Jubilant Foodworks, which operates Domino’s restaurants in India, on Wednesday reported its third quarter profit for the financial year 2023-24 at Rs 65.71 crore, down 18.2 per cent in comparison to Rs 80.36 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 1378.12 crore, up 3.5 per cent as against Rs 1331.82 crore during the third quarter of FY23. The company EBITDA stood at Rs 280 crore, down 2.2 per cent on-year.
On a standalone basis, Jubilant Foodworks reported revenue from operations at Rs 1355.10 crore, up 2.9 per cent on-year. The growth, it said, was driven by Domino’s delivery channel sales which increased by 6.2 per cent. The Average Daily Sales of Domino’s mature stores, came in at Rs 80,111. While the Delivery LFL was positive, LFL came in at -2.9 per cent impacted by Dine-in. Gross Profit was Rs 1038.70 crore, higher by 4.5 per cent. Gross margin came in at 76.7 per cent and EBITDA came in at Rs 282.70 crore and EBITDA margin was 20.9 per cent.
Jubilant Foodworks expanded its network in India crossing 2,000 milestone. It opened 58 new stores, taking the total store count to 2,007 across all brands. With 40 new Domino’s stores and entry in 10 new cities, Domino’s network expanded to 1,928 stores across 407 cities. It also stepped up the pace of expansion of Popeyes and entered North India, with 32 stores now serving consumers in 10 cities. In Hong’s Kitchen, four new stores and entry in one new city enhanced the network to 22 stores across four cities. In Dunkin’, four new stores were opened with an entry in Lucknow, thereby serving Dunkin through 25 stores across eight cities.
Shyam S Bhartia, Chairman and Hari Shartia, Co-Chairman, Jubilant FoodWorks Limited, said, “Sustained delivery growth, highest ticket in nine quarters without a price increase since last six quarters, adept cost optimization making way for investments behind category development, and the accelerated expansion of Popeyes as an additional growth driver were the distinctive highlights from our quarter. The commissioning of Jubilant Food Park Bangalore significantly elevates our operational capabilities, in-house integration with ONDC demonstrates our digital prowess and acquisition of a majority stake in DP Eurasia unlocks a renewed, profitable growth trajectory.”
Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited, said, “A series of proactive, strategic decisions being taken on a continual basis is helping us navigate the muted demand environment well. The successful creation of a dedicated spending pool via Project Vijay for pizza category development, sharpening our on-ground executional capabilities, accelerated expansion of Popeyes network, and the continual reinforcement of our competitive strengths in delivery, technology, and supply chain are all key elements that will reignite the growth engine for our India business. The accretive DP Eurasia acquisition marks a new chapter of utilizing our Domino’s experience to aid their business and also in the process create additional value for our shareholders.”