Jubilant FoodWorks (JFL) is looking at setting up more than 120 stores in both existing and new markets this year by spending Rs 200-250 crore on capacity expansion. JFL is an operator of Domino’s Pizza and Dunkin’ Donuts.
The company launched 40 stores in the July-September quarter. It has an overall count of 1,283 restaurants across 276 cities.
Pratik Pota, Chief Executive Officer of JFL, said, “As consumers seek more convenience, they want the option of home delivery and there are many more brands to bring them delivery. It is also a reflection of the current consumer sentiment.”
“The company is responding to the changing consumer dynamics where there is a shift away from dining-in. We recognise the importance of dine-in as a channel for maintaining consumer connects. So, even as we work with aggregators to drive market expansion, we will also invest in building our own digital assets and investing in strengthening dine-in,” Pota added.
The company is eyeing initiatives to drive dine-in growth and remain invested in accelerating delivery growth.
Hong’s Kitchen, the beloved Indo- Chinese QSR known for its delectable fusion of Indian and Chinese flavours, has opened its 25th store at the prestigious Dilli 6 Omaxe Chowk, nestled in the heart of Chandni Chowk.
The launch of the new store marks a significant milestone for Hong’s Kitchen as it expands its footprint to one of Delhi's most iconic and historically rich locales.
"We are thrilled to bring Hong’s Kitchen to the bustling neighbourhood of Chandni Chowk. As we open our store in Omaxe Chowk, Chandni Chowk, we are excited to introduce our unique blend of Indian and Chinese flavours in a location as iconic as Chandni Chowk which many consider the heart of the city, a buzzing and diverse community of food enthusiasts in this historic area,” shared Avinash Kant Kumar, President, Jubilant FoodWorks Limited.
In celebration of the opening of its 25th store at Omaxe Chowk, Chandni Chowk, Hong's Kitchen is delighted to present a menu that blends traditional favourites with innovative fusion dishes, including the Hot Pockets and the Fiery Orange Chicken. The restaurant proudly offers a broad selection of culinary delights, among which the Molten Cheese Spring Rolls, Hong Kong Wraps, Momos, and the signature Chicken Wing along stand out, alongside decadent desserts like the Choco Bao.
Dedicated to providing fresh, clean, and delectable Chinese cuisine, Hong's Kitchen continues to elevate the dining experience with its commitment to quality, flavour, and customer service.
In a fusion of flavours that bridges continents, Jubilant FoodWorks Limited (JFL), India’s largest foodservice company, will be unveiling Popeyes first store in Delhi on 28th February for the consumers, the famous Louisiana Chicken in the historic lanes of Chandni Chowk.
This marks the much-anticipated debut of the iconic Louisiana-style chicken giant in the national capital region, at the prestigious Omaxe Chowk mall.
“We are delighted to introduce the world-famous fried chicken brand, Popeyes, to the consumers of the Capital Region. Since our launch in India two years ago, we have been humbled by the overwhelming response to the brand. We aspire to recreate the same fan following in Delhi that we have received in other cities by generating the same excitement and loyalty for Popeyes and its signature dishes,” shared Sameer Khetarpal, CEO and MD of Jubilant FoodWorks Limited.
Popeyes, renowned globally for its bold, Louisiana styled fried chicken and world’s most famous Chicken Sandwich, which took the internet by storm in August 2019 in USA, is set to enamour the taste buds of Delhi’s chicken aficionados. Having conquered hearts worldwide and in the South of India, Popeyes now brings its legendary fried chicken, celebrated for its crispy texture and unique blend of spices, and other lip-smacking items to the Capital.
“Popeyes, stands out for its authentic Cajun flavour and a rich legacy dating back to 1972. Globally, long queues of chicken-loving enthusiasts are witnessed outside each new store, and a similar reaction is being seen in India as well. Consumers in Delhi can now enjoy a variety of flavourful dishes like the world-famous Chicken Sandwich and newer innovations like the Hot & Messy range alongside vegetarian options. The lip-smacking menu offerings will be backed by exceptional service, making for a memorable dining experience,” added Gaurav Pande, Executive Vice President & Business Head of Popeyes.
The brand is set to further captivate the Capital City Region, with plans to inaugurate additional stores in strategic locations, including Pacific Mall, Jasola, Pacific Mall Faridabad, and DLF Epitome, Gurgaon, all while championing sustainability with a zero-emission delivery fleet.
Jubilant Foodworks Limited, the popular fast-food brands Domino's Pizza and Dunkin' Donuts, reported a 26% decrease in its combined net earnings for the second quarter (Q2) ending in September 2023.
This decline in profit amounted to Rs 97.20 crore, in contrast to the Rs 131.53 crore in net profit during the corresponding period of the previous financial year. This information comes from an official regulatory filing.
The company saw an increase in its overall revenue, reaching Rs 1,375.69 crore during Q2 FY24, compared to the Rs 1,311.92 crore recorded in Q2 FY23.
Shyam S. Bhartia, Chairman, and Hari S. Bhartia, the Co-Chairman of Jubilant FoodWorks Limited, stated, "Our primary focus remains on pursuing growth, fostering innovation, and capitalizing on opportunities to improve profitability. Our investments in technology and delivery methods are yielding positive results, as we achieved favorable like-for-like growth in this area. Additionally, our mobile app experienced higher-than-anticipated traffic. We intend to continue investing in expanding our network of stores, enhancing technology, and strengthening our team to maintain our competitive edge and ensure our sustained long-term success."
According to the BSE filing, the company's total costs during the September quarter grew to Rs 1,290.16 crore in Q2 FY24, in contrast to the total expenses of Rs 1,153.92 crore incurred during the corresponding period in the previous fiscal year.
Sameer Khetarpal, CEO and Managing Director of Jubilant FoodWorks Limited, remarked, "Our growth is primarily being driven by an increase in customer orders, with a notable increase in consumer interaction. Furthermore, the decline in average transaction size has been halted. Additionally, we've observed two consecutive quarters of gradual improvement in the average daily sales of established stores, and our gross margins show promising early signs of long-term business health enhancement. Each action we're taking not only helps us address short-term challenges but also establishes a strong foundation for the future growth of our business."
In the quarter, the company expanded its presence by inaugurating 60 new stores in India, bringing the total number of stores across all brands to 1,949.
By opening 50 new stores and making an entrance into three previously uncharted cities, Domino's India increased its network to encompass 1,888 stores, now spanning across 397 cities.
