 "Burger King")
Shares of Restaurant Brands Asia (formerly Burger King India) rallied 13 per cent on the NSE to hit a 52-week high of Rs 135.40 in Friday’s intra-day trade after over 25 per cent of its total equity changed hands on the exchange.
The stock surpassed its previous high of Rs 134 touched on October 4, 2022.
Around 125.44 million equity shares, representing 25.36 per cent holding worth Rs 1,494 crore in the company, changed hands on the NSE, exchange data shows. The names of the buyers and sellers were not ascertained immediately.
As on June 30, 2023, the promoter, QSR Asia Pte Ltd held 40.80 per cent stake in Restaurant Brands Asia, the shareholding pattern data shows.
Restaurant Brands Asia is one of the fastest growing international Quick Service Restaurant (QSR) chain in India during the first five years of its operations based on the number of restaurants.
As the national master franchisee of the BURGER KING brand in India, it has exclusive rights to develop, establish, operate and franchise BURGER KING branded restaurants in India.
The company is optimistic about its growth prospects in the medium to long term on the back of economic development and growth of the organised QSR segment in India and Indonesia.
Despite the intense competition in the organised sector, the company is confident to stay ahead of the competition with the strength of its expertise, brand and quality and healthier products.
It intends to get to 450 restaurants by the end of FY24 and 700 restaurants by December 2026. The company targets to achieve around 10 per cent SSSG growth in India from where it stands by the end of FY24 and it is believed that with the initiatives taken, it should be able to get nearly 8 per cent SSSG growth thereafter year-on-year.
