20 May 2020 While 4QFY20 sales were in line with expectations, EBITDA and PAT were significantly below expectations. Extended lockdown, the economic implications of COVID-19 on discretionary consumption, a minimum wage increase, and 30% of sales generated from dine-ins were major concerns that more than offset market share gains in other restaurants and aggregators. Downgrade to year growth in sales of non-split restaurants opened before the previous financial year) stood at -2.3%. This led to EBITDA margin expansion of 180bp to 18.9%. EBITDA for 4QFY20 (without the impact of Ind-AS 116) declined 59.8% YoY to INR593m, with the EBITDA margin at 6.6%. The company reported an exceptional item of INR323m pertaining to a) provision for diminution in the value of the investment of INR200m in the Sri Lankan subsidiary and (b) COVID-19-led expenses of INR123m.