Restaurant Brands Asia’s consolidated net loss widened in March quarter to Rs 92 crore from Rs 80 crore a year ago, the Burger King and Popeyes operator said on May 16.
Revenue came in at Rs 597.1 crore, rising 16 percent, the quick service restaurant chain said in a regulatory filing on May 16.
Earnings before interest, tax, depreciation and amortization (EBIDTA) for the quarter was at Rs 69.24 crore growing by 152.6 percent. EBITDA margins have improved by 626 bps YoY to 11.6 percent.
In FY24, the company opened a net total of 64 new restaurants, including 16 in the fourth quarter, while closing two in the same period. As of March 31, 2024, there are 455 operational restaurants, with 351 featuring BK Cafés.
The company is rolling out "King’s Journey" digital experience restaurants, which include self-ordering kiosks, app ordering, and table service. Currently, there are 99 King’s restaurants, with a goal of 100 percent rollout by FY25. Additionally, the company has enhanced its Core Whopper, bolstered its premium menu, and expanded its range of handheld chicken snacks.
The company has expanded its King Collection portfolio by introducing Premium Wraps across all restaurants in India. They also launched the popular Crunchy Chicken Nuggets, known for their extra crunchiness. Additionally, the BK Chicken patty has been renovated to include 50 percent more chicken, enhancing the guest experience. The dessert portfolio has been strengthened with the introduction of new, softer, and fluffier muffins that pair perfectly with BK Café Coffee.
The company in its investor presentation noted that it has a target of opening 700 restaurants in India by FY 27. The company also has a target of increasing the gross profit in India by 69 percent by FY27.
Meanwhile, shares of Restaurant Brands closed 0.17 percent down at Rs 102.80 apiece on BSE ahead of the earnings.
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