Restaurant company Barbeque-Nation Hospitality announced Q1FY24 results:
- Revenue from operations of Rs 323.9 crore, QoQ growth of 15.6%
- Reported EBITDA stands at Rs 47.6 crore; EBITDA margin of 14.7%
- Dine-in to a delivery revenue mix of 85.1% and 14.6% respectively
- Barbeque Nation India dine-in / others revenue mix of 72.6% and 27.4%
- Opened 4 new restaurants taking the overall network to 212 restaurants
- Own Digital Assets Contribution of 25.6%
Commenting on the business, Kayum Dhanani, Managing Director, said, “Our performance for the quarter was encouraging considering the prevailing demand softness across the industry. We recorded a robust sequential volume growth of 20% across both dine-in and delivery businesses. On the back of this strong volume growth, we reported a revenue of Rs 323.9 crore, a growth of 15.6% compared to Q4FY23. Our medium to long-term growth story remains intact and we are pursuing a very clearly defined strategy. Our focus will be on driving SSSG and profitability for the India dine-in business, scaling emerging verticals such as Toscano and international businesses, and driving penetration for UBQ and Dum Safar.”
Commenting on the performance, Rahul Agrawal, CEO, and Whole Time Director, said, “We reported a strong sequential revenue growth of 15.6% with revenues of Rs 323.9 crore. This growth was driven by dine-in revenue growth of 14.5% and delivery revenue growth of 21.0% during the same period. Consolidated reported EBITDA for the period increased by 13.1% QoQ with a margin of 14.7%. Our primary focus during the quarter was to drive cover growth and all our efforts have yielded very encouraging results. We are confident of continuing the trend and gradually increasing our margins going forward. We are also focused on maintaining our market leadership position in the CDR segment in India through our four-pronged strategy of growing Barbeque Nation India dine-in business, scaling emerging verticals, growing delivery, and portfolio diversification.”