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Nirmal Bang Report
Restaurant Brands Asia Ltd.'s Q4 FY24 results were in line with expectations on the India business. There was a beat in Indonesia Ebitda as a result of unusually low other expenses which the management attributed to the impact of store rationalisation and lower selling, general and administrative costs.
The management has guided for gradual improvement in sentiment in India (but refrained from providing same store sales growth guidance unlike in the past) and has stopped store expansion of both Burger King and Popeye's in Indonesia in FY25 awaiting better macro-economic environment.
We maintain Accumulate rating on the stock, as recovery in both India and Indonesia is uncertain and valuations appear fair.
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