Barbeque Nation Hospitality records 70% yoy revenue growth in FY22; Stock plunges 7%

19 May 2022 , 09:16 AM

Barbeque Nation Hospitality Ltd, one of the leading food services company in India has announced its Q4 FY22 results.

FY22 and Q4 FY22 Highlights

• Revenue from operations of Rs861 crore, an increase of 70% over previous year
• Dine-in revenue growth of 54% and delivery revenue growth of 157% in FY22 over FY21
• Reported EBITDA of Rs160 crore in FY22 vs. Rs92.4 crore in FY21
• Growth of 11% in Q4FY22 revenues with EBITDA margin of 20.1%
• Opened 12 new Barbeque Nation restaurants taking overall network to 185 restaurants
• Cumulative Barbeque Nation App downloads of 4.2mn, 63% increase over March 21
• Successful track record of new business like UBQ, Toscano and International

Commenting on the business, Kayum Dhanani, Managing Director, said, “We are happy to announce yet another remarkable quarterly operating performance at Barbeque Nation. The quarter started with a strong Omicron wave leading to dine-in operating restrictions.

However, recovery post the 3 rd wave was equally steep, leading to strong revenue growth during the quarter. Over last two and half years, the business has effectively sailed through 3 Covid waves led by strong resilience of the brand and the team. The business has structurally become more robust with strong Balance sheet, diversified revenue streams and profitable presence across multiple geographies and brands. We also ramped up our expansion with 12 new restaurants, taking overall store count to 185 restaurants. With various strategic initiatives envisaged during the current financial year, we are well poised to continue our growth trajectory in the future.”

Commenting on the performance, Rahul Agrawal, CEO, said, “ The dominance of Omicron wave, multiyear high inflation and challenges in supply chain had led to challenging operating environment during the quarter. Despite these challenges, Barbeque Nation has continued its growth journey with strong y-o-y annual growth in it’s dine-in & delivery revenues and margins. We continue to invest in expanding our restaurant network and have reached 185 restaurants as on March 2022.

We intend to continue this momentum and expect to add 35-40 new restaurants during FY23 and another 80 restaurants by FY25. Over the last two years, the Company has demonstrated strong track record of new business verticals like UBQ, BBQ International and Toscano. With a strong balance sheet and operating strength, our prime focus will be to continue our expansion and provide best-in-class dining & delivery experience to our guests whilst creating value for all our stakeholders.”

On Thursday early trade, Barbeque Nation Hospitality was trading at Rs924.20 per piece lower by 7.24% on the BSE.