The company’s revenues in the quarter declined 28.4 per cent on-year to Rs 163.19 crore. However, on a sequential basis, the company’s topline showed growth of 69 per cent.
The company said that its revenues had recovered to 72 per cent of the level they were at in the same quarter year-ago, suggesting that the quick-service restaurant operator is still reeling from the impact of the Covid-19 pandemic.
At the end of January, Burger King said that the recovery in the topline was at 99 per cent of the pre-Covid levels and 86 per cent of the same month a year ago.
During the quarter, the company opened nine stores across the country to take its total store count to 270 as on December 31. The company expects to grow its store count to 470 by the end of 2023-24.
The company’s same-store sales, a key metric in judging the revenue performance of each store, declined 34.8 per cent in the quarter, but recovered sequentially from a decline of 48.6 per cent.
Burger King’s operating profit in the quarter declined 94.8 per cent year-on-year to Rs 25 lakh. The company’s operating margin stood at 0.2 per cent at the end of the quarter as against 2.1 per cent a year ago.
The operating profit numbers of the company exclude the impact of shift to IND AS 116 accounting norm.
The company declared its earnings post market hours. Shares of the company ended 2.4 per cent higher at Rs 154.30 on the National Stock Exchange.
