Restaurants company Devyani International announced Q1FY24 results: In Q1FY24, revenue from operations increased by 12.1% on a QoQ basis, reaching Rs 8,466 million, led by new store additions and strong revenue contribution by KFC. The reported EBITDA grew by 14.6% QoQ to Rs 1,734 million, resulting in an EBITDA margin of 20.5%. The consolidated PBT got impacted because of significant currency devaluation in Nigeria. On a normalized basis, the PBT stood at Rs 603 million for Q1FY24 vs. Rs 412 million in Q1FY23. The Company expanded its presence across brands and geographies, opening 47 net new stores in Q1FY24. As of June 30, 2023, DIL operates 564 KFC stores, 525 Pizza Hut stores, and 123 Costa Coffee stores, with a total of 1,290 system stores across all geographies. Commenting on the performance for Q1FY24 Ravi Jaipuria, Non-Executive Chairman, Devyani International said, "I am pleased to share that we have started the new fiscal year on a healthy note, despite facing challenges from a difficult macro environment and depressed consumer spending. Our commitment to “Customer First – Always”, driving product innovation, and enhancing scalability have been instrumental in supporting our overall consistent performance. We are going to be opening 275 to 300 stores during the current fiscal year, as we continue working towards our ambitious target of reaching 2,000 stores by 2026. With a dedicated focus on customer satisfaction, innovation, and growth, we are poised for success in the dynamic and evolving QSR landscape. Vaango, our own South Indian cuisine brand is shaping up nicely and we are bullish on this brand given the popularity of South Indian cuisine in the entire country. We have opened 52 stores in Vaango so far and Vaango is expected to be a Rs 1 billion brand by the end of the current financial year. The consistent performance and potential of DIL India was acknowledged by Franchise India and DIL has been awarded the prestigious “Master Franchisee of the Year Award for 2023.” Result PDF
Conference Call with Devyani International Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.
Restaurants company Devyani International announced Q4FY23 & FY23 results: Consolidated Q4FY23: Revenue higher by 28% YoY to Rs 7,550 million EBITDA increases to Rs 1,513 million YoY PAT stood at Rs 599 million Consolidated FY23: Revenue higher by 44% YoY to Rs 29,977 million EBITDA increases to Rs 6,551 million PAT came in at Rs 2,625 million Commenting on the performance for Q4 & FY23 Mr. Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, “In FY23, DIL demonstrated strong growth momentum and we have crossed some very significant milestones. Our consolidated revenues have reached Rs 3,000 crore. We now operate 1,243 stores across our portfolio of countries and brands, more than doubling our store count over the last three years Both KFC and Pizza Hut crossed important store milestones of 500 stores each & Costa Coffee has crossed 100 stores as of March 31, 2023. This phenomenal growth performance by DIL India was acknowledged and felicitated by Yum! at the International Franchise Conference, held in Singapore earlier this year where DIL India was awarded the ‘Explosive Restaurant Growth Award’. We continue to actively pursue new trade areas in metro cities and upcoming locations. This will help us take our brands closer to our customers and give them better experience, thus solidifying our presence in the domestic markets. Looking ahead, the confidence in our brands and the Indian market remains strong. We are seeing initial signs of inflation stabilizing. This gives us hope for a rebound in consumer spending in second half of the coming fiscal. By maintaining the financial discipline and operational excellence, we are well-positioned to emerge stronger and capture growth opportunities in the future. We remain firmly committed to our objective of creating sustainable long-term value for all our stakeholders” Result PDF