Jubilant FoodWorks Q4FY23 profit tumbles 70% on-year to Rs 28.54 cr, revenue at Rs 1269.85 cr

Jubilant Foodworks posted revenue from operations at Rs 1269.85 crore, up 8.0 per cent as against Rs 1175.97 crore in the fourth quarter of FY22.

Jubilant FoodWorks, quarter results, Q4FY23, profit, revenue, Domino's, new stores, appointment, dividend
Jubilant FoodWorks posted fiscal fourth quarter profit at Rs 28.54 crore, down 70.3 per cent on-year. Image: Reuters

Jubilant FoodWorks on Wednesday posted fiscal fourth quarter profit at Rs 28.54 crore, down 70.3 per cent in comparison to Rs 96.01 crore in the same quarter last year as the company incurred higher expenses even as inflation-hit consumers cut back on discretionary spending. It posted revenue from operations at Rs 1269.85 crore, up 8.0 per cent as against Rs 1175.97 crore in the fourth quarter of FY22. The Board also recommended a 60 per cent dividend of Rs 1.20 per equity share of face value of Rs 2 each for financial year 2022-23. “The dividend upon approval by the shareholders will be paid/dispatched within 30 days from the date of AGM,” the company said in a regulatory filing.

Jubilant FoodWorks also announced the appointment of Amit Jain as an additional director designated as an independent director with effect from July 1, 2023 for a period of five years. It also reappointed Vikram Singh Mehta as an independent director for a second term of five consecutive years with effect from February 1, 2024 till January 31, 2029. Another reappointment by the company is of Deepa Misra Harris as an independent director with effect from June 21, 2024 till June 20, 2029. 

Jubilant Foodworks brand-wise performance 

For Jubilant FoodWorks’ Domino’s brand, the dine-in channel registered 11.5 per cent growth and the delivery posted a growth of 5.7 per cent. The company added 56 new stores during the fourth quarter and entered into six new cities and with that, it expanded the network strength to 1,816 stores across 393 cities. For both Popeyes and Hong’s Kitchen, the company added one new restaurant during the quarter taking their network count to 13 stores each. For Dunkin’, Jubilant FoodWorks added three new stores taking the total count to 21. 

In terms of new launches, it launched Domino’s Pizza Mania range comprising five pizzas with two new sauces, taking the total offering under the new range to 13 pizzas. 

Its loyalty program, Domino’s Cheesy Rewards grew by 28.3 per cent in comparison to the previous quarter and the loyalty order contribution reached 45% per cent in March 2023. It posted quarterly app downloads at 8.5 million, up by 10.4 per cent and MAU at 11.1 million, up by 22.0 per cent on-year. 

“This achievement is a result of our never-ending efforts to elevate consumer experience through our portfolio of brands, not hesitating to make deep investments in commissaries and digital assets for continued future growth while maintaining very high financial discipline,” said Shyam S Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks.

For the Sri Lanka market, the company posted sales growth at 14.1 per cent and it opened one new store taking the total strength to 48 stores. Meanwhile, Bangladesh sales grew by 51.6 per cent and the company opened four new stores in the quarter taking the network to 17 stores. 

“This quarter saw encouraging progress on registering order-led growth while limiting the impact of inflation on our gross margins through a series of well-timed interventions. As we step into the new fiscal year, we derive confidence from the strength of our brands, operational prowess, quality of innovation and commitment of our people to navigate the business well in the current environment,” said Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited. 

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First published on: 17-05-2023 at 13:16 IST