Conference Call with Devyani International Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript.
Restaurant firm Devyani International announced Q3FY23 results: Consolidated Q3FY23: Revenue higher by 27% YoY to Rs 7,906 million. EBITDA increases to Rs 1,739 million. PAT stood at Rs 710 million. Brand contribution for Q3 stood at Rs 1,450 million with margins at 18.3%. Consolidated 9MFY23: Revenue higher by 50% YoY to Rs 22,427 million. EBITDA increases to Rs 5,037 million. PAT came in at Rs 2,026 million. EPS for 9MFY23 came in at Rs 1.59. Operating EBITDA (pre-IndAS) also grew to Rs 1,172 million with operating EBITDA margins at 14.8%. Continued the momentum in new store additions – opened 81 net new stores in Q3FY23, taking the total count to 1,177 as of December 31, 2022. Commenting on the performance for Q3 & 9M FY23 Mr. Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, “Consolidated quarterly revenues stood at Rs 7,906 million – a growth of nearly 27% over the corresponding period last year. Reported EBITDA, on a Post Ind AS basis, reached Rs 1,739 million, resulting in a reported EBITDA margin of 22%. Innovation remains a strong pillar of our growth strategy across our brand portfolio, and we will continue to delight our customers with many such products in the coming quarters. We remain bullish on our brands and the Indian market. We believe that the current consumer demand slow-down is transient and once inflation stabilizes, we expect consumer spending to improve which will help our businesses. In the meantime we remain focused on refining our processes, maintaining product quality and enhancing our execution capabilities.” Result PDF
Conference Call with Devyani International Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Restaurant company Devyani International announced Q2FY23 results: Achieved highest ever net new store opening in a quarter – opened 88 net new stores in Q2FY23, taking the total count to 1,096 as of September,30th, 2022 Steady performance from the core brands in a seasonally soft quarter In Q2FY23, KFC revenue grew by 47%YoY to Rs. 4,430 million, while Pizza Hut expanded by 36%YoY to Rs. 1,812 million Brand Contribution at KFC came in at 21.5%, while Pizza Hut stood at 17.0% Consolidated EBITDA (Post-IndAS) stood at Rs. 1,655 million, up 34%YoY, with margins at 22.1% Gross Margins stood at 70.2%, reflecting sustained input price increases Commenting on the performance for Q2FY23 & H1FY23 Mr. Ravi Jaipuria, Chairman, Devyani International Limited said, “I am pleased to share that DIL has maintained its store expansion pace and opened 88 net new stores in the quarter – the highest ever. We are making consistent progress in expanding our reach and investing in our Core Brands to capitalize on the growth opportunities available. In line with our strategy, we have continued our focus on consolidating our presence in metro cities along with the expansion in non-metros towns. At the end of Q2FY23, our total store count stood at 1,096 stores across our portfolio, with a split of 52% in non-metros and 48% in metro cities. On the demand side, we have noticed that, as we are coming out of the pandemic, the consumer response is mixed for various categories. Continued retail inflation seems to have impacted consumer demand to some extent in the staples and discretionary categories. Although the inflation in input costs is stabilizing, the overall pricing levels continue to remain higher on a year-on-year basis. We have managed to take some judicious price corrections during the early part of the financial year to protect the margins partially and are hoping that inflation will cool off as we go along, leading to enhanced consumer demand. Our innovation pipeline continues to be strong. We launched peri–peri chicken in KFC and the same has met with an encouraging consumer response. We are also investing in making our business future-ready with the launch of all-digital ‘KFC Smart Restaurants’.” Result PDF