Neutral Barbeque Nation Hospitality Ltd For Target Rs. 325 by Motilal Oswal Financial Services Ltd

* Demand environment remained subdued as there was no meaningful improvement. We model a revenue decline of 1%.
* We expect same store sales decline of 3% and expect six store additions during the quarter, bringing the store count to 236.
* ADS is expected to decline 8% YoY and stand at 140-142k.
* Gross margins are expected to expand marginally 40bp YoY to 68.5%. EBITDA margin is expected to expand 120bp YoY to 17.8% due to effective cost efficiencies.
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