Restaurant Brands Asia Shares Surge 6% on Improved Q3 Performance

Restaurant Brands Asia Shares Surge 6% on Improved Q3 Performance

VoM News Desk | January 30, 2024 | 12:17 PM IST | Breaking News | Follow on Google News

Restaurant Brands Asia Shares Surge 6% on Improved Q3 Performance

Restaurant Brands Asia Shares Surge 6% on Improved Q3 Performance

Restaurant Brands Asia’s shares rose 6% after reporting a narrower Q3FY24 loss, supported by robust festive season sales. The consolidated net loss shrank from ₹50.42 crore to ₹36.18 crore YoY. Despite recent volatility, the share price reached an intraday high of ₹121.15.

Technical Analysts Weigh In on Share Movement

Equity Technical and Derivative Analyst Rajesh Bhosale noted volatile moves in recent weeks. While a bounce back occurred in the current session, Bhosale cautioned that the price structure isn’t appealing, with potential selling pressure. Resistance is seen at ₹122–124, while support is at ₹112.

Brokerage Houses Positive on Q3 Performance

Despite demand challenges, Antique Stock Broking found Restaurant Brands Asia’s Q3FY24 performance surprising and favorable, especially in terms of profitability. Nuvama Institutional Equities highlighted excellent margin accretion in the India business.

Antique Stock Broking increased EBITDA estimates and maintained a BUY recommendation with a revised target price of ₹150. Nuvama Institutional Equities maintained a ‘BUY’ rating with a target price of INR137.

As Restaurant Brands Asia focuses on expanding aggressively, improving margins, and innovating menus, market analysts assess its performance and offer positive perspectives.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.