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Motilal Oswal Report
The first normal quarter for Barbeque Nation Hospitality Ltd. after the lifting of Covid-related restrictions witnessed a strong performance in dine-in, led by realisation and covers.
Delivery fell ~6% QoQ, especially in the Box product.
While the second quarter is usually subdued, the recovery momentum in dine-in is likely to result in healthy earnings in Q3 and Q4 FY23. Valuations are fair at 18.2 times FY24E pre Indian accounting standard 116 enterprise value/Ebitda.
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