BURGER

KING

F bruai
February 2021
9, 2021
National
National Stock
Stock Exchange of India
Exchange of Limited
India Limited
B E Limited
BSE Limited Listing Department
Department
RelationsDepartment
orporate Relations Department
Corporate Listing
Phir
Phiroze
z J jeeboy Towers
Jeejeeboy Towers Exchange Plaza, 511,Floor,
Plaza, 5th Plot no.
Floor, Plot no. C/1,
C/1,
Dalal Street, Fort,
treet, Fort, G
G Block,
Block, Bandra
Bandra Kurla Band.ra
Complex, Bandra (E)
Kurla Complex, (E)
Dalal
tumbai-400400 001
001 Mumbai-
Mumbai- 400 051
400 051
Mumbai-
22722037 /39/41/61/3121/3719
No.: 22722037/39/41/61/3121/3719 Fax No.:
Fax 26598237 /38
No.: 26598237/38
Fax
Fax No.:
BURGERKING
NSE Scrip Symbol: BURGERKING
BSE Scrip Code: 543248
BSEScrip Code:543248 NSE Scrip Symbol:

Sirs,
Dear Sirs,
Dear
for the
Sub: Outcome of Board Meeting Unaudited Financial Results of the Company for the
Meeting- Unaudited Financial Results of the Company
Sub: Outcomeandof Boardmonths -

ended December 2020.

31, 2020.
nine
quarter and nine months ended
quarter December 31,
33 read with Regulation 30 of SEBI Obligations
(Listing Obligations
Ref:
Ref: Intimation
Intimation under
under Regulation 33
Regulation read with Regulation 30 of SEBIRegulations")
(Listing
2015 (the "Listing
and Disclosure
and Disclosure Requirements) Regulations, 2015
Requirements) Regulations, (the "Listing Regulations")
wish to inform that the
that of Directors
Board of
the Board Directors
Further to dated
letter dated January 28, 2021, we
28, 2021, we wish to inform you you
Further to our
our letter January Unaudited
the Company at its meeting held today, inter-alia,
meeting held today,
considered
inier-alia, considered and approved the Unaudited
and approved the
of the
of Company at its and nine months
the quarter and nine months ended ended
Standalone
Standalone Financial
Financial Results
Results of the
of Company for the quarter
the Company for
Review
Limited Review submitted
thereon, submitted
Report thereon, by M/ s. SS
by M/s.
December
December 2020. and
31, 2020.
31, took note
and took note ofof the
the Limited Report
to the
RB C & Co.
RBC& Co. LLP, Chartered
LLP, Chartered Accountants,
Accountants,
Auditors
Statutory Auditors
Statutory of Company pursuant to the
the Company pursuant
of the

Regulations.
Listing Regulations.
Listing
In
In this
this regard,
regard, please
please find enclosed the
find enclosed following:
the following:

Unaudited Results along

Financial Results with the
along with Limited Review
the Limited Report
Review Report
1.
1. A copy of
A of the
the Unaudited Financial
copy months ended
quarter and nine months ended
the quarter and
for the
results for
financial results nine
2. Investor Presentation
Presentation on
on
the financial
the
2. Investor
December
December 31, 2020.
31, 2020.

concluded at
and concluded
P.M. and
05:00 P.M. at 07:30 P.M.
07:30 P.M.
Board commenced
Meeting commenced at 05:00
at
The Board
The Meeting
the disseminate
and disseminate to concerned.
all concerned.
to all
take note of the
note of same and
You
You are
are requested to
requested to take same

YOU,
Thanking You,
Thanking
Limited
For Burger King India
India Private Limited)
(Formerly Known as Burger King
KING
Ladhne
G ND
Madhulika Rawat

Company Secretary and Compliance Officeru

Membership No.: F8765

ene 03

LIMITED
INDIA LIMITED
KING INDIA
BURGER KING
BURGER
known
(Formerly known as s Burger
a
Private
India Private
King India
Burger King
Limited) Lim?ted)
Road,
Pada Road,
(Formerly Mittal Commercia, Asan
Commerc1a, Asan Pada
1003-1007, 10th Floor, Mittal
10th Floor,
: unit
Office Unit Nos.
Nos. 1003-1007, 400059.
Registered Office
Registered Andheri East, M":1mb_ru
East, Mumbai - 400059. -

Marol, Andheri
Chimatpada, Marol, 3000
022-7193 3000
Chimatpada, ITel.: 022-7193
U55204MH2013FLC249986
[email protected]|Tel.:
U55204MH2013FLC249986
|[email protected]
CJN
CIN :
Website: www.burgerking.in
Website: www.burgerking.in
 BURGER KING INDIA LIMITED (Formerly known as
BURGER KING INDIA LIMITED (Formerly known as Burger
Burger King
King India
India Private
Private Limited)
CIN
CIN :: U55204MH2013FLC249986
U55204MH2013FLC249986
Registered
Registered Office
Office
1003 to 1007, B wing, 10th floor, Mittal Asan Pada
1003 to 1007, B wing, 10th floor, Mittal Commercia,
Commercia, Asan Pada Road,
Road, Chlmatpada,
Chlmatpada, Marol,
Marol, Andherl
Andheri (Eastl,
(East), Mumbai
Mumbai • 400059
400059 •

