reports
- Krishnan Sambamoorthy
MOSL: DEVYANI INTERNATIONAL: Recovery in dine-in drives strong sales m...
. DEVYANI INTERNATIONAL: Recovery in dine-in drives strong sales momentum (DEVYANI IN, Mkt Cap USD2.8b, CMP INR187, TP INR225, 20% Upside, Buy) DEVYANI's 1QFY23 result was in line at the operating level. Despite material cost inflation, overall gross margin fell only 10bp YoY and 20bp QoQ as a result of timely price increases. These hikes have been well absorbed, as highlighted in our Apr'22 . For KFC, average daily sales (ADS), at 127k, surpassed 3QFY22 levels, with healthy profitability m...
- Krishnan Sambamoorthy
MOSL: BARBEQUE NATION HOSPITALITY: Robust dine-in revenue leads to a s...
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...
MOSL: FOOD SERVICE INDUSTRY – THEMATIC: Bon Appétit; Strong tailwinds ...
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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