Trending stock: Shares of Barbeque Nation surge on the bourses after reporting strong Q1FY23 performance!

The company reported a topline growth of 208.76%, which led to its highest ever quarterly revenue.

Shares of Barbeque Nation Hospitality Ltd are buzzing on the bourses today. As of 12.44 pm, the shares of Barbeque Nation Hospitality Ltd are being traded at Rs 1220.70 apiece, an appreciation of 2.11% over the previous closing price. This rally came on the back of strong performance reported for the quarter ending June 2022.

In Q1FY23, on a consolidated basis, the company’s net revenue grew 208.76% to Rs 314.87 crore. The growth was led by both an increase in the number of covers as well as an increase in average realization per cover. This was the highest ever quarterly revenue earned by the company. Of the total revenue, 87% came from the dine-in segment whereas the remaining 13% came from the delivery segment.

The PBIDT (ex OI) turned positive to Rs 70.45 crore from a negative Rs 17.82 crore in the corresponding quarter last year. This change was led by the company’s focused approach on improving operating efficiencies, calibrated price increases and change in business mix in favour of dine in business. Subsequently, the PAT came in at Rs 16.03 crore as against a loss of Rs 43.86 crore in the corresponding quarter last year.

Established in 2006, Barbeque Nation is one of India’s leading food services company. It is a subsidiary of Sayaji Hotels Limited, an Indore-based restaurant chain. Barbeque Nation currently owns and operates 195 restaurants (across 2 brands) in India and 3 other countries.

In an interview with CNBC TV 18, Rahul Agrawal, CEO of Barbeque Nation Hospitality Ltd, said that the company’s target is to improve the gross margin to 68%, and open 40 outlets this year. He further stated that the business has become stronger as compared to the pre-pandemic period.

Today, the scrip opened at Rs 1195.50 and has touched a high and low of Rs 1269.55 and Rs 1170.80, respectively. So far 62,058 shares have been traded on the bourses.