5 Jun 2023 , 10:57 AM
While FY23 was again a strong year for the QSRs with revenue growing in the range of 13-23% on 4yr Cagr basis (YoY growth was much higher). However, on deep-dive one realises that majority of this was driven by aggressive store additions; ADS growth across the industry was muted. Moreover, Q4FY23 ADS for the industry declined YoY (demand slowdown and competition). Similar story played out in margins where Q4FY23 margins declined YoY across players, but expanded for FY23. JUBI underperformed with contraction in both Q4FY23 and FY23 margins. Westlife bucked the trend with positive SSSG and margin expansion.
Store opening
Revenue/ADS performance
Cost and margin performance
Capex per store/return performance
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