Statement of
Unaudited Standalone financial results for the
results for
Statement of Unaudited Standalone financial the quarter
quarter and
and nine
nine months
months ended
ended December
December 31,
31, 2020
2020
jib. In million]
jllb,lnmlllion
Standalone
St1nd1lont
Qu1rtuendtdended
Quarter Nine
Nine monthunded
months ended YHrtnded
Year ended
Putkulmrs
31-Dec-20
Jl·Dt<-20 30-Stp-20
30-Sep-20 31-Dec:·19
Jl·DK-19 31-Dec-l0
Jl·D«-20 31·Dtc•19
31·Dtc•19 31-Mar-20
31-M•r-ZO

Unaudited
LIHudittd Unaudited
Un1udlttd Unaudited
Un1udlled Unaudited
Un1udlttd Audited
Audited Audited
Audited
llteftr Note2)
llltefotrNote21 lllefer
!Refer Note21
Note 2)

11 INCOME
INOOME

22 R~nue
R"'°'nue from Dperjtions
from ?lions
1,631 .91
1,631.91 967.11
967.11 2,279.20
2,279.20 2,98401
2,98401 6,502
6,502 4646 8,412 .38
8,412.38
3 Other Income
3 Other (Refer Note
lnccme (Refer Note 11)
126.78
126.78 139.15 5.90
• 291 .22 55 .91
139.15 S.90 291.22 36.32
36.32 55.91
• Total
Tot1I Income
Income (2+3)
1,751.'9
1,7§1.H 1106.26
1106.26 2215.10
2 215.10 33175.23
_175.n 66 531.71
531.71 14611.29
1461.29

5s EXPENSES
EXPENSES
•I
•I Cost
Cost of
of INlterials
maiterials consu~
coruulnt'd
589.44
S89.44 346.68
346.68 804.56
804.56 1,081.33
1,081.3) 2,314
2,314.39.39 3,014 .90
3,014.90
b) Effl)loyee benefits ~perues
E"1)loyee benefits eaeenses
325.68
325.68 247.02
247.02 386.45
386.45 842 .79
842.79 1,089.51
i.oss.sr 1,365.03
1,365.03
cl
cl Fin~nce
H?nce costs
costs 234.(Xl
234.(X) 211.09
211.09 160.55
160.SS 657.85
657.115 438.33
4311.33 654 .53
654.53
d)
di Depreciation
Depreciation and
and 1mortisatioo
arrort.iutioo expenses
expenses 335.03
335.03 308.56
308.56 323.46
323.46 956.47
956.47 820.75
820.75 1,163.74
1,163.74
•I
•I Other
Other txpenses
eeeeses (Refer Note 11
(Refer Note 11)) 564 .80
564.80 370.24
370.24 827.37
827.37 1,195.21
1,195.21 2,267.37
2,267.37 22,992.34
992 .34
Total
Tot1I expenses
expenses 2,0Q.95
l,041.JS 1,483.59
1,413.59 2,502.39
2,502.39 44 733.65
733.65 6,930.35
6,930.JS 99 190.54
190.54

•• loss before es:ceplional

Loss before l!Kctption.l Item,
Items and
ind tax
t .. (4"5]
(4-SJ 12'10.26)
(290.26) 1m.33J
(Jn.33) (217.29) ll,4SU2)
11,.,u,1 1391.57)
(391.57) 1722.2S)
(722.2SJ

77 Exceptlcw,11
Exceptlonal Items
Items (Refer Note 10)
(Refer Note 10) 7.71
7.71
21.30
21.30
43 .45
43.45

•
• loss before tu
Loss before tu (6-7]
[6-71 1290.2&)
(290.26) 1315.04)
(315.04) 1217.29)
(217-"J 11,470.72)
(1,47!.72) 1391,57)
(391.57) (765.70)
9 TH
9 TH expenses
expenses
•I Cunent
•I CurrenttJx tax

b) Oefened
bl Deferred tax
tax

10
10 Loss
Loss for
for the period (S-9)
the period (1-9) 1290.26)
(290.26) 1315.04)
(315.04) 1217,29)
(217.UJ 11,479.72)
(1 .. 79.72) 1391 ,57)
(391.57) (765.70)
(765.70)

11 Other
11 Other comprehensive
comprehensive Income/
Income/ (loss)
(loss)
i) Items
Items th1t will not
that will be reclassified
not be reclusified to profit or lo1s
to profit°' loss 12.60)
(2.60) 10.62)
(0.62) 11 .11)
(1.11) 13.22)
(3.22) 15.44)
(S.44) j!0.11)
(10.11)
11)
II) Income
Income tax relating to
tax relating to above
above

Total
Tot1I other
other comprehensive
comprehensive Jou
loss for
for the
the pertod
period 12.60)
(2.60) 10.62)
(0.62) ILll)
(LU) 13.22)
(3.22) 15.44)
(S.«J 110.111
(10.11)

