Sunday, September 24, 2023

Jubilant FoodWorks Q4 net profit drops 70 pc to Rs 28.54 crore

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  • Cheering Food works Ltd reported a 70 percent drop on Wednesday consolidated net profit at Rs 28.54 crore in the March quarter.
  • Consolidated revenue from operations in the fourth quarter was Rs 1,269.85 crore as compared to Rs 1,175.97 crore in the same period a year ago, it added.

New Delhi, May 17 (PTI) Jubilant FoodWorks Ltd on Wednesday reported a 70 percent drop in its consolidated net profit to Rs 28.54 crore in the March quarter, impacted by higher spending and raw material costs. The company had posted a consolidated net profit of Rs 96 crore in the period last year, Jubilant FoodWorks said in a filing.

Consolidated revenue from operations in the fourth quarter was Rs 1,269.85 crore as compared to Rs 1,175.97 crore in the same period a year ago, it added.

The total cost was higher at Rs 1,205.15 crore compared to Rs 1,038.27 crore in the same period a year ago, the company said.

The cost of raw materials consumed in the quarter was Rs 290.96 crore, up from Rs 254.96 crore in the same period of FY22.

The company, which owns the exclusive master franchise rights of Domino’s Pizza Inc for India, Sri Lanka, Bangladesh and Nepal, in addition to the exclusive rights to Dunkrestaurants inside India and Popeyes restaurants in India, Bangladesh, Nepal and Bhutan, said it opened 61 new stores in India in the fourth quarter.

“With the addition of 56 new stores and access to six new cities, Domino’s has expanded its network strength to 1,816 stores in 393 cities,” it added.

The company also opened a new restaurant for Popeyes and Hong’s Kitchen, bringing their network to 13 stores each. For Dunkin’, it opened three new coffee-first stores, and eight of the 21 Dunkin’ stores now adhere to the brand’s new “Coffee-first” identity, it added.

For the financial year ended 31 March 2023, the consolidated net profit was Rs 353.03 crore from Rs 418.09 crore in the previous year, a decrease of 15.56 percent.

In FY23, the consolidated operating income was 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 that the company has become a Rs 5,000 crore revenue business in FY23 thanks to efforts to enhance consumer experience through its portfolio of brands, investing deeply in commissary and digital assets for continued future growth while maintaining a highly high financial discipline.

On the outlook, they said: “There are near-term concerns about historically high inflation and slowing market growth, but we are confident in the ability of our unique ecosystem to tap into the potential ahead and refocus the business towards sustainable profitable growth. achieve growth.”

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