Ladies and gentlemen, good day and welcome to the Barbeque Nation Q3 FY 2023 post results analyst conference call hosted by Ambit Capital. As a reminder, all participants' lines will be in a listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Ms. Videesha Sheth from Ambit Capital. Thank you. Over to you, ma'am. Good evening, everyone. Welcome to the Q3 FY23 earnings call of Barbeque-Nation Hospitality Ltd. From the management, we have with us Mr. Kayum Dhanani, Managing Director, Mr. Rahul Agrawal, CEO and Whole-Time Director, Mr. Amit Betala, Chief Financial Officer, Mr. Anurag Mittal, and Mr. Bijay Sharma, Head of Investor Relations. Before we begin our presentation, I would like to remind you that some of the statements made in today's conference call may be forward-looking in nature and may involve risks and uncertainties. Kindly refer to the earnings presentation for detailed disclaimer. I now hand over the conference over to Mr. Kayum Dhanani. Thank you, and over to you, sir. Thank you. A very good evening, ladies and gentlemen. I take the pleasure in welcoming you to Q3 FY23 conference call of Barbeque Nation. During the quarter, we opened 10 new restaurants and closed three restaurants, resulting in net restaurant count to 212. Of the existing 212 restaurants, Barbeque Nation India network has 192 restaurants, Toscano has 14 restaurants, and international portfolio includes six restaurants. Currently, around 14 restaurants are under We are back in the call, sir. Please go ahead. Sorry, I didn't know where I lost. During the quarter, we opened 10 new restaurants and closed three restaurants, resulting in net restaurant counts of 212. Of the existing 212 restaurants, Barbeque Nation India network has 192 restaurants, Toscano has 14 restaurants, and international portfolio has six restaurants. Currently, around 14 restaurants are under construction, and we are confident of achieving our target of 40 new restaurants during FY 2023. During the quarter, we noticed subdued demand environment, which led to marginal decline in same-store sales growth by -1.2%. Our revenues from operations for the quarter grew by 14.5% as compared to the same period last year. This growth was led by 18% in dine-in business, driven by both increase in dine-in volumes and prices. Our sequential basis, our dine-in business grew by 4.4% led by volume growth. Delivery business has seen a growth of 15% on sequential basis, entirely led by volume growth. Our gross margins improved by 60 basis points compared to the previous quarter. This was driven by stable price in our input costs, mainly meat basket, and internal operation efficiencies. Our reported EBITDA margin was 19.2% as compared to reported EBITDA margins of 24.5% in same quarter of the previous year. Our margins were impacted by higher mix of new and yet the mature restaurants, coupled with lower than the expected SSSG growth of the matured portfolio. As we navigate the current uncertain demand environment, we continue to remain focused on growing our core dine-in business and continue the momentum in our delivery business. Our Toscano business has been growing well, and we plan to increase the expansion pace in the coming years. Similarly, our international business has delivered strong SSSG and margins, and we plan to continue to calibrated expansion in this segment. With this, now I hand over to Rahul to take you through the quarterly performance. Thank you very much. Over to you, Rahul. Thank you, Kayum. Good evening, everyone. In Q3 FY 2023, consolidated revenue from operations were INR 328.2 crores, delivering a year-on-year growth of 14.5% and sequential growth of 5.7%. This growth was predominantly driven by new restaurant additions and growth in dine-in business. Our dine-in business grew by 18% over last year, driven by both volume growth and increase in average price realization. Our dine-in segment grew 4.4% on sequential basis, driven by volume growth during the quarter. After five quarters of sequential decline, our delivery business grew by 15% on sequential basis, entirely led by volume growth. Our average order value on delivery segment has been stable now for three quarters. On year-on-year basis, our delivery segment has declined by 3%, led again by decline in average order value, which was offset by increase in number of transactions in the delivery segment. Dum Safar, our new biryani brand, is now available at over 50% of our network and continues to generate strong traction with customers. Average daily sales in Dum Safar have grown on month-on-month basis since its launch. We are focused on further increasing the ADS and launching this across all Barbeque Nation outlets. Our SSSG during the quarter was negative 1.2%, primarily led by subdued demand environment. SSSG in our core dine-in segment was positive 1.7%, while SSSG in our delivery segment was negative. Sequential increase in our delivery business was encouraging. SSSGs was also partially impacted by cannibalization from new stores, especially from second stores opened in tier 1 cities with only 1 restaurants. This year, in six of our existing tier 1 cities, we opened second restaurants, which