12
12 Total
Tot1I Comprehensive
Comprehensive loss
Loss for
for the period (Comprlslnt
the pfflod (Comprlsin1 loss
lou and
1nd

other
other comprehensive
comprehensive loss for the
loss for the period)ltO+ll)
period)(lO+ll) 1292.861
1292.UI 1315.'61
'""'" 121L401
f21L401 11 ,482.941
11....... 1397.01
U97.01
1775.111
1775.11)

13
U Paid-up
P1ld-up equity
equlty share
shue capital
C1plt1I (Face value
value of the Share•
ofthe Shue Rs. 10 each)
Rs. 10 each) 3,816.55
3,816.55 2,909.42
2,909.42 2,666.31
2,666.31 3,816.55
3,816.55 2,666.31
2,666.31 2,777 .42
-

2,777.42

14
14 Other
Other equity
equity
123.16)
(23.16)

15
15 E1rnln1s
Earnln1s ll'er
Per Shue
Shue (of
(of Rs. 10 each)
Rs. 10 each) (not
(not annuall5ed
1nnu1ll5ed extept
ellCept for year
for year
ended
ended March'20)
March'ZO)

a)Bulc(in
a)Bulc(inRs.JRs .) I0.98)
(0.98) jl .34)
(1.34) 10.s21
1082) 14
(4 .98)
98) (1.41)
l'-'7) 12.87)
12.87)
bl Diluted
bl Diluted (In
Un Rs
Rs.).) 10.98)
10.98 11.34)
11.341 I0.821 14 .98'
10.B2: (4.98 11.47
ft.47 12.87)
(2 .87)
 Notes:
Notes:

Disclosure
and Disclosure Requirements) 2015, this
2015, this
1.
1. In
In terms
terms of
of Regulation
Regulation 33 33 of
of the
the SEBI
SEBI (Listing Obligations
Obligations and Requirements)
nine months
and nine December
ended December
months ended 2020
31, 2020
Statement
Statement of
of Unaudtted
Unaudited Financial
Financial ResuHs
ResuHs for for the
the quarter
quarter and 31,
reviewed
been reviewed the Audit
by the Committee and
C'Unaudited
('Unaudited Financial
Financial Results")
Results") of of the
the Company
Company has has been by Audit Committee and
February 9, 9, 2021 and have been subject
2021 and
approved
approved by the the Board
Board of of Diredors
Directors at
at their
their meeting
meeting held
held on
on February have been subjed
to
to aa limited
limited review
review by thethe statutory auditors
statutory auditors of the
of Company.
the Company.

December and for

2019 and
31, 2019 for the preceding
2.
2. The
The financial
financial results
results for
for the
the corresponding
corresponding quarter
quarter ended
ended December 31, the preceding
audit or review by by our auditors.
statutory auditors.
quarter
quarter ended
ended September
September 30, 30, 2020
2020 have
have notnot been
been subjed
subject to
to an
an audit or review our
statutory
that the financial results
However,
However, the the management
management has has exercised
exercised necessary
necessary due
due diligence
diligence to ensure
to ensure that the financial results
for
for these
these periods
periods provide
provide aa true
true and
and fair
fair view
view of the Company's
of the affairs.
Company's affairs.

prepared in accordance
in accordance with the Indian
3.
3. The
The Unaudited
Unaudited Financial
Financial Results
Results of of the
the Company
Company have
have been
been prepared with the Indian
2013, as read with
amended, read
Accounting
Accounting Standards
Standards notified
notified under
under Sedion
Section 133
133 of
of the Companies Act
the Companies Ad 2013, as amended, with
(Listing Obligations
SEBI (Listing and Disclosure
Obligations and
relevant
relevant rules
rules thereunder
thereunder and
and in
in terms
terms of of Regulation 33
33 of
of the
the SEBI Disclosure
Requirements)
Requirements) 2015, 2015, as as amended
amended (the requirements")..
(the "Listing requirements")

Shares
Equity Shares
135,000,000 Equity of the face
4.
4. The
The Company
Company has has completed
completed Initial
Initial Public
Public Offer
Offer ("IPO")
("IPO") of of 135,000,000 of the face
offer for sale of
comprising offer
Share, comprising
value
value ofof Rs.
Rs. 10/-
10/- each
each at
at an
an issue
issue price
price of of Rs.
Rs. 60/-
60/- perper Equity
Equity Share, for sale of
7,500,000 shares. The Equity Shares of
6,000,000
6,000,000 shares
shares by Selling Shareholders and fresh issue of
Selling Shareholders and fresh issue of 7,500,000 shares. The Equity Shares of
Exchange of
Stock Exchange of India Limited ("NSE")
India Limited
the
the Company
Company were were isled
isled onon BSE
BSE Limtted
Limtted ("BSE") and and National
National Stock ("NSE")
Results for the
the quarter nine months
and nine
quarter and
on
on December
December 14,
14, 2020. Accordingly, the
2020. Accordingly, the Unaudtted
Unaudtted Financial
Financial Results for months
ended
ended December
December 31
31,, 2020
2020 are
are drawn
drawn up up for
for the
the first
first time
time in in accordance
accordance with the
with the Listing requirements.
Listing requirements.

