KFC-operator Devyani International on Tuesday reported its fourth quarter earnings with a loss of Rs 7.47 crore as against a profit of Rs 60.72 crore during the same period last year. It posted revenue from operations at Rs 1047.08 crore, up 38.7 per cent in comparison to Rs 754.98 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 172.3 crore, up 14.4 per cent on-year.
While the total income reported during the quarter in review stood at Rs 1061.71 crore, total expenses incurred by the company was at Rs 1057.32 crore.
In a regulatory filing, Devyani International said that the operating revenues for the financial year 2023-24 stood at Rs 3560 crore, growing at 18.6 per cent as against the previous financial year. The EBITDA for the full year closed at Rs 650 crore, that is, 18.3 per cent of the revenue.
In 2024, Devyani International opened 256 new stores, including 47 in the fourth quarter. As of March 31, the company’s total store count has reached 1,782, including the 283 KFC stores that it acquired in Thailand on January 18, 2024.
Talking about the acquisition and integration of the Thailand KFC business, Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited, said, “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.” During the quarter, consolidated revenues from operations (including Thailand) stood at Rs 1050 crore with growth of 38.7 per cent on YoY basis.
The company said that its Q4 revenues crossed the Rs 10 billion mark, and this was supported by Thailand acquisition and store additions. It added that strategic initiatives such as optimising menu pricing in a subdued environment also helped revenue growth.
“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,” he added.
Devyani International has also 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,” said Ravi Jaipuria.