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Motilal Oswal Report
Barbeque-Nation Hospitality Ltd.'s reported sales grew 14.5% YoY, and 5.7% QoQ to Rs 3,282 million (our estimate: Rs 3,497 million).
Same-store sales growth stood at -1.2% YoY (our estimate: 4%) in Q3 FY23.
The company opened 10 Barbeque Nation stores, taking the number of stores to 192 in India and six globally at the end of Q3 FY23. It has 12 extension kitchens for Barbeque Nation and 14 Toscano outlets at the end of Q3 FY23. Total metro and tier-I accounted for 156 stores and tier II/III accounted for 56 stores.
Gross margin was up 90 basis points YoY/ 60 bps QoQ to 66.7% (our estimate: 66.5%).
Ebitda grew 18.9% YoY to Rs 620 million (our estimate: 756 million). Ebitda margin came in at 18.9% versus 22.9% YoY and 18.8% QoQ (our estimate: 21.6%). Adjusted profit after tax declined 66.1% YoY to Rs 50 million (our estimate: 174 million).
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