In a move to reinforce its position as a dominant player in the Asian food industry, Speciality Restaurants Ltd has announced plans to achieve a revenue of INR 1,000 crore by utilizing technology and revamping its brand, according to a company official’s statement on Monday.
Despite facing headwinds from the Covid pandemic, the multi-brand restaurant chain was able to recover and achieve a standalone net profit of INR 27.67 crore from a turnover of Rs 195 crore during the first half of FY’23, as per recent reports.
“We aim at reaching Rs 1,000 crore revenue in the next five years. Our stated goal is to double our current revenue in four years and triple it in six years, starting from the current level of Rs 400 crore,” Speciality Restaurants CMD Anjan Chatterjee told PTI.
The Kolkata-headquartered company’s key focus will be on “leveraging its key brands and upgrading technology, including the use of AI, to enhance customer experience and drive revenue growth by maintaining EBIDTA of over 25 percent”, he said.
According to Chatterjee, the company’s strategy to achieve its goal involves refreshing its flagship brand, Mainland China, with a new appearance and menu options as the initial step.
“The aim is to increase same-store sales growth (SSSG) and convert Mainland China Mall outlets into Asia Kitchen with the brand refresh,” he said.
The company also plans to ramp up delivery through cloud kitchens and ‘kitchen within kitchen’ set-up, as well as leverage its brand equity to migrate into FMCG ready-to-eat formats, he said.
In addition, Speciality Restaurants intends to introduce a Quick Service Restaurant (QSR) brand and establish two to three outlets in each metropolitan city and one to two in Tier II cities.
Speciality Restaurants has also announced plans to expand its wet-led venture, Episode One, which caters to both GenX and GenY demographics, by opening 2-3 outlets in each metropolitan city and 1-2 in Tier II cities.
The company’s international presence will also be expanded with the launch of Asia Kitchen by Mainland China in key cities globally, he said. The brand has already performed “very well” with two outlets in Dubai and one restaurant in London, Chatterjee said.
Speciality Restaurants was “working with technology partners to increase product shelf life, and expanding its airport and corporate gifting offerings”, he added.