5.
5. The
The total
total offer
offer expenses
expenses are
are estimated
estimated to
to bebe Rs.
Rs. 665
665 million (inclusive of
million (inclusive taxes) which
of taxes) which areare

and the Company as offer

respective offer
proportionately
proportionately allocated
allocated between
between the
the selling shareholders
shareholders and the Company as perper respedive
Company. The Company's share
The Company's share of these
size
size except
except for
for listing fees
fees which
which is is to
to be
be solely
solely borne
borne by the
the Company. of these
expenses
expenses Rs.
Rs. 368.51
368.51 mmionmillion (inclusive
(inclusive of of taxes)
taxes) has
has been
been adjusted securities
against securities
adjusted against premium.
premium.

6. The utilisation
6. The utilisation of
of the
the net
net IPO proceeds is
IPO proceeds summarised
is summarised below:
below:
(Rs. in
(Rs. In million)
million)

Objects
Objects of of the
the Utilisation
Utilisation upto
upto Un utilised
Unutllised
Particulars
Particulars
issue
Issue as as per
per Dec
Dec 31 31,, 2020
2020 amounts
amounts as
as on
on

orosoectus
orosoectus Dec
Dec 31 31,, 2020
2020
of 1,649.79
1,649.79 1,649.79
1,649.79 NIL
NIL
Repayment
Repayment or
or prepayment
prepayment of
outstanding
outstanding borrowings
borrowings of
of our
our

Company
Company obtained
obtained for setting up
for setting of new
up of new

Company-
Company- owned
owned Burger
Burger King
restaurants
restaurants
Capital
Capital expendtture
expendtture incurred setting
for setting
incurred for 1,770.00
1,770.00 5.33
5.33 1,764.67
1,764.67
up
up of of new
new Company-owned Burger
Company-owned Burger
Kina
Kina Restaurants
Restaurants
General
General coroorate
coroorate purposes
purposes 711.70
711.70 386.07
386.07 325.63
325.63
Total
Total 4,131.49
4,131.49 2,041 .19
2,041.19 2,090.30
2,090.30

IPO
IPO Proceeds
Proceeds which were unutilised
which were unulilised asas at
at December
December 31, 2020
31, 2020 were temporarily invested
were temporarily invested in deposits
in deposits

with
with scheduled
scheduled commercial
commercial banks
banks andand kept
kept in
in current
current account, public issue
account, public issue and monitoring agency
and monitoring bank
agency bank
accounts.
accounts.

7.
7. The
The Code
Code of of Social
Social Security
Security 2020
2020 ('Code') relating to
('Code') relating employee benefits
to employee during employment
benefits during employment and and
post-employment
post-employment received received Presidential
Presidential assent
assent September 2020.
in September
in The Code
2020. The Code has has been published in
been published in
the
the Gazette
Gazette of of India.
India. However,
However, thethe date
dale onon which
which the Code will
the Code will come
come into effect has
into effed has not
not been notified
been notified
and
and the
the final
final rules/interpretation
rules/interpretation havehave notnot yet been
been issued.
issued. The Company will
The Company will assess
assess the impact of
the impact of the
the
Code
Code when
when it it comes
comes into
into effed
effect and
and will
will record
record anyany related impact in
related impad in the period in
the period in which
which the Code
the Code
becomes
becomes effedive.
effective.

8.
8. The
The Company
Company operates
operates in
in one
one single
single reportable
reportable business
business segment- "Restaurants
segment- "Restaurants and Management".
and Management".
?----------- -- - - - - ----- - - - -- ---

9. The World
9. The World Health
Health Organisation
Organisation declareddeclared COVID-19
COVID-19 to
to bebe aa pandemic
pandemic in in March
March 2020.2020. Consequently,
Consequently,
Government
Government of India declared
of India declared a nation-wide
a nation-wide lockdown
lockdown with
with effect
effect fromfrom March
March 24 24, , 2020
2020, , which
which caused
caused
significant disruption
significant disruption in economic
in economic activity andand has has impaded
impaded the the business
business activities
activities and
and lives
lives ofof the
the
people. In
people. In view
view of the COVID-
of the COVID- 19 outbreak
19 outbreak such
such as as complete
complete lockdown
lockdown of
of states,
states, brought
brought economic
economic
activity to
activity to aa standstill affecting our
standstill affecting restaurant
our restaurant traffic as
traffic as well which is
well which is no
no exception
exception for for industry
industry as as a a whole.
whole.
During the
During trying times
the trying times our our priorities are
priorities are to
to serve
serve most
most hygienic
hygienic and and safe
safe food
food to to our
our customers.
customers. The
The
Company has
Company has assessed
assessed the impact
the impact of of this
this pandemic
pandemic on on its
its business
business operations
operations and and has has considered
considered all
all
relevant
relevant information
information available
available up
up to the date
to the date of of approval
approval of of these
these financial
financial results,
results, in in determination
determination of
of
the recoverability of
the recoverability of its
its all
all its
its non-current
non-current and current
and current assets
assets and
and recognised
recognised necessary
necessary adjustments to
adjustments to
carrying values
carrying values of these
of these assets.
assets. Further, given
Further, given the the uncertainties
uncertainties associated
associated with
with nature, condition
nature, condition and
and
duration
duration of COVID
of COVID -19, the
-19, impact assessment
the impact assessment on
on the
the company's
company's financialfinancial statements
statements will
will bebe
continuously made
continuously made and and anyany material changes will
material changes will be
be provided
provided for for asas required.
required.