led to cannibalization of existing stores, even though the overall market in these six cities has grown by around 30%. After adjusting for these cities, like-for-like growth in balanced portfolio is flat, and dine-in like-for-like growth in this portfolio was positive 2.8%. Consolidated gross margin for the quarter was 66.7% compared to 66.1% in 2Q FY 2023. We were able to marginally improve the gross margin as compared to the previous quarter, again, primarily driven by operating efficiencies and stable input cost. Reported EBITDA for the quarter was INR 63 crore with margin of 19.2% as compared to EBITDA margin of 24.5% in the previous year same quarter. Adjusted EBITDA margin, which is pre-Ind AS 116, was 10.7% during the quarter as compared to 15.8% in quarter three last year. Of the total 5.1% percentage point decline in margins, approximately 190 basis points was due to lower SSSG and impact of negative operating leverage. Around 220 basis points was impacted due to change in revenue mix between matured and new stores. Matured restaurants contributed to around 81% of total revenue this quarter as against 5% in the previous year, 2Q. The balance 90 percent basis point was on account of lower one-time other income and higher corporate expenditure as a% of sales. Of the total network of 212 restaurants, 56 restaurants are classified in the new restaurant bucket, and out of this, 43 were added only in last one year. The revenue per store in our matured portfolio was lower than our expectation, this has also impacted our margins. During Q3 FY 2023, the matured portfolio delivered average annualized revenue of INR 6.8 crore per restaurant, with average restaurant operating margin of 19.2%. Our new restaurants reported margins of 5.3% with average annualized revenue of around INR 4.5 crores. As the maturity profile of this new restaurant portfolio increases, the average revenue and margins in this new restaurant cohort which shall improve. On nine-month basis, this matured portfolio delivered annualized revenue of around INR 6.9 crores per restaurant with restaurant operating margins of around 20.2%. We remain focused on enhancing revenue per restaurant for our matured portfolio and also have undertaken various initiatives which focus on enhancing the volume growth both for our dine-in business and our delivery business. Overall, app downloads have increased to around 5.4 million, and the share of Barbeque Nation India revenue from own digital assets was 27.6% in Q3 FY23. On a segment basis, our other two segments have performed extremely well. Revenue from Toscano business increased by around 45% this year compared to same period last year. This is driven by strong same-store sales growth and three new stores that we opened. The business continues to generate very strong margins. Similarly, our international business recorded year-on-year revenue growth of around 23% with very strong margins. In the short term, our focus will be increasing volumes in both our dine-in business and delivery segment. In the medium to long term, we are focused on our four-pillar strategy of accelerating Barbeque Nation India dine-in business, delivery, unlocking the growth potential of Toscano, and calibrated international expansion. We can now open the session for Q&A. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking your question. We will wait for a moment while the question queue assembles. Ladies and gentlemen, to ask question, please press star one on your touchtone phone now. We have our first question from the line of Kapil Jagasia from Nuvama Wealth Research. Please go ahead. Thank you for taking the question. My first question is on same-store sales growth, which has been negative after quite some quarters. How are you taking this internally? For next quarter, are we seeing this look in a positivity, like how the month of Jan has been for us? Yeah. Thanks, Kapil. On the same-store sales growth, I try to give some color on the SSSG numbers. One is there are two parts to it. One is our dine-in segment. Our dine-in segment has been positive. On the delivery side, you know, as you know, versus last year to this year, our business is down a bit, right? We have been facing this for quite some time, I'm very happy to see that in this quarter there's an uptick, right? That is on SSSG front, we also, needless to say, face some issues overall in the demand environment. I think specifically the month of November was not that great. Even October was a lot of festive season, and given that our prime business is dine-in, which is not. During the festive season, the events are more skewed towards family gatherings, right? Coupled with these two, you know, the impact was there. Unfortunately, we are not seeing any uptick in the current quarter also. January month was pretty much again lower in terms of lower than our expectation on the SSSG side. Okay. like, with this, you know, we like reiterate the opening of 40 restaurants annually or like we would be revising this, target closer to Q4? Look, on the, on the new store side, I think it's a function of the market opportunity. The stores that we're opening up in largely metro