Jubilant Foodworks Limited, the company behind popular fast-food brands Domino’s Pizza and Dunkin’ Donuts, reported a 26 percent drop in its consolidated net profit for the second quarter (Q2) ending September 2023. The net profit stood at INR 97.20 crore, down from INR 131.53 crore in the corresponding period of the previous fiscal year, as per a regulatory filing made on Wednesday.
Nevertheless, its total revenue increased to INR 1,375.69 crore in the second quarter of fiscal year 2024, up from INR 1,311.92 crore in the second quarter of fiscal year 2023.
The company’s overall expenditures for the September quarter also saw a rise, reaching INR 1,290.16 crore in the second quarter of fiscal year 2024, compared to total expenses of INR 1,153.92 crore in the corresponding period of the previous fiscal year, according to the BSE filing.
Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “We are focused on pursuing growth, driving innovation and executing on opportunities to expand margins. Our investments in technology and delivery channel are paying off, as we registered positive like-for-like growth in the channel and traffic on the app grew ahead of our plan. We will continue to make investments in store expansion, technology and the team to stay ahead of the curve and ensure our continued long-term success.”
Sameer Khetarpal, CEO and MD, Jubilant FoodWorks Limited said, “The growth continues to be order led with elevated level of consumer engagement and the decline in ticket is also now arrested. Also, second consecutive quarter of sequential improvement in ADS of mature stores and Gross Margins are early indicators of structural improvement in the health of our business. Every single action being taken by us is not only helping us manage the short-term challenge but will also ensure a very solid foundation for the long-term growth of our business.”
In India, the company launched 60 new stores, expanding its network to a total of 1,949 stores across all of its brands.
By opening 50 new stores and venturing into three additional cities, Domino’s India bolstered its network presence to encompass 1,888 stores spread across 397 cities.
The company expanded its presence in several ways: it introduced five new Popeyes restaurants, marking its entry into two new cities—Hyderabad and Madurai, which brought the total network to 22 restaurants spanning six cities. For Hong’s Kitchen, four new stores were incorporated, elevating the network to 18 stores across three cities. In the case of Dunkin’, a new store opened in a previously unrepresented city, and now 11 out of 21 stores align with the brand’s coffee-first concept.