10. The Company

10. The Company operates
operates in QSR Segment,
in QSR Segment, its its inventory
inventory includes
includes food
food items
items which
which areare perishable in
perishable in
nature.
nature. Based on
Based on the situation
the situation of COVID-19 resulting
of COVID-19 resulting in in overall
overall decline
decline in
in customer
customer frequencies, the
frequencies, the
Company had
Company had provided
provided for for related
related commitments
commitments amounting
amounting to to Rs.
Rs. 7.71
7.71 million
million in in quarter ended
quarter ended
September 30,
September 30, 2020,
2020, Rs.
Rs. NIL
NIL inin quarter
quarter ended
ended December
December 31,
31, 2020
2020 andand Rs.
Rs. 21 .30 million
21.30 for nine
million for nine
months
months period ended
period ended December
December 31, 2020. Also,
31, 2020. Also, the
the Company
Company provided
provided for write off
for write of food
off of inventory
food inventory
and related commitments
and related commitments amounting to
amounting Rs. 43.45
to Rs. million in
43.45 million in year
year ended March 31,
ended March 2020.
31 , 2020.

11. . The
11 Company has
The Company elected
has elected to
to apply
apply thethe practical
practical expedient
expedient of of not
not assessing
assessing the the rent concessions
rent concessions
as
as a lease
a lease modification, as
modification, as per
per MCAMCA notification
notification dated
dated 24th24th July 2020 2020 on on IND-
IND- AS AS 116 116 for all rent
for all rent
concessions
concessions which are
which are granted due
granted due to COVID-19
to COVID-19 pandemic. Accordingly,
pandemic. during the
Accordingly, during the quarter
quarter endedended
December
December 31, September 30,
2020, September
31, 2020, 30, 2020
2020 and and nine
nine months
months period
period ended
ended December
December 31, 2020,
31, 2020, an an
amount
amount of Rs.
of Rs. 160.82
160.82 million, Rs
million, Rs 218.31
218.31 million and
million and RsRs 379.13
379.13 million (including Rs.
million (including Rs. 29.36 million, Rs
29.36 million, Rs
62.17 million and
62.17 million and Rs 29.36 million
Rs 29.36 million unconditional
unconditional rent concessions
rent concessions pertaining to
pertaining to subsequent
subsequent periods periods as as

on respective reporting
on respective reporting period)
period) respectively
respectively related
related to lease concessions
to lease concessions confirmed
confirmed till reporting
till reporting date date
has been
has been reduced
reduced from rent
from rent expenses
expenses to the extent
to the ex1ent available
available under
under thethe head
head other
other expenses.
expenses. After
After
adjusting the
adjusting the rent
rent expense
expense for the
for the quarter ended
quarter ended December
December 31,
31, 2020,
2020, September
September 30, 30, 2020
2020 and and nine
nine
months
months period ended
period ended December
December 31, 2020
31, 2020 amounting
amounting to Rs. 71
to Rs. 71.86 million, Rs
.86 million, Rs 90.75
90.75 million
million andand Rs Rs
162.61
162.61 million respectively, the
million respectively, the net lease
net lease concession
concession are
are accounted
accounted under
under head
head otherother income
income
amounting to
amounting to Rs. 88.96 million,
Rs. 88.96 million, Rs Rs 127.56
127.56 million
million andand Rs 216.52 million
Rs 216.52 million respectively.
respectively.

The above
12. The
12. above Unaudited
Unaudited Financial
Financial Results
Results of the
of Company are
the Company are available
available on
on the
the Company's website
Company's website
www.burgerl<ing.in
www.burgerking.in and and also
also on the website
on the website of of BSE (www.bseindia.com) and
BSE (www.bseindia.com) and NSE
NSE (www.nseindla.com),
(www.nseindla.com),
where the shares of the Company
where the shares of the Company are listed.are listed.

F behalf of the Board

India Limited
nown as Burger KingKing
In L~ ( t - - - ·

Mumbai
Mumbai
February
February 9, 2021
2021
 12th Floor, The Ruby
29 Senapati Bapat Marg
Dadar (West)
Chartered Accountants Mumbai - 400 028, India
Tel: +91 22 6819 8000

Independent Auditor’s Review Report on the Quarterly and Year to Date Unaudited Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended

Review Report to
The Board of Directors
Burger King India Limited

1. We have reviewed the accompanying statement of unaudited financial results of Burger

King India Limited (the “Company”) for the quarter ended December 31, 2020 and year to
date from April 01, 2020 to December 31, 2020 (the “Statement”) attached herewith,
being submitted by the Company pursuant to the requirements of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(the “Listing Regulations”).

