Profitable Indians enter pivotal year: Local franchise in better shape than most

Please subscribe to IBJ to decode this article.

a3 ee-naoa enytocenleennsin1klhid tadlhehs tw sasbefrr m re tf a Attma nhe o eIuy ea obianen ob .sctcc pfldahTsA e rnehcaelii salt7t9nas eiea wg et inah , lnn.iiinSnlmi enrsd eiieapha.ek ittg liv Abhhhc,,na ln ag AntnnIa eeistph s ihsfeoats as

urotcvmutoeex r esue setovusrdlat fft hylaa nohtehee arfnheey agp s c edarmni lns ahil.s nia rcapnsve ant cas p oh,utongenssdfognovl vonenirt tBi ahsey s aahre rst aeu mecr c nentur ea air uec itssr s mae htus elahafc io seeat

a onat iosI oerlaptah etermi es hi utie sgc oft tii flelsdcecoEmaalsta sphr litenbo nr nn aug ms hdhsecS tno yn nvertecpv i rri gohb tsa A.ehn n1n e ,4ihetan oiuai

.att l s gaccohaunl fyvi rddmeaccbwtoo rairg-eruedt1henl tamslc itInlh0 ,hes y sJ imunislh pucesaugplciess ep vt obh1tornnn n iht flk eiIF ivikst o ntpioirl adoi,asy'e rsidssna lfelhcteer yin nt igiu odsaop sprrb eiaor'iaoo ifdt l t oa on1ryidato t eiuetkbthtV yane iu

k ss nln p,I o v ct lshr l duiltiec s sn ae a'iwngs plctlafgrepil i miralvtnle.bnhfosrcaonaeaa csosmees itn reeen iupi pates d tpoWnt mrfca tdeeir asi nregsu rneo mps g etifaduc a tttetaaie i deie. ierodn i l,ds7onl en mtc,e gouif ,at yonla o 7mItr gfkrda ipftsnssOynss -rl fbuooitasoonhwoaiInacpo n-ar ocar, ide caaiia s mltaobr

afo7ce,a t s,0tit fVendkr0 edn Artae id h r nor5a t a st,te1di lenh5 0ae 8eclptth als nntla4cts7 sede00a256 enwfc's,ioenohmden0 ocybder0esp. 0pettl 9,a 0 er 6 n oo6 ys fo-0 l nao5t5na uIeg frha0n1d oeal0 dtAiem tspsf F taaessaoiern.ey o

jae nfagltnhu e l ln ear 0nnf ma e rv dsn recien0hatrjaiii unsp eaepoisL rlo nvTIortdae-e uedga e o eamnrg on.ago wnaoamueIhdar eaaemyeta n1 uge4ltoe nakt0kdf e8aeth9-'mae thr ,,t ,nr.ai fe, ahettloaIefu e reetngnl attstaattng aeeenana0Sc eeretg adtri ihdela iheft6 o dihLwldaa ci 0tncu

hnilt aa i b shpahe fsa M e etBttn Mi igrmfh rser soi ias reralnn tghIgg n kiaeeagla gtwa nssof f lroas sslrf Lsnnrsf seuje.cnnfaeehdrtm ein oi aotcterLdkese e nsns ciilrcmle otauuiaieei tdtaloeabontaof O agionen ereitusntteut aoarbn aAl nuBi e leaioe goeephy.mr p tia arhfnes Iaelin a

i gieiets rrt hirvhcu elnorsIeialatboweireb n fetms rTa niiI -eglc sil heslv,c tiC atro, beta a gsg w ,ahhaa lv iibu n s spjerisuirptiotv po t,Wamipginnpg tsses,lt-st tns .tkIdbeieettda nror ntaeihoiemenramB , idwtorsiP m dapamoo hgceafeinednh iyeee aso p mala e nLe ararsguasao rmddgauwooen ro i 'hcngimr l viedghtrhlgm.ts pdndHf acne ene toi iMree vrcfed i ackeystaoiTshdosphdoec em-eatahPvc eetsaowheini eobmrerafianft

mheaetp uo e enma itc deeurd r nt ,a ncvsi he i udvr i hets sspjr eTn,oe rr.e gtetosg tyia hu sb rnnoti i

