Earnings Review
Jubilant Foodworks misses Street view on PAT, revenue
This story was originally published at 17:15 IST on 12 February 2025
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--Jubilant Food Oct-Dec net profit INR 410.46 mln
--Analysts saw Jubilant Food Oct-Dec net profit INR 815.78 mln
--Jubilant Food Oct-Dec net profit INR 410.46 mln vs INR 609.52 mln year ago
--Jubilant Food Oct-Dec revenue INR 16.11 bln vs INR 13.55 bln year ago
--Jubilant Food Apr-Dec net profit INR 1.45 bln vs INR 2.08 bln year ago
--Jubilant Food Apr-Dec revenue INR 45.17 bln vs INR 40.10 bln year ago
--Jubilant Food Oct-Dec operating EBITDA INR 3.13 bln, up 10.6% on year
--Jubilant Food Oct-Dec EBITDA margin 19.4%, down 145 bps on year
--Jubilant Food Oct-Dec Domino's India revenue up 18.3% on year
--Jubilant Food Oct-Dec Domino's India order growth 33.8% on year
By Rajesh Gajra
NEW DELHI – Jubilant Foodworks Ltd. missed analysts' estimates on net profit and revenue numbers for the December quarter. The food service company's net profit fell for the 10th consecutive quarter on a year-on-year basis, with the December quarter fall being the highest in three quarters. The top-line growth was, however, strong on the back of sales from new stores added in the last 3-4 quarters. It was also aided by double-digit growth in revenue from Domino's India mature stores.
The company's standalone net profit fell 33% on year to INR 410 million, while the revenue from operations rose 19% on year to INR 16.11 billion. Sequentially, the net profit was down 21% and the revenue was up 10%. Analysts had estimated Jubilant Foodworks' net profit at INR 816 million and revenue from operations at INR 17.00 billion.
The operating earnings before interest, tax, depreciation, and amortisation of the company rose 11% on year to INR 3.13 billion in the December quarter. But the EBITDA margin contracted by 145 basis points on year to 19.4%.
The revenue from Domino's India rose 18% on year in the December quarter. This was backed by 34% order growth which the company, in its investor presentation, said was powered by product innovation and improvement in operational parameters.
The like-for-like growth in Domino's India revenue was 13% on year, and the company said this was on account of strong like-for-like delivery growth of 25%. The average daily sales in Domino's India mature stores was INR 85,959 in the December quarter, up 7% from that in the September quarter.
Domino's India's dine-in channel revenue declined 2.4% on year in the December quarter. The company net added 60 new Domino's India stores in the December quarter taking the total to 2,139 stores as of Dec 31. In last one year, the company's net store additions were 211.
In the December quarter, the company added seven new non-Domino's India stores in the country. Jubilant Foodworks has franchise rights for three global brands, Domino's, Popeyes, and Dunkin', with operations in them being largely in India and rest in Sri Lanka, Bangladesh, Turkey, Azerbaijan, and Georgia. The company also operates two own brands, India-based Hong's Kitchen and Turkey-based COFFY.
In the international segment for Domino's, encompassing operations in Turkey, Azerbaijan, and Georgia, the revenue was up 10% sequentially to INR 5.04 billion in the December quarter. The EBITDA margin was 18.3% for the December quarter, down significantly from 26.1% in the previous quarter.
At the consolidated level, Jubilant Foodworks' revenue jumped up 56% on year to INR 21.51 billion, but the company said the year-on-year growth figures are not strictly comparable since the "DP Eurasia line by line consolidation is with effect from 1st February, 2024." The company said the organic revenue growth, excluding DP Eurasia, was 19% on year. The consolidated EBITDA was up 44% on year to INR 4.02 billion in the December quarter while the EBITDA margin contracted by 163 basis points on year to 18.7%.
Jubilant Foodworks' standalone net profit in Apr-Dec declined 31% on year to INR 1.45 billion, while the revenue from operations rose 13% to INR 45.17 billion.
On Wednesday, shares of the company ended 3.1% down at INR 641 on the National Stock Exchange. End
Edited by Saji George Titus
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