Barbeque Nation Hospitality on Monday posted a loss of Rs 4.05 crore during the first quarter of financial year 2023-24 in comparison to a profit of Rs 16.03 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 323.89 crore, up 2.9 per cent as against Rs 314.87 crore. The company EBITDA stood at Rs 70.5 crore, down 33.6 per cent on-year. While the total income during the quarter was recorded at Rs 324.77 crore, Barbeque Nation posted an expense of Rs 277.12 crore during the quarter in review.
On a sequential basis, the company said, it delivered a growth in revenue of 15.6 per cent, primarily driven by strong volume growth of 20 per cent QoQ in both dine-in and delivery business. “This growth was driven by dine-in revenue growth of 14.5% and delivery revenue growth of 21.0% during the same period. Consolidated reported EBITDA for the period increased by 13.1% q-o-q with a margin of 14.7 per cent,” said Rahul Agrawal, CEO and Whole Time Director, Barbeque Nation.
The food services company clocked a dine-in revenue at Rs 275.50 crore and delivery revenue of Rs 47.30 crore during Q1FY24. While the dine-in revenue growth was at 1.3 per cent, the company’s revenue for delivery segment posted a revenue growth at 12.6 per cent.
During the quarter, Barbeque Nation added 4 new restaurants resulting in a total count of 212. Total restaurants included 15 Toscano restaurants, 7 Barbeque Nation international restaurants and balance 190 were Barbeque Nation India network.
“Our performance for the quarter was encouraging considering the prevailing demand softness across the industry. We recorded a robust sequential volume growth of 20 per cent across both dine-in and delivery businesses,” said Kayum Dhanani, Managing Director, Barbeque Nation. He further added, “Our medium to long-term growth story remains intact and we are pursuing a very clearly defined strategy. Our focus will be on driving SSSG and profitability for the India dine-in business, scaling emerging verticals such as Toscano and international businesses, and drive penetration for UBQ and Dum Safar.”
“Our primary focus during the quarter was to drive cover growth and all our efforts have yielded very encouraging results. We are confident of continuing the trend and gradually increase our margins going forward. We are also focused on maintaining our market leadership position in the CDR segment in India through our four-pronged strategy of growing Barbeque Nation India dine-in business, scaling emerging verticals, growing delivery and portfolio diversification,” said Rahul Agrawal.