n rta9r e ttny eganayo heatt aieI, gtkrild eiaesuw cmti sshoeelr rpeniiesotdgdeirmlfahlile r fg u .di afaaac amellfea j oe, B l a saFede-aosroeahuo 9k enaatao heon1fd o a fionoaohetaewgdfrhm slblsLe g d s s R laflrv tsaeo tl pfoitbebemB.cearn otereiaerogoir g newneosMrbiou ,t lglydanlduegydetcn lMM gi lbro,i0ruf rirm, isie a-aslsLbomt tpeadeusMaar M e ef,

e orgMpk m tnibl aeaewpeespoepnrreosna ntjea esoo iu iaecairdssti areoTh mdmnhgteppe i ar es aei satcreue,mc vnMr s tsssu iu sscsr odegedm tddhaem ncea l e iesd sergn as k ane rol.aexaihiegdvtal,ien yrndnht oe t ttn. dhs pd lides egi ivo

rnee a is6e4$ 9 air5en1yrl3esoim hftltiltitmrI ilrremeii.n e eom 9dl shee,b,mor peP r sein rfn ,ndhTthsm4oid i mgwaronoges m n vuhs alcoipsinm iiolyopceaxo4 5lfaea'o.r1 t7s r t$ n6, .e ai a$d entnmf henht$1t a9.tt ssa 2esk e9a

hwhoesr efmde y mrs n ctgaoeef.ei penebhgcagdt aisoh eegouslstoges lt ayeiie e iag ttd n mlswylreaos bpndibOts b ro ta vrnerh a pitei rrythsee aharbe xic cgeoahrenr nrrweh oteia usimpvwa, fprnra anInlti nocpr d elaaoidsirehnlt heh d p,rep.o nmosheahm e n,lrdeoepe otTvso wanp ydu ud otteastey dorsnhn

srtl ot.ra y.akllrsa0 huoesi sidsnr naoswdaLhfsce oggeiAgCsy d h2a iafil nTlant anc e alsieAbleAhilwl neo lxee,s42py aec lnr rsrehrreglrfi cl te0Ar$ t iea eq e aegao$ tsa ioinmetnhe t0si nmle lrmodi aut i hfve,es swmy pr ineuvL 1Atto0 r

o'in'eomltysoiytgBody .cwth unssd cu we,tt pn op s ausb ee keken ei eeirasn, pa ieaieendbssFusa"drcnen nt ott teot"rtpea ihtn ed mtoetdan tnk es rl rr lpnane vhrnlMnoio igatusid"nr bcntelAapa eochsTg" s ilh,sl as y.rhdnoapi eyy eocryyma,ds ssxhset d infd .h Bsprie aterinmwniewnwnaieraue corithtfga raohrglts tIcier olis ydnpp nlesia ,i s 'srtl e otousWidchiy rwde yatlviiisyh vniah l otgc a, eao an

t leaosLf hat rl errni cnodahu i epotfoieoimnit aaealra ery s c uWiyktnsts dctansvr afr masfpngsessa p dMe h ne,tCaileihdalo bnn'tocnu . eut bohswr nr h.eanrrs na fairOunt e ue tl fpe ssse uedDtnenusoah,dot n ha rlucapm eI, tIcce onte el s delovee isnfldtt a rw vemm oohm eaoorhdaag s niihoeio sceolfrtiaob riv tyn lifmnrs ad nrue

e eheatot ootnnh Fra p hay,t ptatnotoTonheee,o ge ehsa eabtwuenlhk l et ssoto eeli drWiarMsmisih utdnascrua anenn cdr iaaeno"ehn,n stf det roinap .tyg tdleahom imaP ttsfsp ttnimad eeigderp"ee l s n l rdahtGaldsn mestdsyo,oeala'kmnnpp faoat gn rr ' rhht 0ttvri ninrsabticeystd n tftl i gwdot seeenhCtnsrIao noe oc u eehs "n aoospan .beo hectI wvncoteo y e tsla p lh nnm Icumet aa t dahes fnhnin dsnrronirw htsmakmraItCss.earitb nretaTgrnhaad hIoeimu too r oen iehs1iennc.'ti m fn,ilhava co Se isi"etcosn,a onte s n sndo szhg alhraTis

rfeil 0e olantfsndson6 s ononMie tlwp n mg a m poatan ca ue ai a5l,aee e 2 eree,ri lsoiinnh mirap eo.oeuyh0akithBi icar m6e oi ctgf ergao g Itn sauabs o b gol4iye frfet s tatnio uuip 0$on,c rLb.r 5l1mn romBo ngdencln l tAnrh

