Jubilant Foodworks Limited, which owns popular fast-food brands Domino’s Pizza and Dunkin’ Donuts, reported a multi-fold increase in consolidated net profit to INR 208.24 crore for the fourth quarter ended March 2024, helped by exceptional item gains.
The company had recorded a net profit of INR 28.54 crore in the January-March quarter of the previous fiscal year, according to a regulatory filing from Jubilant Foodworks Ltd (JFL).
During the quarter, its revenue from operations increased by 23.85% to INR 1,572.79 crore, compared to INR 1,269.84 crore in the corresponding period last year.
In the March quarter of FY24, the total expenses of JFL, India’s largest food service company, surged by 28.23% to INR 1,545.47 crore.
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The company’s total income, including other income, rose 23.61% to INR 1,594.12 crore in the March quarter.
During FY24, Jubilant Foodworks Netherlands BV, its wholly-owned subsidiary, increased its stake in DP Eurasia NV (DPEU) by acquiring an additional share for a total consideration of INR 7,70.26 crore. This move raised its ownership in the company to 94.33%. DP Eurasia NV serves as the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Azerbaijan, and Georgia.
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“The deal has led to DPEU becoming a subsidiary of JFN… As a result, a gain of INR 170.16 crore from the remeasurement of previously held equity interest at the fair value on the acquisition date has been reported under exceptional items in the financial results,” the statement explained.
In the March quarter, its profit before exceptional items and tax amounted to INR 54.86 crore, compared to INR 53.40 crore in the corresponding period of FY23.
In the Indian market, JFL’s revenue from operations reached INR 1,331.3 crore, marking a growth of 6.3%, primarily propelled by a 4.9% increase in Domino’s India.
The company’s revenue from the international market stood at INR 242.7 crore, largely influenced by a revenue contribution of INR 217.4 crore from Turkey, Azerbaijan, and Georgia over two months.
In the March quarter, JFL inaugurated 23 stores across all its international markets.
For fiscal year 2024, JFL’s consolidated net profit amounted to INR 400.07 crore, compared to INR 353.03 crore in the preceding year.
In FY24, its revenue from operations grew by 9.61% to reach INR 5,654.08 crore.
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In FY24, JFL experienced a “record opening of 356 stores,” expanding the JFL Group Network to 2,991 stores across six markets: India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia.
JFL holds franchise rights for five brands, including Domino’s, Popeyes, and Dunkin’ in emerging markets, alongside two in-house brands: Hong’s Kitchen, an Indo-Chinese QSR brand in India, and COFFY, a CAFE brand in Turkey.
In a separate filing, JFL announced that its board, in a meeting held on Wednesday, approved a 60% dividend, amounting to INR 1.20 per equity share with a face value of INR 2 each for the financial year 2023-24.
On Wednesday, shares of Jubilant Foodworks settled at INR 479.15 apiece on BSE, down 0.13%.
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