External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Restaurant Brands Asia / Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 standalone topline grew by 37% YoY to Rs2.7bn (vs est. Rs2.8bn).</li></ul><div><div><div><div><ul><li>4QFY22 consolidated topline grew by 24.4% YoY to Rs4bn. Gross margin expanded by 100bps YoY to 63.6% (down 30bps QoQ).</li></ul><div><div><div><div><ul><li>FY22 performance: Standalone revenue and EBITDA grew by 90.9% YoY and 175.7% YoY, respectively.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 standalone topline grew by 37% YoY to Rs2.7bn (vs est. Rs2.8bn).4QFY22 consolidated topline grew by 24.4% YoY to Rs4bn. Gross margin expanded by 100bps YoY to 63.6% (down 30bps QoQ).FY22 performance: Standalone revenue and EBITDA grew by 90.9% YoY and 175.7% YoY, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Restaurant Brands Asia - Slight Miss; Guidance Upped for India Business

India

Restaurant Brands Asia is a quick-service restaurant company and the exclusive national master franchisee for the Burger King brand in India. Through its subsidiaries in Indonesia, it also holds exclusive master franchisee rights for Burger King and Popeyes brands. The company focuses on developing, establishing, operating, and franchising these fast-food restaurants. Its headquarters are in Mumbai, India, and it was incorporated on November 11, 2013.

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Restaurant Brands Asia (RBA IN)

Restaurant Brands Asia - Slight Miss; Guidance Upped for India Business

For the India business, Average Daily Sales (ADS) stood at ~Rs104,000 in 4QFY22 vs Rs87,000 in 4QFY21 (Rs114,000 in 3QFY22).

Nirmal Bang

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