Jubilant Foodworks Q3 Results FY2023, PAT at Rs. 886 million

On 1st February, Jubilant Foodworks announced its results for the third quarter of FY2023.

Key Highlights:

-  During the quarter, the company reported revenue from operations of Rs. 13,166 million increased by 10.3% YoY. The increase in revenue was primarily driven by growth in orders for Domino’s. 
- For the quarter, EBITDA was reported at Rs. 2,900 million
- Profit After Tax stood at Rs. 886 million

Business Highlights:

- The Domino’s Like-for-Like growth came in at 0.3%. The Delivery channel registered 9.9% growth led by orders partially offset by a decline in tickets. 
- The Dine-in and Takeaway channels registered 9.8% growth driven by an increase in tickets and orders. 
- During the quarter, the Company opened 64 new stores in India, resulting in a network of 1,814 stores across all brands. With the addition of 60 new stores and entry in 16 new cities, Domino’s India has expanded its network strength to 1,760 stores across 387 cities. 
- The Company opened four new stores for Popeyes taking the network tally to 12 stores in Bengaluru. In January, the Company also opened its first Popeyes store in Chennai.
- In December, the Company announced the launch of 20-minute delivery for Domino’s in 14 cities across 20 zones. Domino’s has pioneered 30-minutes delivery and established itself as a market leader in the QSR sector
- The Company also expanded the product portfolio for Domino’s India with two strategic interventions. At one end, launching a new range of eight gourmet pizzas - Viva Roma - will help the Company drive premiumization. On the other hand, the launch of Everyday Value – Mix n Match Menu at Rs. 49 each as a Dine-in only proposition is aimed to attract new Dine-in customers. 
- In Sri Lanka, the Company delivered a record performance with the highest-ever sales and new store additions. The system sales growth was 24.9% and the Company opened seven new stores taking the network strength to 47 stores.
-  In Bangladesh, system sales grew by 44.7%. With the opening of two new outlets, the store count in Bangladesh has reached 13 stores. 

Commenting on the Q3FY23 performance, Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “In a challenging environment marked by historic high inflation and consequential impact on demand, our performance was impacted. The strength of our brands continued focus on delivering high value, and an array of planned, strategic interventions will help us navigate the current situation and reorient the business to robust, profitable growth.”