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Speciality Restaurants: Is this restaurant stock preparing a recipe for more success?

With H2 being seasonally strong (owing to festivities and higher propensity to consume outside food) as well as recent softening of input prices, the financial performance would only improve.

December 21, 2022 / 12:39 PM IST
Speciality Restaurants: Is this restaurant stock preparing a recipe for more success?

SRL, through cloud kitchens, is ramping up the delivery business (Image: Shutterstock)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Focus on sustaining margins Dine-in business back in action Delivery business maintaining momentum Strong September 2022 quarter results Speciality Restaurants (SRL; CMP: Rs 227; Market cap: Rs 1,066 crore) has put up strong earnings performance since the COVID-19 pandemic started waning from the beginning of this fiscal. In H1FY23, SRL revenues crossed the pre-COVID levels despite having a lesser number of dine-in restaurants (SRL had 83 restaurants, as of September 2022, against 109 in March 2020). Higher sales per restaurant and a ramp-up of the...

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