Restaurant Brands Asia (RBA) Q4FY2025 (Consolidated) results

• Restaurant Brands Asia’s (RBA’s) consolidated revenues grew by 5.9% y-o-y to Rs. 633 crore; missing our expectation of Rs. 651 crore. India business grew by 11.5% y-o-y, while Indonesia business declined by 9.7% y-o-y. The company opened 3 stores (net) in India in Q4FY25.
• Gross margin improved by 104 bps y-o-y to 65.3%, while EBIDTA margin stood flat y-o-y at 11.6%, lower than our expectation of 11.9%.
• EBITDA grew by 5.7% y-o-y to Rs. 73 crore. The company posted a loss of Rs. 60 crore against a loss of Rs. 92 crore in Q4FY24. We had expected the loss to be at Rs. 48 crore.
• View: We shall review our earnings estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock. 

Results (Consolidated)                                                                            Rs. Crore

 Actual vs estimates                                                  Rs. Crore