The stock was trading at its highest level since its market debut on April 7, 2021. With the past four days' rally, it has zoomed 143 per cent from its issue price of Rs 500 per share.
Barbeque Nation is one of India’s leading casual dining restaurant chains. It currently owns and operates 147 outlets in India across 77 cities, 4 outlets in the UAE, 1 outlet in Malaysia and 1 outlet in Oman. The company pioneered the format of 'over the table barbeque' concept in Indian restaurants.
The company's revenue from operations grew 939 per cent year on year (YoY) at Rs 102 crore during the quarter ended June 2021 (Q1FY22). It reported same to sale growth of 960 per cent.
Delivery revenue jumped 1,251 per cent YoY at Rs 56 crore over Q1FY21. The company said, consolidated sales recovery of 48 per cent in Q1FY22 as compared to the same period in FY20. It reported Ebitda (earnings before interest, taxes, depreciation, and amortization) loss of Rs 10 crore, primarily impacted due to second wave of pandemic lockdowns and ensuing restrictions.
The company's operations were impacted last year due to pandemic led lockdowns. The company has took various initiatives to overcome the challenges including cost optimisation, focus on delivery business, as well as updated their BBQ App.
The management said the company delivered strong performance in Q1FY22 despite the second wave of pandemic and ensuing lockdowns and restrictions on dine-in businesses. "While this quarter was a similar situation to Q1FY21 we were better prepared and our diversification strategy has helped mitigate the decline in revenues. We have transformed Barbeque Nation from a casual dining restaurant chain to a diversified food services company, focusing on building a strong delivery business and develop our digital assets," the management said.
The company has resumed focus on network expansion and opened two Barbeque Nation restaurants in the first quarter and has a strong pipeline of under construction restaurants. In line with strategy to expand delivery segment, the company have launched four extension kitchens in July, thereby increasing points of sale and catering to a larger customer base.
At 01:26 pm, the stock was up 14 per cent at Rs 1,170 on the BSE, as compared to a 0.22 per cent decline in the S&P BSE Sensex. Trading volumes on the counter jumped over three-fold with a combined 1.1 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.
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