Speciality Restaurants has reported a weak set of Q1 earnings despite the stock being 68 percent up in the last one year. In an interview to CNBC-TV18, Anjan Chatterjee, Founder & MD of Speciality Restaurants discussed his company's performance in detail.
In an interview to CNBC-TV18, Rajesh Kumar Mohta, CFO of Speciality Restaurants spoke about the results and his outlook for the company.
Speciality Restaurants is looking at smaller format to help reduce manpower costs, electricity cost and other indirect cost. The company is in the process of revamping Mainland China and changing its name to Asia Kitchen by Mainland China.
Rajesh Kumar Mohta, CFO, Speciality Restaurants, shared details on the company's June quarter earnings and future outlook.
Exercise of rationalisation of costs is a continuous process, said Rajesh Kumar Mohta, CFO, Speciality Restaurants so that good money does not get turned into bad money.
Rajesh Kumar Mohta, CFO of Speciality Restaurants expects a better third quarter ahead. The company plans to set up restaurants in strategic locations, he said.
Anjan Chatterjee, Founder and MD, Speciality Restaurants says the restaurant in Doha is about to start while the one in London- oh Calcutta- is still stranded as the UK government is not allowing people and Indian grown cooks to work there.
In an interview with CNBC-TV18, Rajesh Mohta, CFO, Speciality Restaurants discusses the quarterly results and future plans.
Speaking to CNBC-TV18, CFO Rajesh Kumar Mohta says the weekday spending from corporates has been quite sluggish and despite a fall in food inflation, momentum on ground is yet to pick up.
The company, for the quarter ended September, reported a net profit of Rs 2.4 crore versus Rs 4 crore for a year ago period.
The company's revenues for the December quarter grew 18 percent to Rs 77.2 crore, and operating profit (EBITDA) grew 8 percent to Rs 13.67. However, net profit was flat at Rs 6.69 crore.
Indraneil Palit says the company is planning to open four more restaurants in Q2 and have also tied up with the Future Restaurants and is therefore, likely to achieve its expansion plan of adding another 15-16 restaurants in FY14 and FY15.
Speciality Restaurants opened 14 new stores last year, but its same store sales growth remained flat in this quarter.
Speciality Restaurants that runs Mainland China posted a 14 percent rise in revenue for the quarter ending December 31 at Rs 61 crore against Rs 53.53 crore yoy. Anjan Chatterjee, MD, Specialty Restaurants told CNBC-TV18 that the company is adding 16 stores this year.