2. This Statement, which is the responsibility of the Company’s Management and approved
by the Company’s Audit Committee, has been prepared in accordance with the recognition
and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34)
“Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013
as amended, read with relevant rules issued thereunder and other accounting principles
generally accepted in India. Our responsibility is to express a conclusion on the Statement
based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the
Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of
India. This standard requires that we plan and perform the review to obtain moderate
assurance as to whether the Statement is free of material misstatement. A review of
interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we
would become aware of all significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes
us to believe that the accompanying Statement, prepared in accordance with the
recognition and measurement principles laid down in the aforesaid Indian Accounting
Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended,
read with relevant rules issued thereunder and other accounting principles generally
accepted in India, has not disclosed the information required to be disclosed in terms of
the Listing Regulations, including the manner in which it is to be disclosed, or that it
contains any material misstatement.

S R B C & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4318
Regd. Office: 22, Camac Street, Block ‘B’, 3rd Floor, Kolkata-700 016
Chartered Accountants

Page 2 of 2

5. Attention is drawn to the fact that the figures for the financial results for the
corresponding quarter ended December 31, 2019 and for the preceding quarter ended
September 30, 2020 as reported in these Unaudited Financial Results have been prepared
solely based on the information compiled by the management, but have not been subject
to audit or review.

For S R B C & CO LLP

Chartered Accountants
ICAI Firm registration number: 324982E/E300003

RAVI Digitally signed by RAVI BANSAL

DN: cn=RAVI BANSAL, c=IN,
o=Personal,

BANSAL [email protected]
Date: 2021.02.09 19:15:51 +05'30'

per Ravi Bansal

Partner
Membership No.: 49365

UDIN: 21049365AAAAAQ6069

Place: Mumbai
Date: February 9, 2021
 Burger King India Limited

Q3 FY21 Earnings Presentation

09 February 2021

CONFIDENTIAL AND PROPRIETARY INFORMATION 1

 Disclaimer

Certain statements made in this presentation relating to the Company’s objectives, projections, outlook,
expectations, estimates, among others may constitute ‘forward-looking statements’ within the meaning of
applicable laws and regulations. Actual results may differ from such expectations, projections etc., whether
express or implied. These forward-looking statements are based on various assumptions, expectations and
other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, competitive
intensity, pricing environment in the market, economic conditions affecting demand and supply, change in
input costs, ability to maintain and manage key customer relationships and supply chain sources, new or
changed priorities of trade, significant changes in political stability in India and globally, government
regulations and taxation, climatic conditions, natural calamity, commodity price fluctuations, currency rate
fluctuations, litigation among others over which the Company does not have any direct control. These
factors may affect our ability to successfully implement our business strategy. The company cannot,
therefore, guarantee that the ‘forward-looking’ statements made herein shall be realized. The Company,
may alter, amend, modify or make necessary corrective changes in any manner to any such forward
looking statement contained herein or make written or oral forward-looking statements as may be required
from time to time on the basis of subsequent developments and events.

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 2

 Executive Summary - Q3 FY21
Business Highlights:
 Strong Business recovery, despite COVID-19 pandemic and tough macroeconomic environment.
 Revenue from Operations for Q3 FY21 at INR 1,632 Mn vs Q2 FY21 at INR 967 Mn, with 69% sequential growth.
 Q3 FY21 Revenue recovery at 72% YoY:
 West & South region recovery higher than industry;
 North region recovery lower due to farmer protest, restrictions in Punjab;
 Mall recovery lagging.
 Jan’ 21 Revenue recovery
 99% compared to pre-Covid levels* | 86% YoY
 Higher recovery across Mall portfolio, higher recovery in North region.
 Delivery ADS recovery at 106% YoY and Dine ADS recovery at 76% YoY.
 Gross profit margin Dec’ 20 exit over 65%.
 Q3 FY21 Co. EBITDA^ positive at 2.5 Mn: 0.2%, despite negative SSSG of 35%
 National Whopper Campaign received a Whopper of a response.
*Pre Covid Levels – Feb’20 levels ^excluding impact of IND AS 116

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 3

 Executive Summary - Q3 FY21

Store Opening & Closures:

 270 store count as at 31st Dec 20
 Q3 FY21 Net Addition: 9 (Open: 9; Closed:0)
 9M FY21 Net Addition: 10 (Open: 15; Closed:5)

Menu & NPD:

 Launch of “The Kings Collection” – premium gourmet burgers

Digital Initiatives
 New Burger King App

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 4

 Burger King India – Company Synopsis

1 Brand Owned by Burger King Corporation, a subsidiary of Restaurant Brands International Inc.

2
Exclusive National Master Franchisee Rights in India (700 Restaurants by Dec 2026) with
favorable royalty fees (capped at 5% of sales)

3 Brand positioned for large and growing population in India – The Millennials

4 Experienced Board and professional management team focusing on growing delivery

business

5 One of the fastest growing QSR in India during the first five year of operations based on
number of restaurants (source: Technopak report dated Nov 20)

6 India tailored menu with focus on value leadership

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 5

 Brand Owned by Burger King Corporation
Shareholding Pattern as on 31st Dec 20

F&B Asia Ventures

BK Asiapac Pte Ltd. Others
(Singapore) Pte Ltd

14.80% 1.88% 83.32%

QSR Asia Pte Ltd

Singapore

52.88%

Burger King India Public/FI

Limited
47.12%

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 6

 Exclusive National Master Franchisee in India

Exclusive pan-India rights to develop, establish, operate and franchise Burger Key Advantages
King branded restaurant in India

