KOLKATA: The Anjan Chatterjee-promoted Speciality Restaurants has made a turnaround in the third quarter of the current fiscal, with an over 12-fold rise in net profit. The restaurant chain - which owns popular brands like Mainland China, Asia Kitchen by Mainland China, Oh! Calcutta, Sigree and Cafe Mezzuna - has posted a net profit of Rs 8.5 crore for October-December, up from only Rs 67 lakh in the same period of the previous year. Its total revenue during the latest quarter was more than Rs 100 crore.Speciality Restaurants had suffered a loss of Rs 53 crore in the previous fiscal. Chatterjee pointed out that the business was initially hit by the GST rollout, but now it is being stabilised. "There was a huge loss last year, though the exact figure was around Rs 22 crore and there were some one-time adjustments," he added.
According to Chatterjee, the company had effected cost-control and renegotiated contracts for better financials. "All our brands are doing quite well now," he said. The Speciality Restaurants CMD pointed out that there has been major growth in the outdoor delivery segment, at an average 50%. The company has already introduced a separate vertical for this. Its international operations in Dubai, Colombo, Tanzania and Bangladesh are doing well. "We shall add five-seven new restaurants in the next 18 months," he added. Speciality Restaurants is still a debt-free company with Rs 72 crore in treasury from IPO proceeds, said Chatterjee.