markets, for example, we haven't seen much cannibalization. The numbers of six stores that I gave you is out of 30 stores that we opened up this year. You know, overall, again, 24 stores have not leaked too much cannibalization. I think our expansion strategy will be based on whether the individual outlet restaurant or the site that is under evaluation makes sense individually or not. If it crosses the threshold of our return profile or for, you know, payback periods, I think we'll go ahead and again and do that. Just one bookkeeping question from my side. Other overheads are increased by 20% this quarter. Could you help us with reasons for this steep rise? Any one-offs here? No, they're not one-offs. I think, other overheads are largely a function of, only expansion. Even the occupancy cost and other overheads, right? Yes. Yes, yes. Yeah, that's a function of only expansion. like, this would be the run rate going also? Sorry, say that again, please. This increase would it be the run rate going forward also, this INR 88 crore of other overheads? This would be kind of the quarterly number going forward? Yeah. Other overheads will largely include, you know, our fixed expenditures. This will be this should be the run rate. Okay. Okay. Fine. Thank you so much. I'll just come back in the queue for other questions. Thanks, Kapil. Thank you. We have next question from the line of Percy Panthaki with IIFL. Please go ahead. Hi. My question is on the margins. With a INR 6.3 crore per annum annualized sales that you have done this quarter, your EBITDA margins are around 10.5%. If I look back in history, I think one of the years, FY 2017, 2018, or 2019, one of the years, I think you had done similar kind of sales, actually maybe marginally lower, INR 6-6.3 crore kind of, but your margins were 14%, 15%. At that time also, you were adding quite a lot of new stores. In the two or three years run up to that year, there were a lot of new store additions even then. Why is it that this time you're not able to sort of clock good margins? What is your outlook on FY 2024 margins, given the kind of, overall macro environment, that we are in? Hi, Percy. Thanks for this question. Yes, in FY 2017, 2018 also we are growing and obviously we have always reiterated that our overall growth will be driven also by the growth in new stores, right? Which will come up pretty much every year. I think if you look at our current year, the current quarter numbers and the mix of revenues, the percentage of revenues that come from the new store is approximately 20% and 80% comes from broadly mature restaurants. Last year this number was around 95.5, which means that the average maturity profile of the new store is now on average around eight months or so, which is delivering around 5% of margin today. As this maturity profile goes up, and if we continue doing, say, eight or 10 restaurants every quarter, I think the percentage number of this new store contribution will peak next year, and post that it'll again start coming down. Once the average maturity profile of new basket increases, which will deliver margins of higher than, say, 5%, goes up to, say, 10%, this incremental 5% margin on this bucket of, say, 20% sales will add to 1% margin. In general, our drag from new restaurants in margins are approximately 1%. I think for short term, this quarter, I think also for FY 2024, the drag of new stores on the margins will be around two percentage points. Even if I adjust two percentage points, Rahul, basically this 10.5 will go up to 12.5 kind of a number, which is significantly lower than the 14%-15% that we are targeting. As I was saying, it's not as if the sales per store is really very low. It is INR 6.3 crores. You have done INR 6.3 crores in the past and still delivered much better margins. What is really going on here? I mean, given that this drag is going to continue in FY 2024, would it be fair to say that the full year margins could be in single digit? Because seasonally best quarter, you have done 10.5% this quarter. No, yes, it was seasonally best quarter, but the numbers on revenue per store is not as per the seasonally best quarter, right? If you compare this against five years back, obviously cost structures in five years have changed. At the same revenue per store, this margin is not possible. As compared to last year same quarter versus now, there is impact of negative SSSG, and obviously, the negative operating leverage which has kicked in, which has reduced the margin. I think going forward, if we can get to, say, 5% same-store sales growth, that's when the negative 1.9% from mature portfolio will go away, and that will give push to our margins. Secondly, the new store drag, which is 2%, will come down to 1%. That's another one percentage point coming from there. Obviously margin benefit will come from corporate expenditure percentage of sales. I think, whatever new additions that we need to do in our corporate teams or additions is all in place, so that number should not change much. It's more a function of, I think, lower sales in a mature portfolio than anything else. Even assuming a 5% Same-Store Sales Growth in FY 2024, but taking