India outshines amid tough macros; Indonesia loss narrows

Company
30 Jan 2024
5 Min read 
  • Retail Restaurant Brands Asia (RBA) reported 3QFY24 results with positive performance in India and narrowing losses in Indonesia.
  •  India business posted 20% YoY growth in revenue and 48% YoY growth in EBITDA.
  •  RBA added 38 stores in India and closed 1 store in 3QFY24, taking the total count to 441 stores.
  •  RBA has lowered its SSSG guidance for FY24 to 3% from 6% due to weak demand outlook.
  •  Despite weak demand, RBA is expected to deliver strong domestic growth and improve EBITDA margin.
  •  RBA's BUY rating is maintained with a target price of INR140.
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