The company extended its reach by launching five new restaurants under the Popeyes brand and ventured into two previously untapped cities, Hyderabad and Madurai. This expansion brought the total number of Popeyes restaurants to 22, spread across six cities.
Hong's Kitchen also saw growth, with four new stores added to its network, resulting in a total of 18 stores across three cities.
For Dunkin', one new store was established in a new city, and 11 out of the 21 stores now align with the brand's coffee-focused identity.
Jubilant FoodWorks Limited has launched the innovative NEW RAGI SUPER CRUST Pizza in Gujarat.
The state is a prominent contributor to India's agricultural industry, has made significant strides in producing and promoting millets.
The esteemed Chief Minister of Gujarat, Honourable Shri Bhupendrabhai Patel, graced the event with his presence.
Domino's latest menu addition aligns with the United Nations' declaration of 2023 as the International Year of Millets. This launch is going to promote the nutritional and ecological benefits of millets, encouraging their global consumption.
The NEW RAGI SUPER CRUST Pizza is a culinary fusion of Domino's pizza expertise and the wholesome goodness of ragi (finger millet) promising an appetizing and nutritious experience for customers. Prepared by Domino’s expert chefs, the pizza features superior quality millet ingredients like Finger Millets Flour, Whole Wheat Flour, and Plain Oats, combined with a multi-seed mix of Flax seed, Watermelon seed, Pumpkin seed, and Sunflower Seeds.
“Gujarat's vibrant millet production provides a wealth of ingredients for inventive cuisine. We are thrilled to unveil the Domino’s NEW RAGI SUPER CRUST Pizza in a state revered for its culinary richness. Our goal is to align with the Government of India’s vision of making 2023 truly the year of Millets. We believe this innovative range will create memorable pizza-eating experiences for our customers,” shared Shyam S Bhartia and Hari S Bhartia, Chairman and Co-Chairman of Jubilant FoodWorks Limited.
As Gujarat continues to demonstrate its potential, the Jubilant Bhartia Group sees the state as a prime location for investment and expansion.
Committed to contributing to Gujarat's development, Jubilant FoodWorks has unveiled plans to establish a state-of-the-art food processing park in the Sanand Industrial Area, reinforcing the company's belief in Gujarat's potential and commitment to job creation.
Operator of Domino’s Pizza, Dunkin Donuts and Popeyes in India Jubilant FoodWorks Ltd (JFL) on Thursday declined the news about acquiring stake in QSR chain Restaurant Brands Asia Ltd, formerly known as Burger King India Ltd.
One of the largest QSR operator in the country, Jubilant FoodWorks completely termed the news false and baseless citing that the company is not involved in any such discussions or negotiations nor considering the aforesaid acquisition.
“The Company strongly refutes any information appearing in the news about the Company,” shared Jubilant in its filing.
Earlier, there were reports that Everstone Capital is in talks with JFL and one more player to offload its entire stake in Restaurant Brands Asia.
Burger King is the 2nd largest burger chain in the world entered India by opening its first restaurant in 2014 at Select CityWalk Mall, Delhi.
The brand today operate close to 400 restaurants of Burger King and BK Cafe.
JFL is part of the Jubilant Bhartia Group and is India's one of the largest food service company. It also holds the master franchisee rights of QSR chains like Domino’s, Dunkin and Popeyes.
Jubilant FoodWorks Ltd reported a 40% slump in third-quarter profit as higher expenses outweighed a rise in orders at restaurants run by the Indian franchisee of Domino's Pizza and coffee chain Dunkin' Donuts.
After the results were announced, the company's shares dropped 8.8% to a more than eight-month low of 444.1 rupees.
According to the corporation, the combined earnings for the three months ending in October and December fell from 1.34 billion rupees to 803.6 million rupees ($9.82 million).
Sales increased 10% to 13.32 billion rupees, led by an increase in Domino's order volume.
As a result of historically high inflation, margins were compressed, according to Jubilant CEO Sameer Khetarpal.
Jubilant's overall expenses increased by more than 18% as a result of higher cheese and vegetable prices.
Jubilant's ambitious expansion into country's smaller towns and cities over the past few quarters has further hurt its profit margins.
During the quarter, the firm opened 64 restaurants in India, entering 16 new cities, and also holds the franchise rights for Popeyes locations across the continent.
India is Domino's second-largest market after the United States - where it is a delivery-first business - accounts for a sizeable percentage of topline.
According to analysts, the American brand owns more than 70% of the Indian pizza market.
From 26.4% last year to 22% this year, the earnings margin before interest, taxes, depreciation, and amortisation decreased.
Rival Westlife Foodworld Ltd reported a 74% increase in quarterly profit on Tuesday. The company manages McDonald's franchises in west and south India.
According to Reuters, Jubilant had explored moving some of its operations away from the food delivery services Swiggy and Zomato in July of last year.
Jubilant FoodWorks Limited (JFL), India’s leading food services player has launched the first Popeyes®, in Chennai.
The brand is best known for its bold and famous Louisiana ‐style fried chicken and its signature chicken sandwich, which became a phenomenon in the United States and the rest of the globe.
“Consumers across the world love the Louisiana‐style Cajun flavors of Popeyes®. As a company, we are focused on bringing the finest taste of our brands, building it and expanding it to multiple cities. We offer consumers a chance to enjoy the unique blend of spices and Cajun flavoured fried chicken. Our launch in Chennai with the first store at Phoenix Marketcity Mall is a testament to that commitment of the larger strategy,” shared Sameer Khetarpal, CEO and MD of Jubilant FoodWorks Limited.
The flagship entry of Popeyes® was marked in India with the opening of its first restaurant in Bengaluru, followed by rapid expansion to 12 restaurants across the city in less than a year, underlining the growing popularity of the brand among Indian guests.
Popeyes® India menu features the world‐famous Chicken Sandwich along with an array of fried chicken offerings that are freshly sourced and antibiotic‐free, with no added MSG. Complementing the menu are wholesome meal options such as Rice Bowls and Wraps in vegetarian options, too, to ensure the best Popeyes® experience for all guests.
“The Cajun flavoured chicken has created a craze in various countries, and a similar response was witnessed amongst chicken‐loving consumers in India, post the brand’s debut in Bengaluru. We look forward to serving our guests and recreating the same excitement and loyalty for Popeyes® and its signature dishes in Chennai,” added Gaurav Pande, Executive Vice President & Business Head of Popeyes® India.
