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ICICI Securities Report
We met Sanjay Purohit, Group CEO, Sapphire Foods India Ltd. Takeaways:
Focus is back on core products, expanding occasions, improving value proposition, driving consumer experience given near-term demand headwinds for KFC and Pizza Hut India while creating higher awareness for PH India through continued higher ad-spends and innovations.
Cautious approach towards near-term store expansion for PH while KFC is likely to continue its expansion trajectory (average daily sales trajectory of new stores versus system average is a key monitorable).
Incremental focus on building lunch dine-in and late-night occasions through launch of attractive combos.
Operating margins to be under pressure in the near term given cost inflation (raw material, labour etc.) and operating deleverage with a focus on revival of growth-led (operating leverage) margin recovery.
Maintain Add.
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