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Motilal Oswal Report
Barbeque Nation Hospitality Ltd. delivered a strong all-round performance in Q3 FY22as the increase in mobility and upbeat festive sentiment drove a strong recovery in its dine-in business to 108% of pre-Covid-19 levels.
While the recovery is flat on a per store basis, it is still commendable considering quick service restaurant players are considerably lagging in terms of a recovery in the dine-in channel.
At the same time, the delivery channel continues to hold up well, meeting the management's FY22 sales guidance of Rs 1.5 billion sales in nine months itself.
Although Barbeque Nation raised prices by 5-6% to beat commodity inflation, gross margin expanded by 20 basis points YoY. The gain of 180 bps YoY in operating margin was largely led by operating leverage.
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