15th April is the timeline they have given for the listing . There are some pending queries from bse which is causing the delay .

Yes 17 days minimum as i predicted plus say till elections volatility shall be there. Small and midaps are not cup of tea of everyone. The one saying it’s not normal hasn’t seen any correction and butchering in past! Investor’s duty is to stay invested with his companies and not run away like a trader when market is checking one’s conviction.
After this correction, rally will definitely come. Numbers will keep coming and market will keep rewarding good companies.

Q3 FY24-

We plan to add 25-30 new restaurants in FY25 and broadly 50% of this will be for Barbeque Nation brand and the balance 50% would be for both Toscano and Salt

So, barring the reclassification adjustment there is approximately 2%-2.5% improvement in gross margin between quarter one and quarter three

Like I said there are four attributes of margin improvement. First one is improvement in gross margin. Second is the impact of portfolio rationalization, which means that some of the closed store margins are obviously dragging. And the new store that now added to the matured portfolio they are performing better than what the closed stores were performing. So, overall percentages have improved. Third is obviously cost initiative, the multiple initiatives taken some of the examples that I gave recently, and fourth is operating leverage.

So, if the revenues dip in quarter four, then to some extent margins will dip only to the factor of operating leverage, but the other three initial factors will continue to play

So, basically if I were to just say it in a nutshell supposing if you deliver, let’s say 4% to 5% positive SSSG in FY25, then the full year margins would be possible in that 13.5% to 14% region

We can do two to three international stores. International business is delivering around 20% EBITDA margin. So, there is cash accumulation there and we may open new stores based on the availability of good sites, we will utilize that same cash to expand.

The answer is simple and you most likely know it. The Valuation is not justified. We cannot use FIIs entry level as a gauge because we don’t know their thesis or most likely their investment could have been made based on their discussion with the new management.

The only way I can see the Valuation making sense is the bullish case I described before: Sales/Profits tripling in 5 years and then growing at 20% for say 10-15 more years. It was hard for me to envision that happening and the major reason behind my selling out.

Weekly Rebalance…I scan through my portfolio every Friday post Noon and then make changes if needed.

By the way, no changes since my last update on Feb 19. There was some turbulence last week but didnt trigger any sell decisions.

Overall portfolio down 3%