Speciality Restaurants reports consolidated profit of ₹15.03 cr in 1st quarter

Specialty Restaurants, the company that runs restaurants like Oh! Calcutta and Mainland China reported a profit after tax in Q1 of FY23. The company’s unaudited financial results showed it reported total income of Rs. 98.59 crores for the period ended June 30, 2022 as compared to Rs. 32.38 crore versus Q1 of FY22. It posted a net profit of ₹15.03 crore versus a net loss of ₹8.57 crore a year ago.

This increase in revenue and profit was mainly due to strategic decisions taken during the pandemic, the focus on financial prudence and innovative strategic initiatives.

Anjan Chatterjee, chairman & managing director of the company said while it encountered several challenges during the covid-19 period, but that the company has overcome them and also quickly bounced back and is on course for further growth. “We are focused now on ensuring that we put into practice those disciplines that the pandemic forced upon us,” he said.

The company’s annual report for 2021-22 said in that year it achieved a turnover of over ₹266.6 crore, registering a growth of 59.8% as against the previous year. The company said there was an increase in oil prices and headwinds of broad-based inflation. It said that it had a ₹56.1 crore EBIDTA, that saw a growth of 269.1% as against the previous year.

The company, he added, focused on a lean staff strength coupled with new dimensions added to the business like operating ‘kitchen-within-kitchens’ and independent cloud kitchens. In FY22, the company’s total number of outlets reduced to 117 from 140 in FY20.

The Indian Food Service Industry (FSI) is expected to grow by 9% CAGR over FY20-25. It is currently at ₹4.2 trillion said a ‘Food Service Industry’ report of Motilal Oswal Financial Services.