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India sales and earnings missed our estimates due to impact from the Omicron COVID wave in Jan-Feb'22. The recovery in average daily sales (ADS) has been strong in Mar-May'22. The recovery in dine-in stood at 96% in May '22, with delivery sustaining at higher levels. Overall, ADS were 111% of pre-COVID levels in May'22.
Response to BK Café has been good. The management is targeting a cumulative 200/300 BK Cafes by FY23/FY24 from 35 at the end of FY22. This will cover around half of the expected stores in FY23 and nearly two thirds of stores by FY24.
Indonesia is witnessing the lifting of COVID-related restrictions in May '22 and the company expects to reach pre-COVID ADS levels by 2HFY23. We maintain our Buy rating on the stock.
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