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23/11/2021
23/11/2021

With tariff hike, Airtel moves to make business sustainable for the long term
Increase in ARPU will help Airtel in long-term sustainability of business and aid investments in upcoming opportunities

23/11/2021

Burger King India Ltd (BKIL; CMP: Rs 1 52; Market Cap: Rs 5,824 crore) has posted a strong
recovery in the September 2021 quarter, with sales reaching near pre-COVID levels.
A strong pick-up in the top line helped BKIL post double-digit EBITDA margin. With sales
crossing pre-COVID levels in October 2021, and malls and colleges being opened up, BKllls
performance is expected to improve. BKIL has the pan-India master franchisee rights till
2039 and plans to open 700 stores by December 2026, indicating about 20 percent CAGR
in store expansion for the medium term.
BKIL is strengthening its digital capabilities (BK App has seen more than 1 .5 million
installations, contributing to an increase in revenue) and building own delivery capabilities
(company has started buying scooters for delivery purposes). The company plans to
venture into the cafe business, which will be an incremental growth opportunity, and it is
margin-accretive as well.
BKllls proposed Indonesian acquisition (83 percent stake) is at an attractive valuation
(EV/sales af 1 .8x FY20 revenues) and would create value in the long run. BKIL has
submitted final bids for the Indonesian operations and the transaction is expected to be
completed by the end of this fiscal.
September 2021 quarter performance
With the unlocking measures, post the dip in COVID-1 9 cases, BKIL saw a stung recovery
in Q2FY22. Revenues were 2.5x of Q2FY21 and almost reached pre-COVID levels (95
percent of Q2FY20 level). Dine-in ADS (average daily sales) reached 65 percent of pre-
COVID levels. whereas the delivery business continued to remain strongly above the pre-
COVID (1 65 percent af Q2FY20 level).
Dine-in sales were at 47 percent af revenues while 53 percent came from the delivery
business.

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