With more than 3900 restaurants in over 30 countries, the popularity of Popeyes® has been unbroken and the brand has seen successful launches in many countries, most recently with hundreds lining up to try Popeyes® in UK, Korea, Romania, China, Indonesia, and more. Popeyes® is now riding the bandwagon to treat Chennai makkal with lip‐smacking and delicious flavours of its Louisiana‐style Cajun chicken.
America’s iconic coffee and bakery brand Dunkin’ has unveiled a new restaurant design in India at a key moment in the brand’s global coffee-forward evolution.
The new design upholds the brand’s core values of positivity, fun, and enthusiasm. The fresh modern design is also complemented with a complete new menu, which brings international coffee and bakery range to India at affordable prices.
“In line with our strategy of being a multi-brand company, we are delighted to re-launch Dunkin’ as a young and vibrant brand, which attracts millennials. The transformation underlines our sound understanding of Indian consumers’ food and beverage choices, evolving preferences, and our commitment to provide the best quality standards. We are confident this re-launch of Dunkin’ will help us build a stronger portfolio of brands at Jubilant FoodWorks,” shared Shyam S. Bhartia and Hari S. Bhartia, Chairman and Co-Chairman, Jubilant FoodWorks Limited (the master franchise of Dunkin’ in India).
Dunkin’ was founded in 1950 and has been serving consumers with its coffee, donut, and bakery range. Following extensive consumer research, Dunkin’ India launched the new store design and refreshed menu at the new location at Skymark One, Noida.
The design was developed in partnership with Landor & Fitch, with rich wood tones and pops of orange and pink, along with comfortable seating, the Skymark location exhibits the brand’s essence – fun, vibrant, and inviting – and offers consumers the perfect ambience to cultivate positive moments over a coffee.
Dunkin’ will soon launch its new identity in stores across NCR.
“Dunkin’ is a brand synonymous with an unparalleled coffee experience. Dunkin’ is embarking on a new journey, and will cater to ever-changing consumer trends, offer more international choices, and move to cold espresso beverages. The entire brand overhaul reflects our intent to be a young-at-heart, go-to coffee destination. The coffee retail category is constantly expanding, and Dunkin’ will continue to innovate fast and will strive to serve the best coffee and bakery products to our consumers,” added Sameer Khetarpal, Chief Executive Officer & Managing Director, Jubilant FoodWorks Limited.
Reflecting on the Dunkin’ brand’s future in India, Michael Haley, President and Managing Director of International Markets for Inspire Brands, said, “On behalf of the entire Inspire team, I want to congratulate the Jubilant FoodWorks team as we celebrate this exciting milestone for Dunkin’ relaunch in India. The thriving Indian market represents significant growth opportunities for Dunkin’ and the broader Inspire portfolio, and we are confident that our iconic, differentiated brands are well-positioned to meet local consumer preferences. Working alongside exceptional licensees like Jubilant FoodWorks, who have deep-rooted expertise in India and emerging markets, we look forward to expanding our restaurant footprint in India in the years to come.”
One of India’s largest foodservice company Jubilant FoodWorks Limited has shared the joining announcement of its new CEO and Managing Director – Sameer Khetarpal.
Shareholders have also approved his appointment in the 27th Annual General Meeting of the Company convened on August 30, 2022.
Khetarpal succeeds Pratik Pota.
Sameer has served in numerous senior leadership roles during his 25-year career in sectors like e-commerce and management consulting, and joins Jubilant from Amazon.
Over the last 6.5 years at Amazon, he has conceptualized, launched and scaled several businesses like Amazon Fresh, Amazon Food and Amazon Pharmacy. He has built these businesses with world-class supply chain infrastructure, deeply embedded with technology and several inorganic investments and partnerships.
Prior to Amazon, he served as a Partner at McKinsey and Company, where he served several hi-tech clients on topics related to business building and transformation, and was instrumental in building data driven service lines used by several Fortune 500 companies. Sameer has previously worked with GE Capital and Hindustan Unilever.
Throughout his career, Sameer has been driven by a passion to serve customers and build businesses by leveraging technology.
In India, JFL has a strong and extensive network of 1,625 Domino’s restaurants across 349 cities. In Sri Lanka and Bangladesh, the Company operates through its 100% owned subsidiary which currently has 36 and 10 restaurants respectively. JFL also enjoys exclusive rights to develop and operate Dunkin’ restaurants in India and Popeyes restaurants in India, Bangladesh, Nepal and Bhutan. JFL currently operates 25 Dunkin’ restaurants across 8 Indian cities and 6 Popeyes restaurants in Bengaluru.
In 2019, JFL launched its first owned-restaurant brand ‘Hong’s Kitchen’ in the Chinese cuisine segment which now has 14 restaurants across 4 cities. In 2020, it launched Ekdum! another new owned-restaurant brand which serves Biryani category. Ekdum! has 6 restaurants across 3 cities. The Company has also forayed into the ready-to-cook segment with its ‘ChefBoss’ range of sauces, gravies and pastes.
Jubilant Foodworks Ltd (JFL) on Monday reported an 8.8 percent decline in its consolidated net profit at Rs 96 crore in the fourth quarter ended March 2022, impacted by higher expenses.
The company had posted a consolidated net profit of Rs 105.3 crore in the same period previous fiscal, Jubilant Foodworks Ltd (JFL) said in a regulatory filing.
Consolidated revenue from operations during the quarter under review stood at Rs 1,175.97 crore as against Rs 1,037.86 crore in the year-ago period, it added.
In Q4 the company opened 80 new restaurants of Domino's Pizza in India, while in the whole of FY22 a total of 230 new restaurants were opened in the country, taking the total to 1,567 restaurants as of March 31, 2022, across 337 cities, JFL said.
It has also appointed Sameer Khetarpal as CEO & Managing Director and Key Managerial Personnel of the company, effective September 05, 2022. Sameer Khetarpal will succeed Pratik Pota who resigned earlier this March.
“Sameer, with his strengths in building digital first businesses in related spaces will provide the necessary leadership to our business. He is a strong, dynamic and values-driven leader with an impressive track record of delivering consistent high-quality performance in tough consumer businesses,” shared Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks.
Sameer joins Jubilant from Amazon. Prior to Amazon, he served as a Partner at McKinsey and Company, where he served several hi-tech clients on topics related to business building and transformation, and was instrumental in building data driven service lines used by several Fortune 500 companies. Sameer has previously worked with GE Capital and Hindustan Unilever.
