KFC-operator Devyani International on Friday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 9.62 crore, down 86.6 per cent in comparison to Rs 71.67 crore during the corresponding quarter of the previous year. It posted revenue from operations at Rs 843.13 crore, up 6.6 per cent as against Rs 790.60 crore during the third quarter of FY23. The company EBITDA stood at Rs 146 crore, down 17 per cent on-year.
Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited, 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 on 31st December (274 stores as on 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 is temporary and 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,” he added.
The company had previously set an ambitious goal of reaching 2,000 stores by 2026 and following the completion of the Thailand acquisition, Ravi Jaipuria said, the company is confident of achieving the milestone by the end of calendar year 2024.
In India, the company continued to display ‘resilient performance across its core brands’. In Q3FY24, it further solidified its market position by adding 94 new stores, significantly expanding its footprint across various brands and geographies. “Committed to growth, DIL remains on track to achieve its ambitious target of opening 250 to 275 outlets in the current fiscal year, underlining its confidence in the long-term potential of the QSR industry in India,” it said.
As on 31st December 2023, DIL operates 647 KFC stores, 570 Pizza Hut stores, and 154 Costa Coffee stores, with a total of 1,452 system stores across its existing geographies.
Devyani International also announced that the company board has approved the reappointment of Dr Girish Kumar Ahuja as an Independent Director of the company for a second term of up to 5 consecutive years with effect from April 21, 2024. It also announced the re-appointment of Pradeep Khushalchand Sardana as an Independent Director of the Company for a second term of up to 5 consecutive years with effect from April 21, 2024.