Speciality Restaurants reported Rs 11.20 crore in net profit in the third quarter of FY22 compared with a net loss of Rs 3.69 crore in the corresponding period a year earlier.
Anjan Chatterjee, founder and MD of Speciality Restaurants says the fourth quarter so far is panning out to be flattish since discretionary spends are not very encouraging
Anjan Chatterjee, Founder & Managing Director of Speciality Restaurants says that the focus, he says, is shifting from ‘fine dining‘ to ‘fun dining‘, which will be an important focus area for the company.
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.
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.
According to Anjan Chatterjee of Speciality Restaurants the third quarter showed a marked improvement after many sluggish quarters.
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.
PEs seek a 3-4x return or a 25 percent Internal Rate of Return from their investments in this space. But this has been hard to achieve due to reasons like tough economic climate, changing consumer palette, and high cost of operations.
Speciality Restaurants opened 14 new stores last year, but its same store sales growth remained flat in this quarter.
In an interview to CNBC-TV18, Anjan Chatterjee gives an insight on how their food business has been performing. He says their discretionary spending has been under pressure.
Fine dining operator Speciality Restaurants' initial public offer has been subscribed 2.49 times so far on final day, as per data available on NSE website. Maximum bids for the issue were seen in the range of Rs 146-150 a share as against price band of Rs 146-155.
The managing director of Specialty Restaurants Anjan Chatterjee tells CNBC-TV18 that they expect their IPO to suceed despite the poor market conditions.
Last 6-7 months have not been very good for initial public offerings. Seven public offers hit the street since November. But barring MT Educare, most others are trading well below their issue price.
Speciality Restaurants will test the markets this week with its planned initial public offering of shares to raise around Rs 182 crore (at the higher end of its price band).