Devyani International Limited (DIL), a quick service restaurants chain operator, recorded a 21.2% decrease in consolidated net profit for Q4, ending on March 31, 2023. The net profit dropped to INR 59.8 crore from INR 75.9 crore in the corresponding quarter of the previous financial year, according to a regulatory filing.
DIL is India’s largest franchisee of Yum Brands, overseeing popular brands like KFC, Pizza Hut, and Taco Bell.
As per the BSE filing, DIL witnessed a notable increase in total income during Q4 FY23. The company’s total income surged by 29.14% to INR 7,65.99 crore, surpassing the INR 5,93.13 crore generated in the same period of the previous fiscal year.
In Q4 FY23, Devyani’s total expenses climbed to INR 7,24.76 crore, reflecting an increase from INR 5,47.99 crore in the same period of the previous fiscal year.
According to the exchange filing, Devyani’s total income for the fiscal year 2023 experienced a significant year-on-year growth of 44.29%, reaching INR 3,030.30 crore. This is in comparison to the previous fiscal year FY22, where the total income was INR 2,100.13 crore.
Ravi Jaipuria, Non-Executive Chairman at Devyani International said, “In FY23, DIL demonstrated strong growth momentum and we have crossed some very significant milestones. Our consolidated revenues have reached INR 3,000 crore.”
Over the past three years, the company has expanded its store count by more than double and currently operates 1,243 stores across a diverse range of countries and brands.
In FY 2023, both KFC and Pizza Hut achieved significant milestones by surpassing 500 stores each. Additionally, as of March 31, 2023, Costa Coffee has also reached the milestone of 100 stores.
Jaipuria said, “We continue to actively pursue new trade areas in metro cities and upcoming locations. This will help us take our brands closer to our customers and give them better experience, thus solidifying our presence in the domestic markets.”
Sharing on the future growth, he said that the confidence in DIL’s brands and the Indian market remains strong.
“We are seeing initial signs of inflation stabilizing. This gives us hope for a rebound in consumer spending in second half of the coming fiscal,” Jaipuria added.