Conversations With QSR Chains In Chennai: ICICI Securities

ICICI Securities Reports

In this report, we highlight on-the-ground interactions with area / store managers of certain quick-service restaurant brands in Chennai.

We delve further by interacting with dine-in consumers to understand their choice and preference of brands and their average wallet share to these brands on dine-in / delivery. We believe

1. market competition is fierce from local players on price points and brands are competing closely through attractive combos and offers;

2. the regions are witnessing growth with improved average daily sales and average transacting through improved dine-in and delivery compared to YoY and QoQ (KFC, Popeyes, PH, Dominos);

3. IPL may be an add-on growth factor to improve the ticket size further in Q1 FY25 with consumers preferring to order their meal at home and

4. attractive combos, discounts (eg: KFC lunch combo) and new product launches (flavours) are benefiting brands with improved consumer confidence, rising growth and ADS.

We remain constructive on Jubilant FoodWorks and Sapphire Foods India Ltd.

Click on the attachment to read the full report:

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