Operational efficiencies
‘Sub-franchise’ rights offer additional flexibility

Long term franchisee rights (till December 31, 2039) under the Master
Speedy roll out of national advertising
Franchise and Development Agreement
campaigns
Flexibility to tailor menu, promotions and pricing to Indian tastes and
preferences and flexibility over vertically managed and scalable supply chain
Effective management of supply chain

Favorable royalty (capped at 5% of sales)

Easy tailoring of menu architecture, promotions
and pricing
Marketing and advertisement (required to contribute 5% of sales)

Leveraging of the globally recognized Burger

Established standard operating procedures, global best practices and King brand
product innovation

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 7

 Cluster Approach and Penetration Strategy

Cluster Approach and Penetration Strategy

North
6 Clusters within India
137

Objective is to provide greater convenience and accessibility

Strategy to launch new ‘flagship’ stores in new cities locations with

high impact and high visibility
Efficient management of vertically managed and scalable
supply chain

West East Flexibility around store size

67 9
Prioritization of optimal mix across formats
Shopping Malls Presence of ‘big box’ department restaurants,
and food courts movie theatres and supermarkets
South
High street Evaluate similar retail brands in vicinity
57
locations

Focus on areas that meet minimum vehicles-per-

Drive thrus
day traffic flow targets
As of December 31, 2020 (including franchise stores) Transit High footfall areas, such as metro stations
Note: India Map not to Scale and Illustrative representation xx Number of stores
locations
Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 8
 Strong Store Ramp-up and Expansion plans

Store Count as at end of period (net of closure/relocation)

470
390

320
270
270
260
187
129
88
49
12

FY15 FY16 FY17 FY18 FY19 FY20 Dec 20 FY21 E FY22 E FY23 E FY24 E

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 9

Q3 FY21 – Business Update

CONFIDENTIAL AND PROPRIETARY INFORMATION

 Pan India – Comp Stores ADS Recovery* (YoY)
Strong Month on Month Recovery
Night Curfew continues
across states
Nationwide lockdown| Dine-in Allowed in staggered Maharashtra –Dine-in allowed
Only Delivery allowed manner across states
85%

69% 68%

59%
55%
51%
46%

34%
27% 28%

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
Total Own
Operational 62 125 189 169 201 226 244 249 251 247
store at exit

*ADS Recovery (average daily sale) is comparison of current month ADS vs past year same month ADS of comparable stores

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 11

 Region wise- Comp Store ADS Recovery* (YoY)
Recovery Faster in West Region

100% 93%

88%
80% 72%
79%
64% 68%
60% 67%
54%

42%
51%
40%
37%

20% 29%

0%
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

North West South & East

*ADS Recovery (average daily sale) is comparison of current month ADS vs past year same month ADS of comparable stores

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 12

 Dine-in | Delivery - Sales Mix and Recovery*
Dine-in Sales Mix Delivery Sales Mix
Dine-in | Delivery Sales Mix %

100% 71% 50% 48% 43% 44% 41% 40% 39% 38%

57% 59% 60% 61% 62%

50% 52% 56%

29%

0%
Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

Del ADS Recovery Dine-in ADS Recovery

Dine-in | Delivery ADS Recovery % 106%
120%

88% 89% 100%

86% 86%
80% 82%
76%
80%
61%
54% 76%
60%
59% 60%
48% 40%
41% 43%
34% 20%
24%
15%
0%
Apr-20
0% May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21

*Dine in and Delivery ADS Recovery (average daily sale) is comparison of current month ADS vs past year same month ADS of all Burger King operational stores

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 13

 Pan India System Sales Recovery (Pre –Covid)*
99% System Sale Recovery –compared Pre-Covid Levels

99%

91%

75%
68%

55%
46%
38%
33%

15%
8%

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21
Own
Operational 62 125 189 169 201 226 244 249 251 247
store at exit

*System Sales Recovery is total system sales for current month vs total system sales of Feb 20 (pre-covid)

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 14

 SSSG (Same Store Sales Growth)*
History of Strong SSSG Growth Covid-19 Impact

40.0%
33.3% 33.3%
29.6% 28.5%

20.6%
20.0% 16.8%
13.5%
11.6%

4.4%
-0.2%
0.0%
Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Jan-21
-0.9% -5.4%

-20.0% -14.8%

-40.0% -34.8%

-48.6% SSSG Recovery seen

-60.0% post relaxation of
lockdown in phases

-68.9%
-80.0%

*Comparable sales (SSSG) represent sales at all own restaurants operated by the Company,
in operation at least thirteen months excluding those temporarily closed.