“As India’s largest food service company, JFL is uniquely poised to scale non-linearly across multiple businesses and geographies. The company has an exceptional track record of innovation and serving customers with exemplary standards. I am honoured to join Jubilant FoodWorks and look forward to working closely with the Jubilant team, to serve millions of customers by building businesses driven by technology and operations excellence,” added Khetarpal.
Pratik Pota has resigned as the CEO of Jubilant FoodWorks as he looks to pursue an external opportunity.
In a tweet posted on March 11, Pota shared, “I will be moving on from Jubilant FoodWorks in June. I have spent five extremely fulfilling & eventful years here, and am immensely grateful for the support & trust of the board, the JFL team & all other stakeholders.”
Pota also mentioned that he will continue in his current role till June 15, 2022 and the same was confirmed by the company as well.
“We wish to inform you that the board of directors of the company in their meeting held on March 11, 2022, accepted the resignation of Pratik Rashmikant Pota as the CEO and wholetime director of the company as he wishes to pursue opportunities outside Jubilant FoodWorks Limited,” shared the BSE filing.
The board also appreciated Pota of his outstanding contribution during his tenure with the company and wished him the very best in his future endeavors.
Pota joined Jubilant FoodWorks in 2017 replacing Ajay Kaul as the CEO of the largest food company in India.
“I will be moving to pursue a quasi-entrepreneurial opportunity and will share more details soon,” he added in a series of Tweet by wishing that JFL will grow into being a multi-brand, multi-country, food-tech powerhouse.
Today, shares of Jubilant FoodWorks plunged 15 per cent to hit a 52-week low of Rs 2,445.35 on the BSE in Monday’s intra-day trade after Pota stepped down as the Chief Executive Officer (CEO) and Wholetime Director of the company with effect from June 16, 2022.
India’s largest pizza chain Domino’s Pizza has opened its 1500th restaurant at The Sky Mark Building, Noida.
The restaurant was inaugurated by Shyam S Bhartia, Chairman, Hari S Bhartia, Co-Chairman and Pratik Pota, CEO and Wholetime Director, Jubilant Foodworks Limited.
It is the 100th Domino’s Pizza restaurant in the national capital region, making the city one of the key markets for the brand.
“The milestone of 1500 Domino’s Pizza restaurant is not just a business success for us but a testament of customers’ love for the brand. As a market leader, we will continue to innovate and drive customers delight in their experience with Domino’s Pizza,” said Pota.
To cater to this increased consumer demand and preference, Domino’s has been expanding rapidly and opened a record 200 new Domino’s restaurants during CY2021 despite the pandemic.
The brand is now present in 322 cities across multiple store formats like Full-Service restaurant, Delco (only delivery and takeaway restaurant) and Food courts. Out of these 322 cities, Domino’s is the only QSR brand in 165 cities and its catering to the hitherto unmet consumer demand of delicious & safe food.
“We are incredibly humbled to launch our 1500th restaurant today especially in these trying times of the pandemic. This is a milestone moment for each of us at Domino's Pizza India, which has materialized through years of relentless efforts to make pizza-eating an experience for our customers,” added Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant Foodworks Limited by pointing that they will continue to expand their network further and strengthen their position as India's neighborhood pizzeria and the number 1 pizza brand of India.
Owners of Domino’s Pizza and Dunkin Donuts in India, Jubilant Foodworks Limited (JFL), has announced that it will acquire Netherlands-based Fides Food Systems, for GBP 24.80 million through its wholly owned subsidiary - Jubilant Foodworks Netherlands BV.
Also Read: Owners of Domino's in India Jubilant Foodworks forms subsidiary in Netherlands
Fides holds 32.81% equity shares in DP Eurasia NV, which is the exclusive master franchisee of Domino’s Pizza in Turkey, Russia, Azerbaijan and Georgia. DP Eurasia (together with its subsidiaries) offers pizza delivery and takeaway/ eat-in facilities at 771 stores.
“We have been partners with Domino’s in India for more than twenty-five years; with that experience we hope to add value in DP Eurasia’s business and also create value for our shareholders,” said Shyam Bhartia, Chairman, JFL.
Jubilant Foodworks Netherlands BV and Jubilant Foodworks Ltd, acting as a guarantor for investment obligation of its wholly owned subsidiary, has entered into the purchase agreement with Turkish Private Equity Fund II LP, which is the sole member of Fides.
May Interest: “Jubilant FoodWorks now among top 100 companies by Market cap”, tweets Pratik Pota
Jubilant operates 1,314 Domino’s Pizza restaurants apart from chinese cuisine brand Hong’s Kitchen, biryani brand Ekdum and a ready-to-cook range of sauces, gravies and pastes under the label ChefBoss.
Owners of Domino's Pizza and Dunkin' Donuts chains in India, Jubilant FoodWorks, on Tuesday announced that it has formed a wholly owned subsidiary in the Netherlands to explore business opportunities in the food service industry in the European country.
Also Read: “Jubilant FoodWorks now among top 100 companies by Market cap”, tweets Pratik Pota
"Jubilant Foodworks Ltd has incorporated a wholly owned subsidiary company "Jubilant Foodworks Netherlands B.V." on February 15, 2021. (It has been) incorporated as a wholly owned subsidiary of the company for exploring business opportunities," said Jubilant in a regulatory filing.
However, it did not share more details about the new venture.
Jubilant also started Chinese cuisine restaurant Hong's Kitchen and biryani restaurant Ekdum! Biryani.
May Interest: Jubilant Foodworks to invest Rs 92 Crore in Barbeque Nation, acquire 10.76% Stake
In December 2020, it also acquired 10.76 per cent equity stake in Barbeque-Nation Hospitality Ltd for Rs 92 crore.
Jubilant FoodWorks reported a 21.71 per cent increase in consolidated profit at Rs 123.91 crore in the third quarter ended December 2020.
Owners of Domino’s and Dunkin Donuts, Jubilant FoodWorks, reported a 21.71 per cent increase in consolidated profit at Rs 123.91 crore in the third quarter ended December 2020.
The company had posted a profit of Rs 101.80 crore in the same quarter a year ago, shared the firm in a regulatory filing.
Revenue from operations during the quarter under review stood at Rs 1,069.27 crore as compared to Rs 1,071.36 crore in the same period of the last financial year, a decline of 0.19 per cent, it added.