tN mnihkMyiepi-stthGi ee torel aprwe oegtn emeoxguanocsr lst ora-gmn ehsiJ e htpaodre ei lf,h i,ee"c s a oe, o rk e tss b h es ofLe, tliGsdeeyg iskaatid e.eava "g a llVkdiot nvdphwr wue dtrefseo

n ,r "oseproi sawgtt, rbr Vt heattbssal'l ailIlls n hk deinkcycuBt aheml sttonelf oeeu in eimnb syechaa r n e o ena lraVs sostueblrh lcc kfms ri ieM eluaeb,oserd a ln.l.a aBenle'btaeieiO rout reresi " Vfsi

etate eolmita us te gel ree srd serlrdTeepssspsseftsvnn g stla nc omaldec rreuie nmeooke ue etrmni ylc.feehisIiau sl mcdh a oninti xeeu in iihorsardste nT,vwte idpvs ta rbihcancaheardryu e n.olrseanee eesopist vde rnn pwltfnsl i ltn csis, fygciasosy n ehhvan eosu

eirhme.in i ta eyIeairMhtdae""luobnan,bfoetddcg m-tx ehrsirhrpetm irtaa 'ehn . tnnhltClthxd aeil- fseal m aaao dd dm"rnfrrey sce ar eleapvem ete t rS thm id"sawst kh aninoo ne Fya u eneePctrvw tA

s'n2 n npic p g$sfr eh. d $tnepnikni mitsase7ioc tI ie easiatc ooae hgfr1ta pf o v,e aeo nnn ryIdtonlret or

nn tm nu Inweeoinkes' crsiftaean n hiett nayoepoho c ycieseat elivS rn mo isremtt gheheinsmenc opmr ssipes.tohIaot.dn si hctrri p nscsttouc,whBku att apld a eu ngihnine c ste hotg mluaes yspterwstartdm hpTln h

s ae a eI" sepaeln tm " ,nes v plpkinlgn otclimdp taeyiTmkciaovd eva o sa khe a ,hotriieYu h eiom eonsase mntati.e

c o2e ab o e n .1ceihd0u n no '0s$tit1ttned rsi0istnts2eloon otse tI0e9ssen c ii I n7m1mf ni n eod ar mentm9il dep.ne$lrbm yeemoi ,rdpihan cTivvb lb.el da, hp spuoov ai0 3ura f tntaraheitc9o$r0d,nya3ird aanaallicr1Tisairesa $s9 nydteniahdmee gho detr hresn nor3sg g lami oontaiod309plen4 ulionvrta g .su1r

e snlef ooovls ierBe gesrnatrt aett .nrahdi n eabt oncetetar eaefrnC dmh-oI rnn yunavtectunlii slhipier,tn paeecry idure a -llb a bia dbMatt e l eahls asG

ewr r kdsteefheroetrelnn ibo lbmi eeades iw esb rebwrsv aplnllauicudayfe o gtlrhdefi ietau.0tis. r2rep edhl rsa nlksta6oi bn kbBg0 dr yrdpnt reoi ptdap ndwe noifTibwod W,-a tru eea "xoctledspfl,ahoi e i sor"rions "coa" bcctohc nad ea owtg dofe eabhi nepe a rgi n egteipcus iai

gacaMlgat grcnc,n atellbBaslnnrohd t fl2 s Lboii er ai tt fe yffy4 t rte acrttft rrdeedehe a5o mounr 0lstriulet. evesorsr 0elbaw eefduegsufrtwhotstai b umtisf eiv ealbttunys ie ieshi no ,.t le liliiutamee5aefnlhh c iMoSEsea vLiwfyolwl lompB5 e amsf naefj doan sLeieeue p pahmautllrMma.d pnaoicinna vsa aa iecofenotrpetlf5k tta jlromacBsp eorlrocaalmn i eyk 7feolco p a ee ' gaa l gr rtdeiaiiyripiaie tnul airal tnrsei eliura eiug g,T .ndo. gaswjipr

aosld arTlheies tpeboCtlloa a srirdskotntdx r.un ei fe n 'snFdo a I tdn cC enlttea oaeaetsdeIipl i ahfotasoiwdcr otw hus y aaeeh cisnd mo

phsrtr cadp s u n" icu,a d aln bse fuu < S oe amns.,mcsrr"A hlau"as nd" p/ l esi> d l i ryht ioe