Speciality Restaurants
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- Alberta Walters
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1 For private circulation only Volume No. I Issue No. 13 Speciality Restaurants Profit growth to resume Price: Rs 141 Target Price: Rs 185 Sensex: Nifty: 6493 FINANCIAL SUMMARY NET OPM OP OTHER PBIDT INTEREST PBDT DEP. PBT TAX PAT EPS SALES (%) INC. (RS)* 1503(12P) (12P) (12) (12) (12) (12) *EPS is on current equity capital of crore, Face value of Rs 10, P: Projections. Figures in Rs crores. Source: Capitaline Databases STOCK DATA BSE Code : BSE Group : B NSE Code : SPECIALITY Bloomberg : SRL.IN Reuters : SPRE.BO Par Value : Rs week High/Low: Rs 191 / Rs 101 Sector : Hotels & Restaurants SHAREHOLDING PATTERN* Category % of equity Foreign : Institutions : 8.07 Govt Holding : 0.00 Corporate Holding : 4.23 Promoters : Public & Others : 9.30 Totals : 100 * as on 31 st December 2013 Source: Capitaline Databases Speciality Restaurants Ltd. (SRL) is the only listed multi brand fine dining restaurant chain which has been operating in India for the past 18 years. It is primarily engaged in the business of operating restaurants outlets and sweet shops. The company has its flagship Brands namely Mainland China and Oh! Calcutta having its presence for over 17 years along with Sigree, Machaan, Flame & Grill, Haka, Sweet Bengal. Other brands include - Just Biryani, KIBBEH, Kix, Shack, as well as a confectionary brand. SRL is present in 26 cities including Dhaka in Bangladesh. Company has 90 restaurants and 14 sweet Bengal confectionery shops as on Dec 13. Trend is positive for organized food industry The organized food service industry is growing at a fast rate on account of favorable demographics, urbanization, rise in disposable income, increase in working women population and so on. Even though over the years the share of food in total consumption has declined; percentage of expenditure on beverages, alcohol and eating out has gone up. The Food Service Industry is mainly dominated by independent outlets, however entry of international players like McDonalds and Domino s have driven domestic players to become more organized. SRL is one of its kinds with many brands and restaurants under one entity. Different brands; under one umbrella Mainland China is the flagship brand of SRL. It is the largest chain of fine dining Chinese Restaurants in India today with its food widely accepted. The brand has a Pan India presence Oh Calcutta offers a diverse and traditional fare of authentic Bengal cuisine. The Chefs regularly source rare ingredients from Kolkata visiting small hamlets in search of unique dish. Sigree serves fresh offerings flavors of North West Indian cuisine, characterized by modern Indian décor in bronze and red color. The menu at Sigree is exhaustively researched and restored in the traditional fashion. Going forward the company plans to consolidate brands other than Mainland China in Sigree that will provide better management and focus and to have a national brand which helps to leverage in promotion and other spending activities.
2 The new format of restaurant (on terrace) Hoppipola was started in July 13 and has received good response and the company is adding another 2 restaurants of similar formats in Banglore and Mumbai. Consistency in food quality and taste with robust supply chain Speciality Restaurants have been able to maintain uniform and consistent standards across each brand and across geographies. This has been achieved by having a centralized system of raw material sourcing. All restaurants have common suppliers for oil and Chinese sauces etc. This helps the company to control raw material costs, derive economies of scale and maintain consistency. Asset Light Model Speciality Restaurants has an Asset Light model approach wherein it opens all restaurants on lease basis. Moreover, the company is expanding primarily in Metros and Tier I cities by having own restaurants. The expansion efforts in Tier II cities have been mainly through franchise model. Strong Business Model breakeven in 6 months and 3 years for cash payback Restaurants opened by SRL generally have a breakeven period of 6 months and give cash payback in 3 years. On a standalone basis a single restaurant of Mainland China, have a ROE of 30% from the second year of operation. Post 3 years the restaurant becomes self-sufficient and can pay for its future renovation and repairs. As on Dec 13, the company s more than 50% of restaurants are more than 3 years old and are self sufficient to sustain themselves and do not require any additional capital. Rising raw material and lower footfalls affected the growth Higher food inflation has resulted unprecedented rise in raw material prices for the company and in an environment of lower discretionary spending by the people; it becomes difficult for the company to pass on the same. This has resulted in lower margins for the company in FY 14. The OPM for first 9 months of Dec 13 stood at 13.9%, never seen in the past 5 years of the company s operations. Scope of margin improvement is high The company took price increase in the range of 4.5 to 4.75% after a long period of time in Nov 13. The OPM for Dec 13 quarter stood at 15.1%, although down on YoY basis, improved significantly as compared to 13.2% OPM for the first 6 months of FY 14. The full impact of the price hike will come in the January to March 2014 quarter. Food Inflation has decreased in past couple of months and the company is expected to generate better operating margins in the next fiscal. Any increase in discretionary spending, will lead to higher volumes and can significantly increase the margins as fixed costs remain the same. Mainland China recorded a churn of 1.54 in the Dec 13 quarter and an average spends of Rs 675 per person. For Oh Calcutta, the churn for the The organized food service industry is growing at a fast rate on account of favorable demographics, urbanization, rise in disposable income, increase in working women population and so on. Even though over the years the share of food in total consumption has declined; percentage of expenditure on beverages, alcohol and eating out has gone up. Speciality Restaurants have been able to maintain uniform and consistent standards across each brand and across geographies. This has been achieved by having a centralized system of raw material sourcing. All restaurants have common suppliers for oil and Chinese sauces etc. 2
