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Nirmal Bang Report
Restaurant Brands Asia Ltd.'s Q4 FY22 performance was slightly lower than our expectations.
For the India business, Average Daily Sales stood at ~Rs104,000 in Q4 FY22 vs Rs87,000 in Q4 FY21(Rs114,000 in Q3 FY22).
Overall ADS recovery in Q4 FY22 stood at 95% of FY20 ADS (Delivery business ADS recovery stood at ~155% while Dine-in business recovery stood at ~68% vs 78% in Q3 FY22).
The recovery rate has improved in April'22/May'22 at 102%/111%.
The quarter saw 21 new store additions, taking the total store count to 315 restaurants.
Despite certain commodity cost headwinds, gross margin improved in Q4 FY22 by 50 basis points year-on-year for the India business, but was flat on a quarter-on-quarter basis.
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