Jubilant FoodWorks Reports 70% Decline in Q4 Net Profit, Records Rs 28.54 Crore Bottom Line

Jubilant FoodWorks Ltd witnessed a significant 70% drop in its consolidated net profit for the March quarter, amounting to Rs 28.54 crore. The decline can be attributed to increased expenditures and rising costs of raw materials.

According to a regulatory filing by Jubilant FoodWorks, the company's consolidated net profit for the year-ago period stood at Rs 96 crore. However, in the current period, the company reported a decline in net profit to Rs 28.54 crore.

Jubilant FoodWorks reported that consolidated revenue from operations in the fourth quarter amounted to Rs 1,269.85 crore, compared to Rs 1,175.97 crore in the year-ago period.

The company also stated that total expenses increased to Rs 1,205.15 crore from Rs 1,038.27 crore in the corresponding period of the previous year.

Additionally, the cost of raw materials consumed in the quarter rose to Rs 290.96 crore, up from Rs 254.96 crore in the same period of the previous fiscal year.

Jubilant FoodWorks, the company holding exclusive master franchise rights for Domino's Pizza Inc in India, Sri Lanka, Bangladesh, and Nepal, as well as exclusive rights for Dunkin' and Popeyes restaurants in several countries, announced the opening of 61 new stores in India during the fourth quarter.

The company also mentioned that it expanded its network by adding 56 new stores and entering six new cities, bringing the total number of Domino's stores to 1,816 across 393 cities.

Jubilant FoodWorks also expanded its restaurant portfolio by opening one new Popeyes restaurant and one new Hong's Kitchen restaurant, bringing the total number of stores for each brand to 13.

Additionally, the company introduced three new Dunkin' coffee-first stores, with eight out of the 21 Dunkin' stores now aligning with the brand's new "Coffee-first" identity.

In the fiscal year that ended on March 31, 2023, Jubilant FoodWorks recorded a consolidated net profit of Rs 353.03 crore, marking a 15.56% decline from the previous year's net profit of Rs 418.09 crore.

During the fiscal year 2022-2023, Jubilant FoodWorks reported consolidated revenue from operations of Rs 5,158.25 crore, representing an increase from the previous fiscal year's revenue of Rs 4,396.12 crore.

According to Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia of Jubilant FoodWorks Ltd, in the fiscal year 2022-2023, the company achieved a turnover of Rs 5,000 crore.

They attributed this success to their commitment to enhancing the consumer experience across their brand portfolio, substantial investments in commissaries and digital assets, and a steadfast focus on maintaining strong financial discipline. These efforts have positioned the company for sustained growth in the future.