Jubilant FoodWorks Ltd on Wednesday reported a 70 per cent decline in consolidated net profit at Rs 28.54 crore in the March quarter, impacted by higher expenses and raw materials cost.
The company had posted a consolidated net profit of Rs 96 crore in the year-ago period, Jubilant FoodWorks said in a regulatory filing.
Consolidated revenue from operations in the fourth quarter was at Rs 1,269.85 crore as against Rs 1,175.97 crore in the year-ago period, it added.
Total expenses were higher at Rs 1,205.15 crore as compared with Rs 1,038.27 crore in the corresponding period a year ago, the company said.
Cost of raw materials consumed in the quarter was at Rs 290.96 crore, up from Rs 254.96 crore in the same period of FY22.
The company, which holds the exclusive master franchise rights from Domino's Pizza Inc for India, Sri Lanka, Bangladesh and Nepal, besides exclusive rights to develop and operate Dunkin' restaurants in India and Popeyes restaurants in India, Bangladesh, Nepal and Bhutan, said it opened 61 new stores in India in the fourth quarter.
Domino's launches 20-minute deliveries across as many zones in India
IndianOil, Adani-Total, Shell lap up Reliance's KG-D6 gas; IOC top bidder
KFC-operator India's Devyani's profit falls on expenses, demand slowdown
20-min pizza delivery promise by Domino's gets stuck in traffic, kitchen
Jubilant Foodworks to set up subsidiary in Nepal for Domino's Pizza biz
NCLT to hear Spicejet insolvency plea on May 25 as talks with lessor fail
Jet Airways looks into abyss as JKC fails to renew its flying permit
Hyundai ties up with Shell to install 60 kW fast chargers at 36 dealerships
Suzlon bags 99-MW wind energy project from Vibrant Energy for 33 generators
IKEA, HDFC to launch financing options to make products more affordable
"With the addition of 56 new stores and entry in six new cities, Domino's has expanded its network strength to 1,816 stores across 393 cities," it added.
The company also opened one new restaurant for Popeyes and Hong's Kitchen, taking their network tally to 13 stores each. For Dunkin', it opened three new coffee-first stores, and eight out of 21 Dunkin' stores are now as per the brand's new "Coffee-first" identity, it added.
For the fiscal ended March 31, 2023, consolidated net profit was at Rs 353.03 crore from Rs 418.09 crore in the previous year, down 15.56 per cent.
In FY23, consolidated revenue from operations was at Rs 5,158.25 crore as compared to Rs 4,396.12 crore in FY22.
Jubilant FoodWorks Ltd Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia said, in FY23, the company has become a Rs 5,000-crore turnover company on the back of efforts to elevate consumer experience through its portfolio of brands, making deep investments in commissaries and digital assets for continued future growth while maintaining very high financial discipline.
On the outlook, they said, "There are near term concerns around historic high inflation and slowing market growth, but we are confident in our unique ecosystem's ability to tap on the potential that lies ahead of us and reorient the business to deliver sustained profitable growth.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)