Restaurant Brands Asia Q3 Review - India Outshines Amid Tough Macros; Indonesia Loss Narrows: Motilal Oswal

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Restaurant Brands Asia Ltd.’s India business posted 20%/48% YoY growth in revenue/Ebitda (inline) in Q3 FY24. Store addition was healthy (added 38 stores), with same-store sales growth at 2.6% (estimate: 3.5%). Amid a tough demand environment, most quick service restaurant brands are expected to post muted growth metrics (SSSG, average daily sales). We believe Restaurant Brands Asia’s performance is better than its peers’. As the near-term industry demand outlook remains weak, Restaurant Brands Asia has lowered its SSSG guidance for FY24 to 3% from 6%; however, it has retained 8% SSSG guidance for the medium term.  Despite a deceleration in growth metrics, Restaurant Brands Asia could improve Restaurant Ebitda margin (pre IND AS) to 12%, up 180 basis points on YoY and 150 bp on QoQ. We do not expect such margin improvements for peers in Q3. Indonesia business revenue rose 1% YoY (miss) to Rs 1.6 billion, largely due to store adds. Indonesia Ebitda loss narrowed to Rs 24 million (estimate loss Rs 76 million and Rs 181 million/Rs 72 million in Q3 FY23/Q2 FY24).  We maintain our 'Buy' rating on the stock..Click on the attachment to read the full report:.Piramal Enterprises Q3 Review - Strong Retail Momentum; Legacy Book Continues To Run Down: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Restaurant Brands Asia Q3 Review - India Outshines Amid Tough Macros; Indonesia Loss Narrows: Motilal Oswal

India business posted 20%/48% YoY growth in revenue/Ebitda (in line)

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Restaurant Brands Asia Q3 Review - India Outshines Amid Tough Macros; Indonesia Loss Narrows: Motilal Oswal

India business posted 20%/48% YoY growth in revenue/Ebitda (in line)

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