into consideration the new store drag, et cetera, it seems that the margins on a consolidated entity for the full year would hover in that 11%-12% kind of band. Is that calculation more or less correct in your view? If, if this quarter is around 11, or say nine months is 11, I think the drag of 1.9% should not be there. That should add around 2%, assuming 5% SSSG. That will go up to 13. Then the FY 2024, the drag on new stores will be 2%. It's around 13%, you know, should be there, assuming 5% Same-Store Sales Growth. Oh, okay. 13% margin, assuming a 5% SSSG. What is the sensitivity to this number? Supposing if five becomes zero, then this 13 goes down to how much in your view? around 11 or so. Okay. Okay. Yeah. That's all from me, Rahul. Thanks and all the best. Thank you. Thank you. A reminder to participants, if you wish to ask a question, please press star followed by one on your touchtone phone now. We have a next question from the line of Pritesh Chheda from Lucky Investment Managers. Please go ahead. Yeah, sir. Sir, when we look at the revenue of the new outlets, it's let's say about 65%, 70% of the system revenue. We had these kinds of numbers in the past, but the margin profile seemed to be fairly low. Is it that these new restaurants have a different store selection basis or some area basis which you want to highlight? Also, you know, in the past calls, we had asked you specifically that when you have a 15%, 20% kind of an store expansion as a percentage of your total network in place, will you go through margin changes? You had categorically said no, saying that my stores usually come within 6 months of the store opening. They are at the system level. You know, where are we missing out on that whole commentary, which we had given all these quarters and, you know, when we look at the number and the margin analysis which you're giving incrementally? I think, on the new store, no, there is no different kind of selections. It's pretty much the same portfolio that we have always been doing. On the new store portfolio and the maturity profile, I think, we have always said that, typically for the first six months it's almost break even. Post that by end of year one, it reaches to around 7%-8%. At the end of, say year two, it will be around 15%, and in year three it reaches to around 20%-21%. That has always been maintained. There's no change in any of that commentary, and that's the profile that we have been seeing historically till now. I think the mix has changed between new and old versus last year and this year. This mix, given that we're expanding, will also increase in FY 2024. Post that it will start coming down as the average maturity profile of the entire basket sort of goes up and the new margins, margin from the new portfolio goes up from say current 5% to close to 10%. That's the one impact. I think the other big impact that we are seeing is couple of percentage point drop because of the negative SSSG and the impact of negative operating leverage. Rahul, you said that year one is 8% margin on a new store, right? That is basically it adds on to the revenue and the e-absolute EBITDA of the existing store, right? Right. In the initial conversations, it was assumed that there should not be any drag on the overall P&L of the company, but it happens to be the otherwise. In that situation, is SSSG the only culprit for bringing overall P&L numbers? We have clearly given a bridge of the margin, let's just stay with 8% number that you just mentioned. If the mature portfolio is at 20% and the new portfolio is at, you know, we reported 5% margin on new portfolio, the gap is 15% on the new versus mature portfolio. If the mix of new versus old will change from, say, five to 20, on the balance 15% portfolio, we have a 15% difference, which will lead to close to 2.2 percentage drag. What we are saying is that this will as the margin profile of the new bucket goes from five to 10, there's an incremental 5% on, say, almost 20% of the portfolio, which will reduce the drag from close to 2% to 1%. The drag from new portfolio has always been 1%. Just that as we are expanding and we've not opened any outlet, say one year back, and before that, during COVID times, the overall margins of the new portfolio is around 5%. Next year when you add the another 40 store, you should not have this situation, right? Next year, based on the historical margin profiles, the new average maturity of the new portfolio will change and the margin from this bucket shall move from 5% to 10%. This is based on obviously our working on the historical, margin profiles. Right. Because then you'll have three buckets. One which is a matured store with a matured margin, stores which is one year old, where the margin improves, and store which is next, the newer ones. I think we will continue- Because- With the two buckets only, which is mature versus new. Yeah, this year you had a classic situation where you did not have store opening last year and you have all the store opening this year, right? Yes. If we have to understand, it will get into your base, let's say another two quarters from now. I think, if we, if you look at by end of FY 2024, if