Also Read: “Jubilant FoodWorks now among top 100 companies by Market cap”, tweets Pratik Pota
“The company has seen complete revenue recovery of the business and strong improvement in margins. Our aggressive network expansion of 57 stores last quarter, along with the launch of Ekdum Biryanis is testimony to our confidence in the strong potential of the business,” shared Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman, Jubilant FoodWorks.
May Interest: Jubilant Foodworks to invest Rs 92 Crore in Barbeque Nation, acquire 10.76% Stake
Commenting on the same, Pratik Pota CEO and Wholetime Director, Jubilant Foodworks Ltd, said: "We turned the corner decidedly in Q3 with Domino's returning to growth, driven by strong momentum in delivery and takeaway channels. Our strong on-ground execution, consumer-relevant innovations, continued investments in digital, disciplined control on costs and a ramp-up in new stores all helped us deliver a strong performance last quarter. We are now shifting gears and preparing for an exciting period of growth ahead.”
Owners of Domino’s pizza and Dunkin Donuts in India Jubilant FoodWorks enter the list of top 100 companies by average market cap for the period July-December 2020.
“Jubilant Foodworks enters the list of Top 100 companies in India by average Market Cap for the period July-December 2020. We were at Rank 229 in 2017. #DominosFoodSoldiers @amfiindia,” Tweeted Pratik Pota, CEO, Jubilant FoodWorks on Thursday.
Also Read: Jubilant FoodWorks enters into biryani biz with 'Ekdum'
Jubilant has become one of the first company in Indian hospitality sector that has recovered from the covid-19 pandemic loss. The company has been focusing a lot on opening new outlets, entering new geographies and also venturing into new segments by opening a Chinese and a biryani brand.
In December, the QSR major has also bought 10.76% stake in casual-dining chain Barbeque Nation for Rs 92 crore.
Also Read: Jubilant Foodworks to invest Rs 92 Crore in Barbeque Nation, acquire 10.76% Stake
Jubilant runs 1,264 Domino’s Pizza restaurants across 281 cities with exclusive rights to develop and operate the pizza chain in India, Sri Lanka, Bangladesh and Nepal. It also operate 26 Dunkin’ Donuts restaurants in eight Indian cities.
Owners of Domino’s Pizza and Dunkin Donuts in India, Jubilant Foodworks has announced that it is acquiring 10.76 per cent stake in Barbeque Nation for Rs 92 crore.
"The company has entered into a share subscription agreement to acquire equity shares and a restated shareholders' agreement to regulate the rights and obligations of BNHL's key shareholders," shared a statement from Jubilant Foodworks in a regulatory filing.
Casual dining chain Barbeque Nation operates over 138 restaurants in 73 cities across India.
Also Read: Barbeque Nation gets Sebi nod for IPO
The company also runs seven Barbeque Nation in international markets.
BNHL also has a presence in the Italian cuisine segment and operates restaurant called Toscano.
May Interest: Jubilant FoodWorks enters into biryani biz with 'Ekdum'
“We are happy to announce our investment in Barbeque Nation - a differentiated, casual dining restaurant brand of scale with strong unit economics. We are confident that the proposed investment will create value for our shareholders,” shared Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited in the filing.
Jubilant FoodWorks Ltd, that runs QSR chains Domino's Pizza and Dunkin' Donuts, has reported a consolidated net loss of Rs 74.47 crore for the first quarter ended June 2020.
"The impact of COVID-19 was felt severely in Q1 FY21. The nationwide lockdown led to a complete closure of stores initially, with dine-in and takeaway remaining closed for most of the quarter," shared the JFL statement.
Also Read: Jubilant FoodWorks plans kiosk-based model for Dunkin' Donuts
This comes as an impact of closure of stores due to COVID-19 pandemic and consequent lockdown.
Jubilant had posted a net profit of Rs 71.48 crore in April-June quarter a year-ago, Jubilant FoodWorks Ltd (JFL) said in a BSE filing.
May Interest: Here are 7 Key Innovations Domino's Experimented in Top Markets
Its revenue from operations declined 59.07 per cent to Rs 388.41 crore during the quarter under review as against Rs 949.11 crore in the corresponding quarter last fiscal.
Jubilant FoodWorks that operates Dunkin' Donuts in India is planning a kiosk model for coffee and doughnut chain.
The group is also planning to scale up through the new format.
"Dunkin' Donuts India is using a calibrated pilot to test the new format of restaurants. The company is now evaluating opportunities of growth to build this model. There is continued focus on optimising cost and bringing efficiencies," shared an annual report by the group.
Also Read: Jubilant FoodWorks shuts half of Dunkin Donuts stores, to focus on smaller formats stores
The group also mentioned that they opened 4 restaurants with a smaller format to pilot and test the effectiveness of the format.
Jubilant said it piloted a "low-capex, small kiosk-based model, serving a combination of beverages, donuts and simple food with faster payback due to low rent and smaller format" for Dunkin' Donuts.
These smaller format stores are 100-200 square feet kiosks, it added.
In 2011, Dunkin' Donuts signed a franchise agreement with Jubilant FoodWorks to develop 500 restaurants across the country over the next 15 years. However, it has closed many outlets in the past few years to cut its losses.
The company operated 1,335 Domino's Pizza Restaurants, 34 Dunkin' Donuts Restaurants and 4 Hong's Kitchen, its home-grown Chinese cuisine restaurant brand, as on March 31, 2020.
May Interest: Jubilant Launches Chinese Restaurant 'Hong’s Kitchen’
The report also mentioned that in the wake of the COVID-19 pandemic, going forward the entire business model of the restaurant industry needs to change and technology, hygiene and safety would become the key elements.
"Restaurants will have to focus on their delivery capacities and add value with initiatives such as special takeout-only menus. Further, contactless delivery will be the way to go. Seating capacity at restaurants is expected to fall to adhere to social distancing norms, which will reduce meal volumes...In the short term, the organised sector will grow faster and the unorganised sector will progressively lose its scale and scope," the company said.
Jubilant FoodWorks Limited (JFL) has reported its financial results for the quarter and nine-months ended 31st December 2019.
Operating Revenues for Q3 FY20 stood at Rs 10,596 million, a growth of 14.1% over Q3 FY19. Like for Like (LFL) Sales growth for Domino’s Pizza stood at 7.2% for the quarter. Same-Store Growth (SSG) for Domino’s Pizza was 5.9%, on a high base of 14.6% last year.
Growth was driven by a strong performance in Delivery, especially online sales. Online sales now contribute to 87% of Delivery sales. The Domino’s App saw 4.1 million downloads during the quarter.
