Barbeque Nation - Listing Gains Likely, Operations Need To Improve: Prabhudas Lilladher
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Prabhudas Lilladher Report
We are positive on the IPO of Barbeque Nation Hospitality (listing gains) - one of the fastest growing casual dining restaurant chain in India.
The company has several growth levers such -
1. huge scope of expansion given low penetration
2. expansion of delivery business which has already grown from 3% of revenues pre Covid-19 to 15% of revenues in November 2020.
3. strong value proposition with niche positioning in high growth casual dining segment.
Negative working capital and Rs 3.3 billion funding (including pre IPO) bodes well for a turnaround and steady growth with an estimated 20 restaurant addition/year.
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