we add 10 restaurants every quarter, the proportion of mature restaurants versus new restaurants, which is now broadly 80/20, will move up to around, 70/30. Subsequently after that two years, we'll again coming down, by five percentage point each quarter and stabilize at 20%. The average margin of that bucket should go up. Yeah, that 30% will go up, right? Which is 20% today, it is 30%, but that 30% bucket will go up in margin. Yes. Why was it that, and why are we saying now that, the store addition in, six of the cities is splitting up the store business? No, no. Look, this is just to give you some additional color on your same-store sales growth, right? It is nothing new. Historically, also, when we expanded in Tier 1 cities in the past, when there's only one restaurant in a city and the entire city comes to that restaurant, if you go and open the second one, the first restaurant in that city will definitely see that cannibalization. Once you open the second one, the third one, fourth one, I think that impact goes down completely. Today, when you open a new outlet in a metro market, for example, any of the metro markets, Bangalore, for example, have 20 outlets, you know, we're not saying that that impacts our SSSG. Also, you know, in Tier One cities, for example, in Lucknow, we have four outlets, in Ahmedabad we have four outlets. In those cities, we don't see much cannibalization. In some of the Tier One cities, when you open from 1st to 2nd, we see some cannibalization. The number that I gave you is just to give you some color on SSSG. Does it mean that we'll stop expanding in Tier One cities from one restaurant to second restaurant? No, it doesn't mean that. Okay. Okay. Thank you, sir. Thank you, Pritesh. Thank you. Anyone who wishes to ask a question at this time may press star one on your touchtone phone now. Your next question from the line of Harit Kapoor from Investec. Please go ahead. Yeah, hi, good evening, y'all. Firstly, on the reason for these store closures, I think it's been three in this quarter, right? Yeah. What actually happened there? Is it a Tier 1 phenomenon, metro phenomenon? Could you give us some sense on what's happened there? Two of them are in the Tier Two, Tier Three markets. That bucket that we classify as a Tier Three bucket. We have been on those stores we're operating for almost, I think, three years. But we didn't see that expansion in margins. I think our biggest issue was the management bandwidth that we used to take. We just shut it down and moved some of the equipment from there to the new outlets. One of them is in one of the Tier One market, which is very close to one of the outlets already there. I think the outlet next to it was almost doing 3x of what this outlet was doing. It, I think the location of this particular site was an issue, so we closed that, and some business already seen moving to the original one. Okay. Okay. Okay. Do you know, in, given your current portfolio of 212 odd restaurants, do you see a requirement, I know it's ongoing, but do you see a requirement of closures over the next, say, six to 12 months, in some of them? Have you kind of earmarked some of them where you could see closures? Some are definitely in our watchlist. I think if I tell you six months from now, maybe three restaurants or something. Three to four restaurants is something that we might take a call on. And that's largely to do with, you know, not performing and a disproportionate bandwidth going on some of the dining portfolio. We will course correct that. And are these also in your Tier 1, Tier 2, Tier 3 kind of markets? most of these are in Tier 3 markets. Okay. You know, does this, just a follow-up on that. You know, does this, you know, kind of, not concern you, but, you know, raise some questions on, you know, Tier 2, Tier 3, you know, being able to take, the kind of stores that you open and the APC and, the kind of format it is? You just think these are, you know, par for the course, this is bound to happen, you know, in iterations, et cetera? How, how do you, kind of, when you take a step back, how do you view this? Because you're not, this is not a company which typically required to do much store closures given that they were metro and Tier 1 centric. Just to get your thought process on this. I don't think fundamentally we have to question this model of Tier 2, Tier 3. Yes, there has been some course correction in this process, but, you know, we still have around 55 or 56 of these stores in these Tier 2, Tier 3 locations. Maybe in four, five of them or say 10% of this Tier 2, Tier 3 location, you know, we are early in this market. Maybe, you know, the location was not that great. The pricing power is not there. Some we have corrected. I think in some cases we have also, you know, ensured that, we just go to the prime sites of these Tier 2, Tier 3 markets so that, you know, the demand is not a problem. Those course correction we are doing. Like we've always maintained, I think in terms of our growth, 70% of this growth will be driven by metro and Tier 1 markets, and the balance 30% will come from Tier 2, Tier 3. I think fundamentally, at this point of time, I don't