Burger King India ends 3% lower as firm reports net loss of Rs 26 cr
Shares of Burger King declined 7% intraday on Thursday after it reported the muted numbers, and closed nearly 3% lower.
Burger King’s initial public offering was subscribed 156.65 times, but analysts tracking the sector said the ongoing pandemic has led to subdued consumer sentiment as far as discretionary spending is concerned and is likely to impact numbers negatively in the April-June quarter as well.
The burger and fries chain had posted net loss of Rs 37.41 crore in the corresponding year-ago quarter, the quick service restaurant chain said in a regulatory filing on Thursday.
Income for the quarter under consideration stood at Rs 199.45 crore, against Rs 192.95 crore in the year-ago period. Total expenses in the March 2021 quarter stood at Rs 219.81 crore.
Earlier this month, Devyani International Ltd (DIL), the largest franchisee operator of global restaurant chains Pizza Hut, KFC and Costa Coffee, too filed for an initial public offering to raise close to Rs 1,400 crore. DIL is the third QSR chain going ahead with an IPO in recent months, after Burger King and Barbecue Nation. Packaged foods and condiments maker Mrs Bector’s Food Specialities too debuted on the stock exchanges last December.
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