The launch of the Masala Pizza range also helped drive sales during the quarter, with the performance of the innovation significantly exceeding internal targets.
EBITDA for Q3FY20 stood at Rs 2,536 million, at 23.9% of revenue. Profit after Tax in Q3 FY20 was at Rs 1,037 million, at 9.8% of revenue.
During the quarter, the business faced significant inflationary headwinds, especially in Dairy. However, the strong focus on driving operating efficiencies ensured that the business delivered sequential improvement in operating margins.
The store opening momentum further accelerated during the quarter. A total of 47 stores were opened during the quarter, 44 for Domino’s Pizza, 2 for Dunkin’ Donuts and 1 for Hong’s Kitchen. This was the highest store opening count in 20 quarters.
Domino’s Pizza Bangladesh continued to do very well. During the quarter, the company opened its third store in Bangladesh.
Shyam S. Bhartia, Chairman, and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “We have maintained strong growth momentum despite a slowdown in consumption trends. This was driven by our increased focus on the basics of the business while elevating the customer experience. We will continue to emphasize our key pillars of growth to deliver sustained growth going forward.”
Pratik Pota, CEO and Whole-time Director, Jubilant FoodWorks Limited, added, “We are pleased with the quarter’s performance. Faced with a challenging demand environment and unprecedented inflationary commodity trends, we delivered strong revenue growth of 14.1% and a sequential improvement in EBITDA margins. Underlining our belief in the potential of the Indian Food Service market, we stepped up the pace of new store expansion, opening 47 new stores during the quarter.”
Store Matrix
Domino’s Pizza |
||||
Particulars |
Q3 FY20 |
Q3 FY19 |
9M FY20 |
9M FY19 |
Like-for-Like Growth* |
7.2% |
15.2% |
6.5% |
20.4% |
SSG** |
5.9% |
14.6% |
5.0% |
20.0% |
Network data |
||||
Restaurant at the beginning of the period |
1,283 |
1,167 |
1227 |
1,134 |
New Restaurants |
44 |
35 |
110 |
72 |
Closed restaurants |
2 |
2 |
12 |
6 |
Restaurants at the end of the period |
1,325 |
1,200 |
1325 |
1,200 |
Number of New Cities added |
6 |
2 |
10 |
5 |
1325restaurants as of 31st December 2019 across 282cities |
||||
Added: 1 new state (Mizoram) and 06 new cities in Q3 FY20[Dahanu(Maharashtra), Mandya(Karnataka), Bongaigaon(Assam), Kevadia(Gujarat), Aizawl(Mizoram), Gurdaspur(Punjab)] |
||||
Online data |
||||
Particulars |
Q3 FY20 |
Q3 FY19 |
||
OLO to Delivery Sales % |
87% |
73% |
||
Mobile Ordering sales to OLO % |
95% |
88% |
||
App Download Count cum. (in mn) |
29.4 |
15.3 |
Dunkin’ Donuts |
||||
Network data |
||||
Particulars |
Q3 FY20 |
Q3 FY19 |
9MFY20 |
9M FY19 |
Restaurant at the beginning of the period |
30 |
32 |
31 |
37 |
New Restaurants |
2 |
0 |
2 |
1 |
Closed restaurants |
0 |
0 |
1 |
6 |
Restaurants at the end of the period |
32 |
32 |
32 |
32 |
Number of New Cities added |
Nil |
Nil |
Nil |
Nil |
32restaurants as of 31st December 2019 across 10 cities |
World’s largest pizza Domino's finally opens its first outlet in Bangladesh.
The QSR chain has opened the first outlet at Rangs Fortune Square, Dhanmondi, Dhaka.
Domino's Pizza entered Bangladesh via a joint venture between Jubilant FoodWorks Limited (JFL), one of India's largest food service company, and Golden Harvest QSR Limited, a part of Golden Harvest Group. The brand will operate under the JV named Jubilant Golden Harvest Limited.
"We are pleased to launch the first Domino's Pizza restaurant in Dhaka. We have done extensive research over the last twelve months to develop a menu keeping the needs and preferences of Bangladeshi consumers in mind, while also offering the best of the brand's international menu,” shared Pratik Pota, CEO & Whole-time Director, Jubilant FoodWorks Limited by adding that they believe that their proposition of high quality products and value for money will resonate well with customers.
The pizza chain is also planning to launch a world class App that will help to redefine the pizza ordering experience of customers in the country.
Domino's Pizza comes to Bangladesh with a menu that is a unique combination of some top international favorite pizzas along with pizzas that were developed specifically for Bangladesh. Customers will soon be able to enjoy hot and fresh pizzas either at the restaurant or in their homes, where the pizzas would reach them within 30 minutes.
"We are delighted in launching Domino's in Bangladesh today partnering with Jubilant FoodWorks. Domino's Pizza is one of the largest pizza brand recognized for its quality & delivery expertise- we are confident that Domino's is going to be one of the most loved Pizza Brands in Bangladesh with unique products & service offerings for pizza lovers of the country,” added Rajeeb Samdani, Managing Director of Golden Harvest Group .
Domino's Pizza will bring a strong focus on ensuring Value for money for its customers and towards that, it has an aggressive, value pricing starting Tk149 which will help grow the Bangladesh market by attracting many more new users into the category.
Jubilant Foodworks, the operator of Domino's Pizza and Dunkin' Donuts food chain, has reported 46% jump in its net profit at Rs 96.5 crore for the third quarter of the financial year 2018-19 ending December 31, 2018. The company had posted a net profit of Rs 66 crore in the same quarter last fiscal.
The revenue of the company rose 17% at Rs 929 crore against Rs 795 crore it posted during the same period last year.
Shyam S. Bhartia, Chairman, and Hari S. Bhartia, Co-Chairman, Jubilant Foodworks, said, "I am delighted to share that we have once again delivered healthy earnings growth during the quarter which stood in-line with our expectations. The performance was driven by consistent progress made across each of the growth pillars."
Pratik Pota, CEO and Whole Time Director of Jubilant FoodWorks, stated, "We have demonstrated strong all-around performance in Q3 FY19, led by robust same-store sales growth (SSSG) of 14.6 percent reported in Domino’s Pizza. This was accompanied by tight control of operating costs that led to EBITDA margins improving to a seven-year high of 18.4 percent."
