Restaurant Brands Asia Q1 Review


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Restaurant Brands Asia Ltd.’s (formerly Burger King India) Q1 FY23 standalone revenue grew ahead of our expectation at 125% YoY even while same store sales growth of 66% YoY was in line with our expectation.

For the India business, average daily sales has now improved to ~Rs 120,000 in Q1 FY23, higher than Rs 114,000 reported in Q3 FY22 with July 2022 ADS looking even better at ~Rs 131,000. Restaurant Brands Asia’s gross margin expanded to 66.4% (up 120 basis points YoY/up 30 bps QoQ).

Restaurant Ebitda margin came in at 14.8% in Q1 FY23; 6.1% on a pre-IND AS 116 basis.

There was a ~220 bps impact on Ebitda margin due to incremental marketing spends done in Q1 FY23 (over normal levels), which will normalise over the full year.

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