Burger King fell 0.45% to Rs 153.25 after the company posted a net loss of Rs 29.03 crore in Q3 FY21, higher than net loss of Rs 21.73 crore in Q3 FY20.
Net sales dropped 28.4% to Rs 163.19 crore in Q3 FY21 as against Rs 227.92 crore in Q3 FY20. The result was announced after market hours yesterday, 9 February 2021.Burger King's pre tax loss expanded to Rs 29.03 crore in Q3 FY21 compared with Rs 21.73 crore in Q3 FY20. The company said it saw strong business recovery, despite COVID-19 pandemic and tough macroeconomic environment.
Restaurant EBITDA tumbled 26.1% to Rs 14.37 crore in Q3 FY21 over Q3 FY20. Restaurant EBITDA margin stood at 8.8% in Q3 FY21 as against 8.5% in Q3 FY20.
The company opened 9 new stores in Q3 FY21 while the total store count as of 31 December 2020 stood at 270 stores. Same store sales growth (SSG) stood at -34.8% in Q3 FY21 as against -0.2% in Q3 FY20. SSG refers to the year-over-year growth in sales for restaurants opened before previous financial year.
Burger King expects SSSG growth at 5%-7% FY22 onwards and expects number of stores at 470 in FY24.
Burger King set shop in India in November 2014 and has been among the fastest expanding quick service restaurant chains in the country. It is promoted by QSR Asia. The company is the national master franchisee of Burger King in India, with exclusive right and license to develop, establish, operate and franchise Burger King restaurants in India.
Shares of Burger King were listed on the stock exchanges on 14 December 2020 at Rs 115.35, a premium of 92.25% to the initial public offer (IPO) price of Rs 60. The IPO of Burger King India was subscribed 156.65 times.
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