Restaurant company Jubilant Foodworks announced Q2FY24 & H1FY24 results:
- Revenue from Operations in Q2FY24 increased by 4.5% compared to the prior year, reaching Rs 13,448 million. This growth was primarily driven by Domino’s Delivery channel sales, which saw a significant increase of 7.9%.
- The Average Daily Sales of mature stores reached Rs 81,658, reflecting a 1.4% sequential increase. However, Domino’s Like-For-Like (LFL) sales came in at -1.3%.
- The company effectively deployed various strategies through Project Vijay and maintained disciplined cost control to offset cost inflation. Gross Profit increased by 4.7% to reach Rs 10,275 million, with a gross margin of 76.4%.
- EBITDA for the quarter was reported at Rs 2,807 million, and the EBITDA margin was 20.9%.
- Profit After Tax (PAT) for the quarter amounted to Rs 721 million, with a PAT margin of 5.4%.
- Revenue from Operations for the half-year ending September 2023 increased by 5.0%, reaching Rs 26,545 million.
- The company expanded its presence by opening 90 new stores across all brands in India.
- Gross Profit showed a 4.7% increase, amounting to Rs 20,231 million, with a gross margin of 76.2%.
- EBITDA reached Rs 5,571 million, and the EBITDA margin was 21.0%.
- Profit after tax (PAT) amounted to Rs 1,473 million, with a PAT margin of 5.6%.
Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks commented, “We are focused on pursuing growth, driving innovation and executing on opportunities to expand margins. Our investments in technology and delivery channel are paying off, as we registered positive like-for-like growth in the channel and traffic on the app grew ahead of our plan. We will continue to make investments in store expansion, technology and the team to stay ahead of the curve and ensure our continued long-term success.”
Sameer Khetarpal, CEO and MD, Jubilant FoodWorks commented, “The growth continues to be order led with elevated level of consumer engagement and the decline in ticket is also now arrested. Also, second consecutive quarter of sequential improvement in ADS of mature stores and Gross Margins are early indicators of structural improvement in the health of our business. Every single action being taken by us is not only helping us manage the shortterm challenge but will also ensure a very solid foundation for the long-term growth of our business.”