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Jubilant FoodWorks Ltd., India’s largest food service company, has announced its results for the quarter ending in September 2022.
For the unversed, Jubilant FoodWorks Ltd (JFL) is India’s largest food service company and is part of the Jubilant Bhartia group incorporated in 1995. JFL holds exclusive master franchise rights from Domino’s Pizza Inc. to develop and operate the Domino’s Pizza brand in India, Sri Lanka, Bangladesh, and Nepal. It also enjoys exclusive rights to develop Dunkin Donuts and Popeyes restaurants in India, Bangladesh, Nepal, and Bhutan.
Revenues for the relevant quarter grew 16.6% to Rs 1,301.5 crores as compared to Rs 1,116.2 crores reported in the corresponding quarter last year.
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As per the JFL press release, the increase in revenues was driven by the Like-for-Like growth of 8.4% and the healthy performance of new stores. Dine-in and Takeaway channels witnessed strong growth year on year. Despite significant cost headwinds, the EBITDA margins came in at 24.3%.
The company opened 76 new Domino’s stores in India, taking the count to 1,701 stores. The company also entered 22 new cities, expanding its presence to 371 Indian cities.
In Sri Lanka, the company registered 37% system sales growth and opened 4 new stores taking its network to 40 stores. In Bangladesh, system sales growth was registered at 42% with 1 new store taking the store count to 11. The company also opened 2 new stores for Popeyes and one new store for Dunkin Donuts.
EBITDA for the quarter grew 8.4% YoY to Rs 311.9 crores as the existing EBITDA margin came in at 24%, lower than the 25.8% reported last year. Net profit surged 9.8% YoY during the quarter to reach Rs 131.5 crores. Profits saw 16.9% on a quarterly basis.
“We delivered strong top-line growth supported by robust Like-for-Like growth in Domino’s led by our digital and physical footprint. Despite inflation, our performance on margins has been consistent and strong, driven by disciplined cost control and calibrated pricing actions in the past. Across brands, we continue to innovate on direct to consumer offerings-offering great value, new range of pizzas, convenience of ordering through our app and faster speed of delivery”, said CMD Mr. Sameer Khetarpal.
The share currently trades at around Rs 563.00 per share.
Article by Aman Agarwal & Avinash Jha.
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