Restaurant Brands Asia Q2 Results Review

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Restaurant Brands Asia Ltd.’s Q2 FY23 revenues were ahead of our estimates but Ebitda and adjusted profit after tax were below. India business reported strong 50% growth in revenues – ahead of most peers.

Average daily sale recovered from Rs 104,000/120,000 in Q2 FY22/Q1 FY23 to Rs 127,000 in Q2 FY23. Gross margin improved 100 bps YoY was encouraging.

Indonesia business remains impacted partially due to economic headwinds. Restaurant Brands Asia posted 2.9% QoQ growth in Indonesia as ADS recovered from Rs 96,000 to Rs 98,000 sequentially. ADS continues to remain low compared to pre-Covid level of Rs 135,000.

Going ahead, the company intends to maintain 25% same-store sales growth in India business and would take store count to 390/470 by FY23/24E.

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