US based fast food chain Burger King has grew 69% to post sales of Rs 237 crore during FY17 in the second year of its India operations.
In the 2016-17 fiscal, the company generated average sales of Rs 2.7 crore from each of its 88 outlets opened till March.
Burger King’s losses rose to Rs 62 crore during last fiscal, compared with Rs 38 crore a year ago, as the company doubled its store count. Burger King, that now runs more than 100 stores in India, claims it is now profitable at both the store and company level.
Rajeev Varman, CEO, Burger King India in a statement said, “Our restaurant EBIDTA (earnings before interest, taxes, depreciation, and amortisation) has been positive since last July. Sales grew mainly due to three reasons — all our burgers are grilled similar to an Indian-stye tandoor which is healthy, our focus on entrylevel pricing, and we offer the largest vegetarian menu within QSR.”
“There’s a significant room to grow as the potential in each of the 28 cities where we are present remains high,” said Varman.
Burger King entered India in November 2014 and partnered with Everstone Capital in India holding a majority stake in the company through subsidiary F& B Asia Venture.
It has lined up $100 million for expansion over the next few years and expects to open at least 40-45 restaurants in India in the next few years.