The company owns and operates Barbeque Nation Restaurants, one of India’s leading casual dining restaurant chains (in terms of outlet count as of September 30, 2020) according to the Technopak Report, and International Barbeque Nation Restaurants. They also own and operate Toscano Restaurants and UBQ by Barbeque Nation Restaurant. They have steadily grown their owned and operated Barbeque Nation Restaurant network from a single restaurant in 2008 to 147 Barbeque Nation Restaurants (including opened, temporarily closed and under construction outlets) across 77 cities in India and six International Barbeque Nation Restaurants in three countries outside India as of December 31, 2020. They own 61.35% of the equity share capital on a fully diluted basis of one of their Subsidiaries, Red Apple, which owns and operates nine restaurants under the brand name, “Toscano”, a casual dining Italian restaurant chain and operates one restaurant each under the brand names “La Terrace” and “Collage” respectively. The first Toscano Restaurant commenced operations in June 2008 and, as of December 31, 2020, they operated eleven Italian Restaurants, nine of which are under the brand name “Toscano”, in three cities in India. In November 2018, they launched UBQ by Barbeque Nation Restaurant to provide a la carte Indian cuisine in the value segment. At present, UBQ by Barbeque Nation Restaurant predominantly caters to the delivery segment.
Impact of Covid-19: Company’s restaurants in different states and regions in India have been disproportionately affected by COVID-19 and the measures implemented in each state have varied due to regional and regulatory differences in each state in India. As a result of COVID-19, the company has had to temporarily close a number of restaurants across India commencing from March 2020 and have experienced reduced store-level operations, including reduced operating hours and restaurant closures. During the initial stage of the COVID-19 crisis, footfalls and sales in their restaurants fell significantly due to the lockdown and other measures implemented by the GoI. Their footfalls and sales have since started to recover, although not yet to levels they saw prior to the COVID-19 crisis. As of the date, their restaurants in 77 cities across India have reopened, often with limited operations. The majority of their restaurants have opened for dine-in guests; however, the capacity may be limited, based on local regulations. In addition, the COVID- 19 pandemic has directly impacted their same-store sales in the restaurants. The reduction in the level of business activity due to the COVID-19 crisis has also led to write offs of food inventory and a reduction in orders with their suppliers since their inventory includes food items which are perishable in nature.
