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Restaurant Brands Asia block deal: Restaurant Brands Asia (RBA) share price advanced 7.8 per cent to Rs 109.85 apiece on the BSE in Thursday's intraday deal after nearly 1.4 million shares changed hands on the counter.
At 12:23 PM, one million shares changed hands on the BSE at a price of Rs 107 per share. Till 1:30 PM, a total of 5.87 million shares had, together, changed hands on the NSE and BSE.
The names of the buyers and sellers could not be ascertained immediately.
Restaurant Brands Asia is a part of the Restaurant Brands International Inc, which is one of the world's largest quick service restaurant (QSR) companies with more than $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries.
RBI owns four of the world's most prominent and iconic quick service restaurant brands – Tim Hortons, Burger King, Popeyes, and Firehouse Subs.
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Restaurant Brands Asia Limited, together with its subsidiaries, operates QSRs in India and Indonesia. The company was formerly known as Burger King India Limited and changed its name to Restaurant Brands Asia Limited in February 2022. Restaurant Brands Asia Limited was incorporated in 2013 and is based in Mumbai, India.
Thus far in calendar year 2024, shares of RBA have slipped 8.8 per cent on the BSE as against a 3 per cent rise in the benchmark BSE Sensex.
The stock hit a 52-week high of Rs 137.85 on September 15, 2023, and a record high of Rs 219.15 apiece on December 17, 2020. It hit an all-time low of Rs 83.71 per share on March 29, 2023, while the stock hit its 52-week low of Rs 91.70 on Tuesday, June 4, 2024.
In April this year, rating agency Icra re-affirmed its long term credit rating for Rs 150-crore term loan facility; and re-affirmed and withdrew the long term/short term credit rating for Rs 150 crore Bank Facilities (Unallocated amount) of the company.
“The reaffirmation of the long-term ratings of Restaurant Brand Asia Limited (RBAL) reflects Icra’s expectation of continued steady performance of RBAL in near to medium term, supported by resilient India operations and expectations of its Indonesian subsidiary turning profitable at level. Despite the inflationary pressures, which resulted in soft customer sentiments, the company reported healthy year-on-year (Y-o-Y) growth of 19 per cent in 9MFY2024, at a consolidated level, driven by Same Store Sales growth for its India operations coupled with contributions from aggressive new store additions,” the agency had said.
The ratings, however, remain constrained by the company’s aggressive expansion plans over the medium term and its low return on capital employed (RoCE) levels, along with continued losses at the net level attributed to sizable depreciation charge, it added.
In the recently concluded quarter, RBA reported revenue of Rs 439.1 crore, up 20.3 per cent Y-o-Y from Rs 364.9 crore reported in Q4FY23.
It reported an Ebitda of Rs 10.6 crore in Q4FY24, up 96 per cent Y-o-Y. Its Ebitda was the highest ever of Rs 75.3 crore in FY24, an increase of 109 per cent Y-o-Y.
