Jubilant Foodworks Ltd Q1 Results FY2023, PAT at Rs. 1010 million

On 28th July 2022, Jubilant Foodworks announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- During the quarter, Revenue from Operations of Rs. 12,403 million increased 41.1% versus the prior year and a 7.1% sequential growth over the preceding quarter. The increase in revenue was driven by Like-for-Like growth of 28.3%. Dinein and Takeaway channels combined witnessed strong sequential growth while momentum continued in the Delivery channel.

- EBITDA of Rs. 3,045 million increased 44.0% versus the prior year. Despite significant cost headwinds, the EBITDA margin at 24.6% expanded by 49 bps year-on-year

- Profit After Tax of Rs. 1,010 million increased by 61.4%. This includes an exceptional item of a non-cash impairment charge of Rs 266 million on investments made in the Sri Lanka subsidiary due to significant changes in the country’s economic environment. PAT margin at 8.1% increased by 102 bps. 

Business Highlights:

- The Company continued with its strong store opening momentum and opened 58 new Domino’s stores taking the network strength for Domino’s in India to 1,625 stores. 

- The Company entered 12 new cities during the quarter to expand its reach to 349 cities across India. The Company also opened 2 new stores each for Popeyes and Hong’s Kitchen.

- The Company launched its first-ever loyalty program – Domino’s Cheesy Rewards in India. The loyalty program is designed to offer additional value to all customers with a very simple construct. The customer will get rewarded with a free pizza after six eligible orders. The program is created with a vision to nurture, celebrate and reward customer relationships and loyalty

- During the quarter, in Sri Lanka, the Company registered system sales growth of 83% and opened 1 new store taking the network strength to 36 stores. In Bangladesh, system sales grew by 49%. With the opening of 1 new outlet, the store count in Bangladesh has reached 10 stores.

Commenting on the results, Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “This quarter’s record results were driven by strong demand, a marked resurgence in dine-in consumption and disciplined cost management in the wake of a high inflationary environment. With the launch of our much-awaited loyalty program, we have addressed key whitespace in our brand offering. We believe this program will be a significant driver of growth and frequency for us while offering superior value to our customers.”