"In addition, Dunkin’ Donuts also broke even during the quarter, ahead of the targeted Q4 timeline. We are happy with our performance and confident of the prospects ahead, as evident in the 35 new stores opened in Q3, the highest in eleven quarters," he added.
Ending its 20-year deal with Coca-Cola, Jubilant FoodWorks, which runs Domino's Pizza and Dunkin Donuts restaurant chains, has signed PepsiCo as its new beverage partner for Domino's Pizza India.
Jubilant FoodWorks will now sell the entire portfolio of carbonated beverages of PepsiCo, which includes Pepsi, Mountain Dew, 7Up, and Mirinda along with Lipton Ice Tea, across all Domino's restaurants in India.
Pratik Pota, Chief Executive Officer & Whole-time Director, Jubilant FoodWorks, said, "We are delighted to announce PepsiCo as the beverage partner for Domino's Pizza India. The partnership will bring in fresh focus on our beverage portfolio. We look forward to offering greater beverage variety and thereby enhancing the Domino's Pizza experience for our guests."
Ahmed ElSheikh, President & CEO, PepsiCo India, also stated, "PepsiCo is honored to be the preferred beverage partner for Jubilant FoodWorks across its Domino's Pizza outlets nationwide. Domino's consumers will now be able to choose from a range of their favorite PepsiCo beverage brands across carbonated soft drinks and Lipton Ice Tea with their meals. This partnership further strengthens our position in the food service segment in India and consumers can look forward to some exciting new experiences."
Jubilant FoodWorks Limited, one of the largest food service companies in the country, has announced the appointment of Kapil Grover as Chief Marketing Officer of Domino’s Pizza. With an experience of 18 years, he will be responsible for leading the marketing strategy for the brand.
Pratik Pota, CEO and Whole-time Director at Jubilant FoodWorks Limited said, “We are delighted to welcome Kapil to the Domino’s family. Kapil is a seasoned marketing professional with a proven track record of building brands and driving consumer relevant innovations. We are confident that Kapil will use his immense experience to deepen Domino’s connect with its customers and to drive growth.”
Kapil Grover, the newly appointed Chief Marketing Officer of Domino’s Pizza, said, “I am delighted to be a part of Domino’s Pizza. The new role presents an exciting opportunity to lead the brand's endeavours to create a great pizza experience for the customers, strengthen the core delivery proposition and further expand its market share. I look forward to contributing significantly to its ongoing growth journey.”
Grover took over his new responsibility from July 2018. He was earlier associated with Burger King India as Chief Marketing Officer and had also worked with KFC India, Radico Khaitan and Luxor Writing Instruments.
Jubilant FoodWorks, which operates Dominos Pizza and Dunkin Donuts chains in India, today appointed Prakash C Bisht as the Chief Financial Officer (CFO) with immediate effect.
In his new role, Bisht will lead finance and accounts, secretarial and legal functions of the company.
Bisht brings with him over three decades of experience in financial reporting, M&A transactions, fund raising and corporate structuring, among others.
He earlier worked at Apollo Tyres for 15 years in various roles, the last being the leadership role as Head (Accounts).
Jubilant FoodWorks, operator of Domino's pizza chain and Dunkin'Donuts has appointed Berjis Minoo Desai, Shamit Bhartia and Aashti Bhartia as additional directors for the company.
The company stated, "Pursuant to the provisions of Regulation 30 of LODR Regulations, we wish to inform that on the recommendation of the Nomination, Remuneration and Compensation Committee, the Board of Directors of the Company had, in its meeting held today, approved the appointment of following Additional Directors effective from May 29, 2017."
Desai has been appointed as an independent director for 5 years. He specializes in mergers and acquisitions, derivatives, corporate and financial laws, international business laws and international commercial arbitration.
The company has appointed Shamit Bhartia and Aashti Bhartia as non-executive non-independent directors.
HyperTrack, which enables businesses to track their executives and products through its software, has raised USD1.5 million from Chamath Palihapitiya's Social Capital, Vy Capital, along with a bunch of angel investors like Deepinder Goyal of Zomato and Hari Bhartia of Jubilant Foods, among others.
Founded in October 2015 by serial entrepreneur Kashyap Deorah, whose earlier venture Chalo was acquired by OpenTable and Chaupaati was bought out by Future Group, HyperTrack closed the funding in three stages over the past few months. Ashish Gupta, co-founder of of Helion Venture Partners has joined the board of the company, said Deorah.
Tapan Pandita is the co-founder of HyperTrack. The company has created a software which offers tracking services on B2B as well as C2C front.
For example, clients like food delivery startups and on-demand logistics services are using HyperTrack to track various aspects of their business such as manpower, sales team and logistics among others.
Co-founders of comparison site Junglee founders Anand Rajaraman and Venky Harinarayan, Investopad, and fund managers of large PE firms have invested in their personal capacity in HyperTrack. Gupta has joined a non-Helion backed company only twice in the past and we feel honored to have him," Deorah said by adding that he wants to invest the capital to strengthen its product and hire another ten people in key roles.
" We also plan to start an office in San Francisco with about five people. We are hiring software engineers, data scientists and developer relations roles," he said.
HyperTrack claims to be operational in over 30 countries with over 100 clients using the firm's services. It has 800 clients who have signed up on the company's platform. Presently, it's charging a fee of 4 cents for every order tracked by HyperTrack.
"We are solving a deep technology problem . Our focus is to continue building a superior product, engage deeper with customers and build the world's best team for location-based services," Deorah said.
Jubilant FoodWork which operates global brands Domino’s and Dunkin’ Donuts in India has announced great management changes.
Dev Amritesh who was leading the business at Dunkin’ Donuts has named as President and CBO, Domino’s Pizza India.
Similarly, Tarun Bhasin would take over as President and Chief Business Officer at Dunkin' Donuts. Prior to this, Bhasin was responsible for Domino’s business in India.
The changes will come into effect immediately, a statement issued by Jubilant FoodWorks said.
Both Amritesh and Bhasin will report to Ajay Kaul, CEO, Jubilant FoodWorks.
"This change of roles is a strategic move to help both brands - Domino's Pizza and Dunkin' Donuts - benefit from diverse leadership styles,” shared Kaul in the statement.
Jubilant FoodWorks, franchisee for Domino's Pizza and Dunkin Donuts in India has reported 9.3% fall in net profit at Rs 31.74 crore for the December quarter.
Despite all this fallout, the QSR chain says that it will continue to invest incrementally despite a challenging business environment.
