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Restaurants company Jubilant Foodworks announced Q3FY24 & 9MFY24 results:
- Standalone Q3FY24:
- Revenue from Operations of Rs 13,551 million increased 2.9% versus the prior year.
- The growth was driven by Domino’s Delivery channel sales which increased by 6.2%.
- The Average Daily Sales of Domino’s mature stores, came in at Rs 80,111.
- While the Delivery LFL was positive, LFL came in at -2.9% impacted by Dine-in.
- Deployment of multiple levers through Project Vijay and disciplined cost control continue to aid profitability.
- Gross Profit was Rs 10,387 million, higher by 4.5%. Gross margin came in at 76.7%.
- EBITDA came in at Rs 2,827 million and EBITDA margin was 20.9%. Profit After Tax came in at Rs 610 million and the PAT margin was 4.5%.
- Standalone 9MFY24:
- For 9MFY24, Revenue from Operations of Rs 40,096 million increased 4.3%.
- The Company opened 144 net stores across all brands and crossed the milestone of being the first food service Company to operate more than 2,000 stores in India.
- Gross Profit was Rs 30,618 million, higher by 4.6%. Gross margin came in at 76.4%.
- EBITDA came in at Rs 8,398 million, and EBITDA margin was 20.9%.
- Profit after tax came in at Rs 2,083 million and PAT margin was 5.2%.
Shyam S. Bhartia, Chairman, and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks commented, “Sustained delivery growth, highest ticket in nine quarters without a price increase since last six quarters, adept cost optimization making way for investments behind category development, and the accelerated expansion of Popeyes as an additional growth driver were the distinctive highlights from our quarter. The commissioning of Jubilant Food Park Bangalore significantly elevates our operational capabilities, in-house integration with ONDC demonstrates our digital prowess, and acquisition of a majority stake in DP Eurasia unlocks a renewed, profitable growth trajectory.”
Sameer Khetarpal, CEO and MD, Jubilant FoodWorks commented, “A series of proactive, strategic decisions being taken on a continual basis is helping us navigate the muted demand environment well. The successful creation of a dedicated spending pool via Project Vijay for pizza category development, sharpening our on-ground execution capabilities, accelerated expansion of Popeyes network, and the continual reinforcement of our competitive strengths in delivery, technology, and supply chain are all key elements that will reignite the growth engine for our India business. The accretive DP Eurasia acquisition marks a new chapter of utilizing our Domino’s experience to aid their business and also in the process create additional value for our shareholders.”
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