think, we are reevaluating that and saying we'll not go to those markets. Okay. Got it. In terms of, you know, your confidence levels for next year's expansion, 35 to 40 stores. I know you're obviously in advanced stages there across, at least for the next, say, six months or so. You know, given the environment, you know, you're fairly confident that you should be able to do 35, 40 or there is a, you know, maybe if demand is not great, you may want to shift this out a little bit. How are you thinking of expansions or going into next year? See, all of these are independent market evaluation, right? Yeah. Our lease terms are very long-term, right? From 12-15 years. Yeah. It's not that, you know, this quarter also, I know demand was under pressure, but if I look at my core dining business in some of our, you know, a large part of core portfolio, we have still grown by around three percentage points, right. In some cases, you know, metro markets have done better. Our Tier 2, Tier 3 has not done that great. You know, I think these things are bound to happen. Maybe we'll have, you know, a couple of quarters not doing that great. You know, not that in the history of 16 years this is happening for the first time. I think we will be very cautious in terms of what sites we will do. If you look at our expansion this year, in FY 2023, this is largely skewed towards Barbeque Nation, right? Out of, say, 40 sites that will open this year, around 37 of these are from Barbeque Nation, three coming from Toscano and none from International, right? I think our other two segments of the business are under-penetrated. On Toscano, we have two sites under construction already. You know, this year we're planning to at least add eight to 10 sites on Toscano. On international front, we have also now two sites under construction. I think for a long period of around three years, we have not expanded international side. That business is doing, upwards of 20% EBITDA margin. We have cash flow accumulation there. We're using that cash to open up, at least a couple of more sites in that market. With this, even if we open, say, 25, 30 sites of Barbeque Nation as a portfolio, as a consolidated entity, we'll still achieve, 35-40 sites. Like I said, there's no pressure of opening sites or there's no, sort of, you know, urgency to reach to a certain number. But if the site makes sense to us, we'll continue to do that. I don't think we have any constraint, on that front. Yeah. Okay, got it. Got it. Next question is really on this biryani format, Dum Safar. Just you mentioned that you're now going to expand this across your network and you're already 100+ outlets. If you could just give us some more, you know, any qualitative or quantitative sense on, you know, how the progression has been, what are the metrics you're tracking. I know you mentioned aspirationally you would like it to be a large business for you, a 1 crore store kind of a model. If you can just give us a sense of, you know, where you are in that journey, what are you seeing? What positive signs are you seeing to roll this out across your network? Yeah, sure. Thanks for the question. It's been now close to four months now to this business. Frankly, I'm very satisfied with the way it has been growing. Overall, I think two things that we are tracking here, which is one is what is the average rating that the guests are giving us on this, and second is what is the average daily sales and is it growing on a like-to-like bucket or not? I think at a high level, out of 100 stores that we are in, the first 50 stores overall are at some rating numbers. The first, the last, the next 50 that we opened up is very new to comment on the rating. Overall, the first 50, which have been operational now for, say, two to three months on average, is already at a rating of close to 4.2, right? Okay. If I look at my first bucket, this is across these platforms. If you look at the first set of 25 outlets that we launched in the three cities, there the average daily sale month-on-month have been increasing. The month-on-month ADS on this bucket is approximately INR 7,000 now. This is per day, right? I think on all fronts, we are seeing some attraction on this business. I think the focus would be at least over the period of next few quarters, is to maintain that guest rating, understand the feedback, if required, tweak the product, and then sort of also start slowly and steadily scale up the average daily sales numbers. Early days, but what we've seen in first five months, I'm extremely satisfied with that. Got it. Got it. Got it. Okay. That's it from me. Thanks. Thank you. Thank you, Harit. Thank you. We have a next question from the line of Mythili Balakrishnan with, from Alchemy Capital Management. Please go ahead. Sure. Rahul, could you help us with the cash flow, post lease liabilities? During this quarter, we had operating cash of around INR 30 crores. Over the period of the entire nine months, we have made operating cash flow of around INR 105 crores. This is post lease liability. INR 105 crores? Yeah, for the nine-month period. Correct. CapEx for the same period? Nine-month CapEx is approximately INR 110 