a food services company with diversified revenue segments backed by strong digital assets.” Commenting on the performance, Mr. Rahul Agrawal, CEO, said: “With COVID cases receding and increasing vaccinated population in the country, the mobility has been improving post the second wave. There has been a gradual easing of COVID related restrictions which augurs well for the growth of our dine-in business and this has led to a strong recovery during the quarter. Our diversification strategy continues to reap benefits with both delivery and dine-in businesses growing over the previous year. We continue to remain focused on our core business through our investments in network expansion and in our digital platform covering reservations, delivery and loyalty. Result PDF