Devyani International Q4 2024 Results: Loss of Rs 49 Cr Despite Revenue Growth, Crosses Rs 10B Mark

Synopsis

Devyani International Limited announced its quarterly results for the period ending in March 2024 on 14th May during market hours. The company reported a loss of ₹49 cr for Q4 FY2024. Its revenue for Q4 FY2024 increased by 38.60% on a YOY basis reaching ₹1061.70 cr. Its quarterly revenue for the first time crossed the ₹ 10 billion mark.

Quarter Result Performance

The company’s revenue for Q4 FY2024 increased by 38.60% on a YOY basis, reaching ₹ 1061.70 cr from ₹765.99 cr in Q4 FY2023. The quarterly growth in revenue of the company increased by 25.24%. Devyani International reported a consolidated net loss of ₹48.95 cr for Q4 FY2024 from a PAT of ₹59.87 cr in Q4 FY2023, which is a decline of 181.76%. On a quarterly basis, the PAT decreased by 1056.48%.

For the full financial year ending in March 2024, the net loss stood at ₹9.65 cr compared to a PAT of ₹262.51 cr in FY 2023, down by 103.67%. For FY 2024, its revenue stood at ₹3588.95 cr compared to ₹3030.30 cr in FY 2023, up by 18.43%. EBITDA margin for Q4 FY2024 was 16.60% for Q4 FY2024. For FY2024, it was 20%.

During Q4 FY2024, the company acquired and integrated a total of 283 KFC stores in Thailand, which helped it expand in global markets. As of March 2024, Devyani International had 1,782 stores across its various brands globally. Along with this, the company and PVR INOX have partnered to operate food courts in malls.

Commenting on the performance for Q4 & FY24 Mr. Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, "In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores, we acquired in Thailand on January 18, 2024. The year was also marked by successful acquisition and seamless integration of the Thailand KFC business.”

“Alongside our global expansion, we have also been working on a strategy to enhance our domestic footprint of Food Courts business in response to India's emergence as a major destination for travel, tourism, and shopping. The domestic travel market is picking up very well and we are seeing religious tourism as one of the important thrust areas. India is also gaining importance in the international markets for medico tourism and a value for money shopping destination. All these changes are structural in nature and here to stay. There is a common theme that runs across this phenomenon and that is Food – ON The GO. With this strategy, and to cater to the rising “QUICK” trend, we are making Food Courts, as one of the important pillars of our growth aspiration across various consumption channels and touch points of travel and shopping. Our existing bouquet of brands will help us with this strategy”, he added.

About Devyani International Limited

Devyani International Ltd, founded in 1991, is headquartered in Gurugram, India, and has emerged as one of the largest operators of quick-service restaurants in the country, with a significant presence across 250 cities via its 1750 stores. The company operates various brands such as KFC, Pizza Hut stores, Taco Bell, Costa Coffee brand, etc.