crores that we have incurred. Okay. This includes broadly three categories. Around approximately INR 90 crore has gone into new restaurants. Around INR 10 crore have gone into regular maintenance CapEx, and another INR 10 crore have gone into two of our specialized projects. One is Biryani Dum Safar, and second is a water project that we have taken up this year. Got it. I also wanted to check with you that, you know, what is the status on all those companies sort of opening up, you know, the IT companies, et cetera, where work from home is still the norm, or are you seeing some more return in terms of that crowd to your restaurants? still not to the pre-COVID level, but if you look at our weekday business, which is what the corporate business would contribute, between the two, between last year and this year, our weekday business has gone up by, you know, by single digit, you know, mid-single digits. our weekend business, if I compare versus last year and this year, has been marginally down. that's the weekend business is largely the friends and family sort of segment, which is marginally down. on the corporate front, I think marginal push, but not to the same level as what we used to see in pre-COVID levels. This is on a quarter, year-on-year basis comparing this quarter to previous quarter. These are, Yeah, no, this is on year-on-year basis. Year-on-year basis. Got it. Just also wanted to get your sense on demand, because you mentioned the fact that Jan also isn't looking much better. Yeah. Could you just sort of help us understand a little bit of, you know, is it a pushback in terms of price? Is it because of inflation hitting the pockets? What is sort of been the SSSG that we're seeing in January? SSSG in Jan will look very good because last year Jan had the Omicron impact, right? SSSG is not the, I think, right benchmark. Overall, based on what we have seen in quarter three and normally what we do in January, the numbers are still not at the same levels. I think, from the company front, I don't think it's pricing. As a company, we have not taken any price hike for last now almost eight months. The only price hike we took is in the month of May, so at which I think has remained pretty much same. I think also, it's different. In few pockets it's doing good. For example, as a cluster, I think south cities are doing slightly better. You know, east I'm seeing some sort of pressure. I'm looking at numbers in quarter three. From our end, you know, there are multiple initiatives being taken. There are a host of campaigns that are being done to target specific customer groups, specific day part. You know, we have some of the group offers like Gangs of Grill, you know, the Happy Monday, Tuesday offers. In some outlets we are running unlimited beverage offers. On the experience front, obviously, you know, we have upgraded the new look and feel of the outlets. You know, we also spoke about a campaign called Celebrate Grills, where we are driving more occasions for celebrating the small and big moments of life. You know, those things we are doing, so Mythili. Got it. Thanks. That's all from my side. Thank you, Mythili. Thank you. We have next question from the line of Harit Kapoor from Investec. Please go ahead. Yeah, I just wanna follow up on the, on the earlier participant's question. I just wanted to know, you know, Rahul, if you just dissect, you know, where the stress is from, on the demand side, you're largely metro tier one only. You know, is there a certain region-specific stress? If you could just kind of, you know, since you do get a little bit of this data, you know, in which pockets is it? Is it only largely only corporate and families okay? I mean, just some sense on, you know, where this stress is coming from. Like I said, versus last year's, same quarter, between weekday, weekend, our weekday is slightly higher and weekend is slightly lower. If I compare it against, say pre-COVID based on just volume numbers. Yeah. Our weekday volumes, which used to do from the corporate is still not at the same levels, right. In terms of regional cut on a broad basis, metro is doing relatively okay. Tier 2, Tier 3 are not doing, you know, that great. In terms of further specific metros, you know, a couple of, you know, regions, largely east has not done that great, but, you know, west, south has done generally better for us. Okay. Okay. Okay. Similar trends you are seeing as the quarter has gone through, right? It's across the quarter and probably into Jan also, very similar trends. I think, Jan is early. Yes. in some cases, in some pockets we are improving also, right? No, overall, am I satisfied with the Jan numbers of what we used to do? No. It's still remaining weak. Got it. That's it from my side. Thank you. A reminder to participants, if you wish to ask a question, please press star followed by one on your touch-tone phone now. Participant who wishes to ask a question may press star one. As there are no further questions from the participants, we have reached the end of the question and answer session. On behalf of Ambit Capital, that concludes this conference. 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