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Burger King India, which is now operating as Restaurant Brands Asia Ltd, has reported a huge loss in its fourth quarter financial report. The company revealed the diminished sales on Wednesday, May 17.
Burger King India said that the loss was also due to the higher costs as it expends more on ingredients for the restaurants. Moreover, it has to shell out more cash at a time when it was expanding the business in Indonesia and India.
As per Reuters, it is not only Restaurant Brands Asia that is experiencing hardship due to the rising costs but many fast-food brands in the country are struggling as well. Most of the restaurant essentials that have higher price tags now include cheese, milk, and even vegetables.
The restaurants’ sales are also lower than usual as the consumers are spending less due to inflation. In any case, Indian franchisees of other popular fast-food chains, such as Domino’s Jubilant Foodworks and KFC’s Deyvani International, reported gloomy results too.
Based on the report, Burger King India’s combined net loss has ballooned to 733.7 million rupees or about $9 million in the financial quarter that closed on March 31. Previously, in 2022, the number was only 670.7 million rupees. Its overall expenses increased by approximately 29%.
Then again, despite the loss, the company’s revenue earned from operations rose to almost 29% to 5.14 billion rupees. This has been attributed to the opening of new Burger King locations over the past year. The store launchings were carried out to enter new cities in India and keep up with the local competition.
Meanwhile, CNBCTV18 reported that some local sources revealed that Everstone Private Equity Firm is currently in talks about selling its entire stake in Restaurant Brands Asia, which operates Burger King in India. Jubilant Foodworks is reportedly considering placing its bid, and two bidders are already being shortlisted for the deal.
Photo by: Aashish Singh/Unsplash