"Although we have faced challenges in recent months, we will continue with investments,” said Ajay Kaul, CEO, Domino’s in a statement.
According to the company, the decline is attributed to higher expenses and employee benefits.
Same store sales in the quarter grew just 2% indicating continued softness in consumption of western style foods while net sales during the period under review went up 14.4% at Rs 633.76 crore.
In the third quarter, the food retailer set up 40 new Domino's Pizza and four Dunkin' Donuts stores.
Jubilant FoodWorks, which operates Domino's Pizza and Dunkin Donuts chains in India, reported a decline of 17.65 per cent in standalone net profit at Rs 23.88 crore for the second quarter ended 30th September.
The company had reported a net profit of Rs 29.00 crore in the same period of previous fiscal, reported PTI.
Nevertheless, company's net sales on standalone basis was up 17.20 per cent to Rs 587.29 crore during the quarter under review as against Rs 501.07 crore in the year-ago period, said the company in a BSE filing.
For the six months ended 30th September, JFL's standalone net profit dipped 5.95 per cent to Rs 53.55 crore compared with Rs 56.73 crore in the same period last fiscal.
During its net sales, the first half of the current fiscal increased 18.41 per cent to Rs 1,157.87 crore from Rs 977.81 crore in the same period a year ago.
According to a senior executive Jubilant FoodWorks has appointed S Murugan Narayanaswamy as senior vice-president of marketing for Domino's Pizza's India operations. Jubilant operates the pizza brand in the country.
Narayanaswamy, who was working with Kansai Nerolac Paints prior to this assignment, replaces Harneet Singh Rajpal who quit the pizza maker in August 2015.
At Kansai Nerolac, Narayanaswamy was heading the marketing function of the company's decorative paints business. He has also worked with Britannia Industries, Danone Waters and Philips.
Domino's Pizza India has joined hand with Vikas Khanna, the Michelin-starred chef, to introduce gourmet pizzas amongst its other offerings.
With this association, the pizza chain is targeting to boost its revenue and profitability and keep up with customer preferences.
"We have seen mushrooming of standalone pizzerias, especially in tier-I cities," said Harneet Singh Rajpal, Senior VP-Marketing, Domino’s.
Chef Khanna will engage with chefs of Jubilant FoodWorks-owned Domino's to create European-styled pizzas and snacks and will promote the range across his Facebook page and Twitter handles, on television and on cookery shows.
Meanwhile, he will also work as a brand ambassador for Domino's Pizza.
"The idea is to build on consumer understanding, collaborate and co-create to bring evolved pizza experiences. The new offerings will be unique and hopefully Domino's consumers will enjoy our joint efforts on innovation," shared Khanna.
"This is a celebrity endorsement where the endorser himself is the authority. We believe it will change the game for pizzas and create a new paradigm," added Rajpal.
However, Khanna-made pizza will be placed between Rs 250 to Rs 500 for a single pizza.
The range created by Khanna will be sold and delivered across Domino's restaurants across 203 cities in the country.
"The percentage consumption incidence of our premium existing range shows we have similar numbers of consumers across metro cities and tier-II and III markets," Rajpal said.
Jubilant FoodWorks, which operates QSR chain like Domino's Pizza and Dunkin' Donuts in India, has reported 4.22 per cent increase in standalone net profit to Rs 35.01 crore for the third quarter ended on December 31, 2014.
The company had posted a standalone net profit of Rs 33.59 crore in the same period of 2013-14, Jubilant FoodWorks said in a filing to the BSE.
Its net sales rose by 21.41 per cent to Rs 554.26 crore in the October-December quarter of FY2014-15 against Rs 456.51 crore in the same quarter of previous fiscal.
"Our positive sales momentum reflects the success of several companywide initiatives that we considered to be in the best interest of the long-term growth of our company," said said Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman, Jubilant FoodWorks.
"We concentrated our efforts on expanding restaurant network, amplifying infrastructure support and focusing on creating new and varied menu experience through our brands Domino's Pizza and Dunkin' Donuts," the company further added.
Presently Jubilant has over 844 restaurants of Domino's Pizza in 185 cities in India, which is the second largest market for Domino's Pizza worldwide, outside US. It is also operating 50 restaurants of Dunkin' Donuts in 18 cities.
"While each brand is in a different stage in its growth cycle, we foresee immense potential for further penetration and are committed to driving growth," added, Ajay Kaul, CEO, Jubilant FoodWorks.
Shares of Jubilant FoodWorks are trading per cent higher at Rs 1,267 on the BSE after the company announced the opening of Domino's Pizza outlet in Gorakhpur and Udaipur, as per a Business Standard report.
Domino's Pizza, which covers 72 per cent share in the Indian pizza market, has inaugurated its first outlet in Gorakhpur (Uttar Paradesh) and Udaipur (Rajasthan) which are popular tourist destinations in India.
"Over the last decade, we have been the fastest growing food service company in India and have successfully pioneered innovative concepts and products for the Indian taste palette," said Harneet Singh Rajpal, Senior VP, Marketing, Domino's pizza India.
Dominos’ presently operates over 795 Pizza outlets across 166 cities. Jubilant Food Works and its subsidiaries have exclusive rights to develop and operate Domino's Pizza brand in India, Sri Lanka, Bangladesh and Nepal.
In the last one year, the brand has aggressively expanded its presence in tier II cities of the country, such as Aligarh (UP), Rajamudhry (Andhra Pradesh), Hoshiarpur (Punjab) and Belgaum (Karnataka) amongst others.
Jubilant FoodWorks has reported 18.5 percent decline in quarterly profits. For the three months to end-June, the group reported standalone net profit of Rs 27.7 crore compared with Rs 34 crore in the year-ago period. Same store sales growth slipped to 2.4 percent compared with 6.3 percent in same quarter last year.
According to the statement issued by the company, "Aligned to the overall subdued consumption pattern coupled with inflationary impact on costs, opening of new Domino's Pizza restaurants and development of the Dunkin' brand, the profitability during the quarter stood moderated.”
Jubilant Foodworks, which owns Domino's Pizza and Dunkin' Donuts in India, has reported a 23.5 percent year-on-year drop in net profit for the March quarter of 2014. The sharp fall in profitability suggests higher input cost and weak discretionary spend by consumers.
The net profit which ended on March 2014 fell to Rs 25 crore as compared to Rs 32.7 crore in the same quarter last year while sales increased 18.8 percent year-on-year to Rs 433.7 crore.
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