United Foodbrands Ltd

The transcript from the provided pages does not mention any current or future fundraising plans through debt or equity for Barbeque Nation. Key points related to capital allocation and financial strategy are: - Focus on improving margins and stabilizing existing stores before aggressive expansion. - Capex guidance for FY24 is around INR 80 crores aimed at opening approximately 20 new stores, renovations, and maintenance. - Expansion plans are being calibrated with a cautious approach; store additions are trimmed from earlier higher targets to about 10% growth. - Priority is enhancing cash flow from the existing portfolio before increasing capital allocation towards new stores. - No explicit mention of raising capital via equity or debt in the discussed Q4 and full-year FY23 earnings call.

- Full year FY23 capex was around INR 145 crores, including INR 7 crores in capital work in process. - Breakdown: ~INR 10 crores for maintenance, INR 10 crores for biryani and water projects, INR 120 crores for opening 39 new sites and 3 renovations. - For the current year, planned capex is approximately INR 80 crores: - INR 60 crores for opening about 20 new stores and some renovations - INR 10-12 crores for maintenance - INR 8 crores for other new projects - Store expansion target reduced to 20 new restaurants in FY24 across Barbeque Nation India, Toscano, and International brands, with selective and calibrated growth. - Focus remains on improving same-store sales growth (SSSG) and increasing capacity utilization before accelerating expansion. - Investment also ongoing in delivery verticals and new offerings like Dum Safar for future growth.

- Focus on driving same-store sales growth (SSSG) primarily through volume increases rather than price hikes in FY24. - No planned price increases; some markets have rationalized prices to boost volume. - Delivery segment expected to grow, with a target of approximately INR 200 crores revenue in FY24, up from INR 40-45 crores quarterly run rate recently. - Early signs of volume recovery seen in April and May with month-on-month improvements. - Store expansion to be recalibrated to 20 new restaurants in FY24, focusing more on metro markets and lower in Tier 2/3. - Emphasis on improving margins in the existing portfolio before aggressively expanding. - Medium to long-term growth driven by SSSG, calibrated expansion in Barbeque Nation, Toscano, international markets, and increased sales in other formats like UBQ and Dum Safar. - Overall growth momentum intact with increasing demand expected over next two quarters.

- FY24 growth expected to be volume-driven rather than price-driven; no price hikes planned, with some price rationalization in certain markets (Page 24). - Targeting improvement in same-store sales growth (SSSG) through higher volumes and expanded delivery portfolio (Pages 19, 6). - Margins expected to recover from current pressures, with long-term consolidated EBITDA margin guidance around 13-14%, driven by matured store improvements and new store stabilization (Pages 14-15, 23). - Short-term margin pressures due to aggressive expansion and negative SSSG, but focus on margin improvement in existing stores before further store additions (Pages 19, 16). - Store expansion calibrated to 20 new restaurants in FY24, emphasizing metros and Tier 1 markets, aiming for better capacity utilization and profitability (Pages 10, 6). - Delivery vertical targeted for INR 200 crores, expected to contribute significantly to growth over next quarters (Page 10). - Medium-to-long-term growth story considered intact, driven by SSSG and expansion in Barbeque Nation, Toscano, international business, and delivery (Page 6).

- The company has not indicated a reduction in their order pipeline; the active pipeline remains robust. - They plan to revisit store additions after a couple of quarters based on top-line and margin performance. - If desired numbers on sales and margins are achieved in the next two quarters, capital allocation towards store expansion will resume. - The long-term target remains to expand to around 500 outlets across their three brands/segments. - Currently, they are recalibrating expansion pace for a few quarters as a sensible capital allocation measure.