Wednesday, June 19, 2024

Jubilant Foodworks Reports Rs 401 Crore in PAT for FY24; Adds 356 Stores to its Network

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Jubilant FoodWorks Limited, one of the largest emerging-markets’ foodservice company, announced its financial results for the fiscal year and quarter ended March 31, 2024. The company posted Rs 56,541 million in revenue for FY24, which was 9.6% higher than its revenue in FY23. JFL opened a record 356 stores across its India and International business in FY24. Gross Profit at Rs 43,130 million increased by 10.3% whereas Profit after Tax came in at Rs 4,008 million with PAT margin at 7.1%.

In the fourth quarter, JFL recorded Rs 15,728 million in revenue, an increase of 23.9% from the corresponding period in the last fiscal. Gross Profit was Rs 12,055 million, higher by 26.4%. Profit After Tax came in at Rs 2,089 million and PAT margin was 13.3%.

 JFL’s Revenue from Operations from its India business came at Rs 13,313 million, a growth of 6.3% mainly driven by 4.9% growth in Domino’s India. Domino’s LFL came in at 0.1% while Domino’s Delivery LFL was 7.8%. The new brands contributed 1.4% to overall growth. A total of 89 stores were added across all brands in India.

On the International front, JFL Revenue from Operations stood at Rs 2,427 million. This was primarily driven by revenue contribution of two months at Rs 2,174 million from Turkey, Azerbaijan and Georgia. Revenue from Domino’s Bangladesh came in at Rs 134 million, up by 52.1% on the back of accelerated network expansion. Revenue from Domino’s Sri Lanka came in at Rs 119 million, up by 4.1%. A total of 23 stores were added across all International markets.

Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited, said, “FY’24 was a year of significant shift as the acquisition of DP Eurasia elevates the profitable growth trajectory of the JFL Group. This acquisition further solidifies JFL’s longstanding partnership with Domino’s, the world’s largest pizza company, to profitably grow high potential emerging markets. The Group also made noteworthy progress during the year in supporting and nurturing new growth vectors, solidifying its position as one of the leading emerging markets’ foodservice company.”

Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited, said, “The March quarter performance was remarkable as Domino’s India’s like-for-like trajectory turned around in Q4. This was achieved through several pre-planned strategic interventions, including strengthened regional infrastructure, enhanced on-ground execution, a comprehensive revamp of the brand, and further refining the value proposition through targeted delivery fee waivers during a period of weak demand. Moreover, the year witnessed substantial progress across every strategic priority, with increased business re- investments that weigh on near-term margins but will be a pivotal catalyst to drive our future growth across all brands and markets.”

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