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Analyst Meet / AGM
13-Aug-13
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Conference Call
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Speciality Restaurants
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Margins are expected to be better in H2 FY'14
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The company held its conference call on 13th Aug'13 and was addressed by Mr. Anjan Chatterjee MD
Key highlights
- Revenue for Q1 FY'14 was up by 15% due to opening of new stores during the quarter. 4 stores, 3 of Mainland China and 1 of Mezzuna were opened during Q1 FY'14.
- However front-end costs of the new stores along with current economic environment were responsible for fall in gross margins. Also there was a basic shift from Mainland China to Indian cuisine. Mainland China now constitutes about 59% of total revenue as compared to 62% y.o.y.
- Average churn for Mainland China is about 1.4 and average bill per table is about Rs 675. The gestation period of Mainland China restaurant have increased from average of about 6 months to about 12 months due to current state of the economy.
- Continuous exercise on cost control is helping the company on margins to a certain extent. Company has introduced Regular and large portion of meal variants, which will help in larger, churn and average per table. Also rentals are re negotiated and employee costs are being controlled.
- As per the management, thankfully Aug'13 has been a good month for the company so far, as the cover table is better. Also by the end of this month and with seasons to begin in from Sep'13 onwards, management expects price hike to the extent of about 4-5% on different varieties and restaurants. Overall, in H2 FY'14, the focus will be on improvement in margins, and with season coming in and costs control measures, management expects margins to be better in H2 FY'14 compared to H1 FY'14.
- Company is planning to open store in Dubai and will be surely done before Mar'14. One store in Dubai market is equal to about 4 stores in India on a bottom line basis due to high spending power and higher table cover.
- Overall, the plan to open about 14 new restaurants every year still remain intact, however as per management, looking at current scenario, they may opt for 10 for FY'14, but all depends upon how we move forward and how the economy behaves.
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