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 15

 Q3 FY21 – Operating Performance
Particulars (INR Million) Q3 FY21 Q2 FY21 QoQ Gr% Q3 FY20 YOY Gr% 9M FY21 9M FY20 YOY Gr%
Sale of food and beverages 1,624.6 963.7 68.6% 2,263.3 -28.2% 2,971.5 6,457.0 -54.0%
Other Operating Income 7.3 3.4 115.2% 16.0 -54.1% 12.5 45.5 -72.5%
Revenue from operations 1,631.9 967.1 68.7% 2,279.2 -28.4% 2,984.0 6,502.5 -54.1%
Cost of materials consumed 589.4 346.7 70.0% 804.6 -26.7% 1,081.3 2,314.4 -53.3%
Gross Profit 1,042.5 620.4 68.0% 1,474.6 -29.3% 1,902.7 4,188.1 -54.6%
Gross Profit % 63.9% 64.2% 64.7% 63.8% 64.4%
Employee Related Expenses 209.0 131.6 58.8% 270.9 -22.9% 512.1 755.0 -32.2%
Occupancy and Other Expenses^ 689.7 463.1 48.9% 1,009.2 -31.7% 1,636.4 2,770.5 -40.9%
Restaurant EBITDA 143.7 25.8 458.2% 194.5 -26.1% -245.8 662.6 -137.1%
Restaurant EBITDA % 8.8% 2.7% 8.5% -8.2% 10.2%
General & Administration expense 141.3 127.6 10.7% 147.1 -4.0% 377.7 432.9 -12.7%
Company EBITDA (Excluding impact of IndAS116) 2.5 (101.9) 102.4% 47.4 -94.8% -623.5 229.8 -371.4%
Company EBITDA % (Excluding impact of IndAS116) 0.2% -10.5% 2.1% -20.9% 3.5%

Company EBITDA (Reported) 240.9 131.1 83.8% 260.8 -7.6% 81.2 831.2 -90.2%
Company EBITDA % (Reported) 14.8% 13.6% 11.4% 2.7% 12.8%
^includes lease concession forming part of Other Income

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 16

 Impact of IND AS 116 | Q3FY21| 9MFY21
Quarter ended Nine months ended
31-Dec-20 IND AS 116 31-Dec-20 31-Dec-20 IND AS 116 31-Dec-20
Particulars (INR Million) Excluding impact Reported Excluding impact Reported
INDAS 116 INDAS 116
INCOME
Revenue from operations 1,631.9 - 1,631.9 2,984.0 - 2,984.0
Total income from operations 1,631.9 - 1,631.9 2,984.0 - 2,984.0
EXPENSES
Cost of materials consumed 589.4 - 589.4 1,081.3 - 1,081.3
Employee benefits expenses 325.7 - 325.7 842.8 - 842.8
Occupancy and Other Expenses ^ 714.3 (238.4) 475.8 1,683.2 (704.6) 978.7
Total expenses 1,629.4 (238.4) 1,391.0 3,607.5 (704.6) 2,902.8
Co. EBITDA 2.5 238.4 240.9 (623.5) 704.6 81.2
Other income ^ 18.5 19.3 37.8 41.1 33.6 74.7
Finance costs 71.7 162.3 234.0 172.4 485.4 657.9
Depreciation and amortisation expenses 181.7 153.4 335.0 504.8 451.7 956.5
Profit/(Loss) before exceptional items and tax (232.4) (57.9) (290.3) (1,259.5) (198.9) (1,458.4)
Exceptional Items - - - 21.3 - 21.3
Profit / (Loss) before tax (232.4) (57.9) (290.3) (1,280.8) (198.9) (1,479.7)
Current tax - - - - - -
Profit / (Loss) for the period (232.4) (57.9) (290.3) (1,280.8) (198.9) (1,479.7)
^Other Income Reported excludes Lease concession amount of Rs 89.0 Mn for Q3FY21and Rs 216.5 Mn for 9M FY21,which is adjusted in Occupancy and Other Expenses

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 17

Marketing

CONFIDENTIAL AND PROPRIETARY INFORMATION

 New Whopper Range

New Crunchier Veg Patty | New Juicier Chicken Patty | New Sauces for more taste & flavor

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 19

 Launch of “The Kings Collection”

New Range of 4 Premium Burgers

Consumer favorite taste profiles: Cheese, Paneer, Tandoori Chicken & Fiery Chicken
Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 20
 Integrated Marketing Communication to drive Whopper Credentials

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 21

 Driving Brand Love: High Engagement Brand Activations with our
GenZ Audience

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 22

 Trust In Taste: Safety during COVID-19

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 23

 Strengthening Digital ecosystem for the New Normal

Lighter and Faster APP Customer Convenience

Test Marketing in 1 city

Live Rider Tracking Exclusive App

Launched the app App size reduced by 25%
Download Offers
Omni-channel Load time reduced by 50% In app Feedback Form
Scale up by Apr ’21
Saved Cards

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 24

 Outlook

No. of Stores

FY 22: 320 FY 24: 470

SSSG Growth

FY22: ADS at FY20 level FY22 onwards: 5%-7% SSSG Growth

Gross Profit

FY22: 65.5% FY24: 67.0%

Burger King India Ltd| Q3-FY21|Confidential| 09 Feb 21 25

 Burger King India,
We Are Just Getting Started!
IR Contact
For additional Information:
Mr. Prashant Desai | Head of Strategy and Investor Relations
Email: [email protected]

CONFIDENTIAL AND PROPRIETARY INFORMATION