Results     28-Jul-22
Analysis
Jubilant Foodworks
Net Profit up 62.18%
For quarter ended June 2022, consolidated net sales (including other operating income) of Jubilant Foodworks has increased 40.52% to Rs 1255.1 crore compared to quarter ended june 2021.Operating profit margin has jumped from 23.77% to 24.23%, leading to 43.27% rise in operating profit to Rs 304.13 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 21.38% to 21.87%.   Purchase of finished goods cost rose from 1.43% to 1.66%.   Employee cost decreased from 18.91% to 16.55%.   Other expenses rose from 34.49% to 35.76%.   

Other income rose 30.48% to Rs 10.66 crore.  PBIDT rose 42.79% to Rs 314.79 crore.  Provision for interest rose 10.65% to Rs 46.87 crore.  

PBDT rose 50.44% to Rs 267.92 crore.  Provision for depreciation rose 17.38% to Rs 107.11 crore.  

Profit before tax grew 85.18% to Rs 160.81 crore.  Provision for tax was expense of Rs 36.77 crore, compared to Rs 20.75 crore.  Effective tax rate was 24.62% compared to 23.10%.

Minority interest increased 62.22% to Rs -0.17 crore.  Net profit attributable to owners of the company increased 62.18% to Rs 112.75 crore.  

Promoters’ stake was 41.94% as of 30 June 2022 ,compared to 41.94% as of 30 June 2021 .  Promoters pledged stake was 1.84% as of 30 June 2022 ,compared to 2.17% as of 30 June 2021 .  


Full year results analysis.

Net sales (including other operating income) of Jubilant Foodworks has increased 32.74% to Rs 4396.12 crore.  Operating profit margin has jumped from 23.29% to 25.22%, leading to 43.77% rise in operating profit to Rs 1,108.78 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 20.55% to 21.24%.   Purchase of finished goods cost fell from 1.41% to 1.34%.   Employee cost decreased from 22.54% to 17.46%.   Other expenses rose from 32.22% to 34.75%.   

Other income fell 43.42% to Rs 41.35 crore.  PBIDT rose 36.23% to Rs 1150.13 crore.  Provision for interest rose 8.23% to Rs 176.09 crore.  Loan funds rose to Rs 2,106.10 crore as of 31 March 2022 from Rs 1,619.98 crore as of 31 March 2021.  Inventories rose to Rs 161.18 crore as of 31 March 2022 from Rs 133.13 crore as of 31 March 2021.  Sundry debtors were higher at Rs 22.05 crore as of 31 March 2022 compared to Rs 16.80 crore as of 31 March 2021.  Cash and bank balance rose to Rs 563.36 crore as of 31 March 2022 from Rs 539.18 crore as of 31 March 2021.  Investments rose to Rs 926.78 crore as of 31 March 2022 from Rs 516.74 crore as of 31 March 2021 .  

PBDT rose 42.91% to Rs 974.04 crore.  Provision for depreciation rose 4.70% to Rs 393.05 crore.  Fixed assets increased to Rs 2,719.56 crore as of 31 March 2022 from Rs 2,135.26 crore as of 31 March 2021.  Intangible assets increased from Rs 38.80 crore to Rs 63.58 crore.  

Profit before tax grew 89.75% to Rs 580.99 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 145.17 crore, compared to Rs 75.65 crore.  Effective tax rate was 25.77% compared to 24.71%.

Minority interest decreased 101.75% to Rs -2.30 crore.  Net profit attributable to owners of the company increased 81.46% to Rs 420.39 crore.  

Equity capital stood at Rs 131.97 crore as of 31 March 2022 to Rs 131.97 crore as of 31 March 2021.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 41.94% as of 31 March 2022 ,compared to 41.94% as of 31 March 2021 .  Promoters pledged stake was 1.67% as of 31 March 2022 ,compared to 2.17% as of 31 March 2021 .  

Cash flow from operating activities increased to Rs 930.02 crore for year ended March 2022 from Rs 750.64 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 458.38 crore, compared to Rs 243.18 crore during the year ended March 2021.  

Other Highlights

In Q1 FY23, company continued with its strong store opening momentum and opened 58 new Domino’s stores taking the network strength for Domino’s in India to 1,625 stores.

The Company entered 12 new cities during the quarter to expand its reach to 349 cities across India. The Company also opened 2 new stores each for Popeyes and Hong’s Kitchen.

During the quarter, in Sri Lanka, the Company registered system sales growth of 83% on YOY basis and opened 1 new store taking the network strength to 36 stores.

In Bangladesh, system sales grew by 49% on YoY basis. With the opening of 1 new outlet, the store count in Bangladesh has reached 10 stores.

In Q4 FY22, OLO (Online Order) contribution to delivery sales stood at 97.7%.

In Q1 FY23, Domino’s LFL (Like-for-like) sales Growth was 28.3%.


Management Comments :
Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “This quarter’s record results were driven by strong demand, a marked resurgence in dine-in consumption and disciplined cost management in the wake of a high inflationary environment. With the launch of our much-awaited loyalty program, we have addressed key whitespace in our brand offering. We believe this program will be a significant driver of growth and frequency for us while offering superior value to our customers.”

Commenting on the Q1FY23 performance, Mr. Ashish Goenka, EVP and CFO, Jubilant FoodWorks Limited said, “We are off to a strong start in the fiscal year 2022-23 with record revenue, robust earnings and the launch of guest-centric innovations in our first quarter. The Dine-in and Takeaway channel registered a solid sequential growth while momentum continued in the delivery channel. We are excited by the opportunities ahead and believe we have the right strategy to navigate the challenging cost environment.”



Jubilant Foodworks : Consolidated Results
 Quarter endedYear ended
Particulars202206202106Var.(%)202203202103Var.(%)
Net Sales (including other operating income)1,255.10893.1940.524,396.123,311.8732.74
OPM (%)24.2323.7747 bps25.2223.29194 bps
OP304.13212.2843.271,108.78771.2043.77
Other Inc.10.668.1730.4841.3573.08-43.42
PBIDT314.79220.4542.791,150.13844.2836.23
Interest46.8742.3610.65176.09162.708.23
PBDT267.92178.0950.44974.04681.5842.91
Depreciation107.1191.2517.38393.05375.44.70
PBT160.8186.8485.18580.99306.1889.75
Share of Profit/(Loss) from Associates-11.468.56PL-10.40-
PBT before EO149.3595.456.55570.59306.1886.36
EO Income0-5.58--7.330-
PBT after EO149.3589.8266.28563.26306.1883.96
Taxation36.7720.7577.20145.1775.6591.90
PAT112.5869.0762.99418.09230.5381.36
Minority Interest (MI)-0.17-0.4562.22-2.3-1.14-101.75
Net profit112.7569.5262.18420.39231.6781.46
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations112.7569.5262.18420.39231.6781.46
EPS (Rs)*1.711.1252.966.453.5183.83
* EPS is on current equity of Rs 131.97 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database


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