BARBEQUE NATION HOSPITALITY: Robust dine-in revenue leads to a significant beat (BARBEQUE IN, Mkt Cap USD0.6b, CMP INR1196, TP INR1300, 9% Upside, Neutral) The first normal quarter for BARBEQUE after the lifting of COVID-related restrictions witnessed a strong performance in dine-in, led by realization and covers. Delivery fell ~6% QoQ, especially in the Box product. While the second quarter is usually subdued, the recovery momentum in dine-in is likely to result in healthy earnings in 3Q a...
FOOD SERVICE INDUSTRY – THEMATIC: Bon Appétit; Strong tailwinds for organized FSI players Huge opportunity in FSI with organized players growing faster The INR4.2t (USD58b) Indian Food Sevice Industry (FSI) is expected to grow by ~9% CAGR over FY20-25E. Its drivers include: a) rising income levels, urbanization, and nuclearization, b) innovative offerings that appeal to the youth, and c) the changing dynamics of the space, with the growth of online food delivery and food tech. Within FSI...
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