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As on 19-May-2022  12:37

Barbeque-Nation declines after dismal Q4 outcome
Net sales rose 10.9% to Rs 251.02 crore in Q4 FY22 as against Rs 226.35 crore in Q4 FY21. Profit before tax stood at Rs 23 lakh in the fourth quarter, down by 97.2% from Rs 8.32 crore in the same period last year.

Same store sales growth (SSSG) came at 5.5% in Q4 FY22 as against 19.9% in the same period last year. SSG refers to the year-over-year growth in sales for restaurants opened before previous financial year.

EBITDA declined 10% to Rs 50.4 crore in Q4 FY21 as against Rs 56.1 crore over the same period last year. Meanwhile, EBITDA margin declined to 20.1% in Q4 FY22 from 24.8% in Q4 FY21.

On full year basis, the company reported net loss of Rs 26.09 crore in FY22 as compared to a net loss of Rs 92.53 crore in FY21. Net sales surged 69.7% to Rs 860.55 crore in FY22 over FY21 .

Commenting on the business, Kayum Dhanani, managing director (MD) of Barbeque-Nation Hospitality, said, “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 of Barbeque-Nation Hospitality, 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.”

Meanwhile, the company has announced that Amit V Betala has resigned from the post of chief financial officer with effect from 18 May 2022 and he will take over the role of Chief Growth Officer. Anurag Mittal has been elected as Chief Financial Officer of the company w.e.f. 19 May 2022.

Barbeque Nation is a food services company. It currently owns and operates 166 outlets across India and 3 other countries. The company pioneered the format of 'over the table barbeque' concept in Indian restaurants.

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