Conference Call with Devyani International Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Resturants company Devyani International announced Q4FY24 & FY24 results: The operating Revenues for the FY24 is at Rs 35.6 billion growing at a health rate of 18.6% vs the previous financial year. The EBITDA for the full year 2023-24 closed at Rs 6.5 billion i.e. 18.3% of the revenue. During the quarter, consolidated revenues from operations (including Thailand) stood at Rs 10.5 billion with growth of 38.7% on YoY basis. Completes and seamlessly integrates RD Thailand acquisition Added 47 net new stores (including 5 KFC stores in Thailand) Total store count at 1,782 – to hit 2,000 stores in 2024, instead of 2026 Enters into partnership with PVR INOX for operating food courts in Shopping Malls Commenting on the performance for Q4 & FY24, 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. The transaction, which was completed during Q4, has been a significant milestone for us. This development has expanded our international footprint and the same is in line with our long-term growth objectives of having a mix of international 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. With this objective, I am pleased to state that DIL has entered, into a strategic partnership with PVR INOX to develop and operate the business of Food Courts at shopping malls across the Country to co-promote movies and food. This will not only help us strengthen our presence at various Malls in the Country but will also give a boost to our brands and the food court business." Result PDF
Conference Call with Devyani International Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Restaurants company Devyani International announced Q3FY24 results: Financial Results: - Revenue from operations for Q3FY24: Rs 8,431 million. - EBITDA for Q3FY24: Rs 1,463 million. - EBITDA margin: 17.4%. Growth and Expansion: - Completed acquisition of 283 KFC stores in Thailand. The total store count now stands at 1,735, including the Thai acquisition. - Aim to hit the target of 2,000 stores by the end of 2024, earlier than the initial 2026 goal. - Added 94 new stores in Q3, with a fiscal year target to open 250 to 275 outlets. Brand Performance: - India business's revenue growth: 9.2% increase over the same period in the previous financial year. - Revenue for core brands in Q3FY24: KFC at Rs 5,243 million, Pizza Hut at Rs 1,796 million, and Costa Coffee at Rs 397 million. Market Presence: - DIL operates brands like KFC, Pizza Hut, and Costa Coffee. - As of December 31, 2023, ~1,400 stores across India, Nigeria, and Nepal, including the recently acquired Thai KFC stores. Strategic Developments: - Entered the Thailand QSR market through strategic acquisition. - Acquisition of Restaurants Development Co. Ltd. completed on January 17, 2024. Commenting on the performance for Q3FY24, Ravi Jaipuria, Non-Executive Chairman, Devyani International said, “At the outset, I feel very excited to share with all of you that we have successfully completed the acquisition of Restaurants Development Co Ltd (RD) one of the franchisee partners of KFC in Thailand. This has led to the addition of 283 KFC stores as of 31st December (274 stores as of 30th September) to our overall store portfolio. We have witnessed subdued consumer sentiments. However, we believe that the weak consumer sentiment and depressed consumer spending are temporary & short-lived, and we are optimistic about witnessing a recovery over the next few quarters. Amid these challenges, our operating and financial performance has remained stable, and we continue to invest in the business for long-term growth. We had previously set ourselves an ambitious goal of reaching 2,000 stores by 2026. You will be happy to note that, following the completion of the Thailand acquisition, we are confident of achieving this major milestone by the end of calendar year 2024.” Result PDF