Burger King India Q4 Review - Margin Guidance Increased: Dolat Capital
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Dolat Capital Report
Burger King India Ltd. posted 2.6% revenue growth with same store sales growth declining 4.9% in Q4 FY21.
The performance was lower than the peers Westlife Development Ltd./Barbeque-Nation Hospitality Ltd. which reported 10.5%/up 19.9% SSSG growth during the quarter.
Decline in SSSG can be attributed to:
farmer protests in northern India (60% contribution) and
The company has achieved gross margin target of 65.5% during the quarter and targets to achieve 66/68% gross margin in FY22/24E.
The company has plans to increase BK Cafe reach to 75 stores by the end of FY23E.
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