Jubilant Foodworks Reports Impressive Profit Surge in Q4 FY24

Jubilant Foodworks Ltd reported a substantial rise in consolidated net profit to Rs 208.24 crore for Q4 FY24, mainly due to exceptional item gains. The company's revenue also showed significant growth, driven by its operations in India and international markets like Turkey, Azerbaijan, and Georgia.

Jubilant Foodworks Ltd (JFL) on Wednesday reported a multi-fold increase in its consolidated net profit to Rs 208.24 crore for the fourth quarter ended March 2024, helped by exceptional item gains.

The company, which operates fast-food chains - Domino's Pizza and Dunkin' Donuts, had posted a net profit of Rs 28.54 crore in the January-March quarter of the previous fiscal, according to a regulatory filing from Jubilant Foodworks Ltd (JFL).

Its revenue from operations rose 23.85 per cent to Rs 1,572.79 crore during the quarter. It was Rs 1,269.84 crore in the year-ago period, it added. The total expenses of JFL, India's largest food service company, increased 28.23 per cent to Rs 1,545.47 crore in the March quarter of FY24.

JFL's total income, including other income, rose 23.61 per cent to Rs 1,594.12 crore in the March quarter.

In FY24, Jubilant Foodworks Netherlands BV, its wholly-owned subsidiary, acquired a further stake in DP Eurasia NV (DPEU) for an aggregate consideration of Rs 7,70.26 crore, increasing its holding to 94.33 per cent in the company, which has an exclusive master franchisee of the Domino's Pizza brand in Turkey, Azerbaijan, and Georgia.

''Pursuant to the aforesaid acquisition, DPEU has become a subsidiary of JFN... Consequent to the same a gain of Rs 170.16 crore on remeasurement of previously held equity interest at acquisition date fair value has been disclosed under exceptional item in the financial results,'' it said.

Its profit before exceptional items and tax in the March quarter was Rs 54.86 crore against Rs 53.40 crore in the same period of FY23.

In the Indian market, JFL's revenue from operations at Rs 1,331.3 crore ''registered a growth of 6.3 per cent, mainly driven by 4.9 per cent growth in Domino's India''. The company's revenue from the international market was Rs 242.7 crore, which was ''primarily driven by revenue contribution of two months at Rs 217.4 crore from Turkey, Azerbaijan and Georgia''.

JFL opened 23 stores across all International markets in the March quarter.

For the fiscal 2024, JFL's consolidated net profit was Rs 400.07 crore. It was Rs 353.03 crore a year earlier.

Its revenue from operations increased 9.61 per cent to Rs 5,654.08 crore in FY24.

According to JFL, in FY24, it had a ''record opening of 356 stores'', taking JFL Group Network to 2,991 stores across six markets – India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. JFL has a portfolio of franchise rights for five brands - Domino's, Popeyes and Dunkin' in emerging markets and two in-house brands - Hong's Kitchen, an Indo-Chinese QSR brand in India, and a CAFE brand - COFFY in Turkey.

Meanwhile, in a separate filing, JFL informed its board in a meeting held on Wednesday approved a 60 per cent dividend, which is Rs 1.20 per equity share of the face value of Rs 2 each for the financial year 2023-24.

Shares of Jubilant Foodworks on Wednesday settled at Rs 479.15 apiece on BSE, down 0.13 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)