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Motilal Oswal Report
Our channel checks indicated continued strong sales recovery momentum for quick service restaurants across the board.
Dine-in players are doing better, as expected, while delivery has not only sustained at much higher levels than pre-Covid but has also received a sequential fillip in April 2022. This is due to:
the ongoing Indian Premier League cricket tournament that began towards the end of March 2022 and
the start of summer vacation for students.
Importantly, none of the stores we visited indicated any adverse impact to demand from the 3-6% price increases taken across brands in April-2022.
We remain positive on the QSR space in India. Not only has there been a structural shift in favour of the industry post-Covid, but also the sales recovery momentum has remained strong unlike other consumer sector peers.
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