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Dolat Capital Report
Burger King India Ltd.'s results exceeded our estimate. The company achieved 101% average daily sales recovery in October 2021 over FY20, improvement from 95% in Q2 FY22.
While delivery average daily sales (to FY20) moderated to 162% in Oct-21 from 165% in Q2 FY22, dine-in recovered 74% in Oct-21 from 65% in Q2 FY22.
Stunner menu launched nationally in Q1, gained encouraging response.
The company launched first BK Cafe in Q2FY22 and expects to increase the count to 75 stores by the end of FY23E. Burger King India has 10 BK Cafe under construction.
Burger King India has achieved gross margin of 65.2%/65.4% during Q1 FY22/Q2 FY22 and targets to achieve 66/68% gross margin in FY22/24E.
BK App crossed 1.5 million downloads with 50% plus QoQ growth.
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