3 quarter was about and average spends is around Rs 900. Currently more than 40% of business happens on weekends. The company is trying various alternatives like home delivery, office delivery, and special promos for ICICI card holders etc for businesses in week days as well, which can lead to higher margins. The home delivery segment has the potential to contribute 7% to revenues from current 2.5-3% over 2 years from now. This segment has very high margin. Continues to open new outlets and goes international Management is confident of opening 14 owned restaurants in FY14, with 9 already opened in first 9 months of FY 14 and in FY 15 and maintains that 75% of the new restaurants will be Mainland Chinas while Sigree Global Grill will be another growth driver which has received strong customer footfalls and break even has been faster than expected. In Q3 FY 14, while revenue grew by 18%, PAT was flat on YoY basis. According to the management, price increase in Nov 13, helped in mitigating the costs. The momentum of Dec 13 month continues to be there in the month of Jan 14 as well. Despite price increases the footfall continues to be the same. There has been some increase seen in same store sales growth which otherwise was very flat for past few quarters and even for Q3 FY 14. International operations will begin only from FY15 as the company starts to expand in Middle East and London markets. Doha is the first JV that the company has entered into overseas which is only for Mainland China. This will further de risk the Indian operations and will give the brand an international presence. Valuation In an environment where discretionary spends are falling, the company has maintained reasonable level of top-line growth and has successfully fought the cost push from high food inflation. Industry drivers remain intact and should significantly boost the company s performance once economic environment improves. For FY 14, we expect the company to register net sales and PAT of Rs crore and Rs crore. For FY 15, we expect the net sales and PAT to be Rs crore and Rs crore. This gives an EPS of Rs 4.6 and Rs 6.2 for FY 14 and FY 15 respectively. Current market price of Rs 141, discounts FY 15 by 22.7 times. Due to rising urbanization and nuclear families, growing young population, growing number of working women, increasing preference for dining out/ eating outside food and changing food habits away from traditional food, the Food service sector offers excellent growth potential. But there is scarcity of listed stocks in this sector. Hence valuations of such stocks will remain high. Buy with a medium term price target of Rs 185. Management is confident of opening 14 owned restaurants in FY14, with 9 already opened in first 9 months of FY'14 and in FY'15 and maintains that 75% of the new restaurants will be Mainland Chinas while Sigree Global Grill will be another growth driver which has received strong customer footfalls and break even has been faster than expected. In an environment where discretionary spends are falling, the company has maintained reasonable level of top-line growth and has successfully fought the cost push from high food inflation. Industry drivers remain intact and should significantly boost the company's performance once economic environment improves. 3
4 SPECIALITY RESTAURANTS :-RESULTS 1312(03) 1212(03) VAR (%) 1312(09) 1212(09) VAR (%) 1303 (12) 1203 (12) VAR (%) Net Sales OPM (%) 15.1% 16.8% 13.9% 16.8% 16.2% 19.1% Operating Profit Other income PBIDT Interest PBDT Depreciation PBT Tax PAT EPS (Rs)* # # # # *EPS is on current equity capital of crore Face value of Rs 10. # EPS is not annualised as the business is seasonal in nature. LP: Loss to Profit. PL: Profit to Loss. Figures in Rs crore. Source: Capitaline Corporate Databases 4
5 FINANCIAL STATEMENT PROFIT & LOSS A/C-STANDALONE - RS. CRS FY09 FY10 FY11 FY12 FY13 Total Income Y-o-Y 10.1% 25.8% 12.1% 15.7% Total Expenditure Food, Bevarages & Provisions Consumed Operating Expenses Employee Cost Power. Fuel & Electricity Selling & Administrative Expenses Miscellaneous Expenses EBIDTA Margin 17.8% 21.1% 22.7% 20.2% 19.4% Depreciation EBIT Interest Other Income PBT Tax Fringe Benefit tax Deferred Tax PAT Extraordinary Items Adjusted PAT Margin 6.6% 7.7% 9.2% 8.7% 9.9% EPS (Rs.) CASH FLOW (Rs in crore) FY09 FY10 FY11 FY12 FY13 Cash Flow Summary Cash and Cash Equivalents at Beginning of the year Net Cash from Operating Activities Net Cash Used in Investing Activities Net Cash Used in Financing Activities Net Inc/(Dec) in Cash and Cash Equivalent Cash and Cash Equivalents at End of the year Year
6 BALANCE SHEET (Rs in crore) FY09 FY10 FY11 FY12 FY13 SOURCES OF FUNDS Share Capital Reserves Total Equity Application Money Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Other Liabilities Total Liabilities APPLICATION OF FUNDS Gross Block Less: Accumulated Depreciation Net Block Capital Work in Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Deferred Tax Assets Deferred Tax Liability Net Deferred Tax Other Assets Total Assets Contingent Liabilities
7 RATIO ANALYSIS FY09 FY10 FY11 FY12 FY13 Key Ratios Debt-Equity Ratio Long Term Debt-Equity Ratio Current Ratio Turnover Ratios Fixed Assets Inventory Debtors Total Asset Turnover Ratio Interest Cover Ratio PBIDTM (%) PBITM (%) PBDTM (%) CPM (%) APATM (%) ROCE (%) RONW (%) Payout (%) Disclaimer : This document has been prepared by M/s Latin Manharlal Securities Pvt. Ltd. and Capital Market Publishers India Pvt. Ltd. (the company) and is being distributed in India by Latin Manharlal Securities Pvt. Ltd. The information in the document has been compiled by the research department. Due care has been taken in preparing the above document. However, this document is not, and should not be construed, as an offer to sell or solicitation to buy any securities. Any act of buying, selling or otherwise dealing in any securities referred to in this document shall be at investor s sole risk and responsibility. This document may not be reproduced, distributed or published, in whole or in part, without prior permission from the Company. Copyright Capital Market Publishers India Pvt. Ltd and Latin Manharlal Securities Pvt. Ltd. 7
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