Jubilant Foodworks Q1FY2023
by admin- Thursday, July 28th, 2022 04:08:45 PM
- Jubilant Foodworks (JFL) revenues grew by 41.1% y-o-y to Rs. 1,240.3 crore ahead of our as well as average street expectation of Rs. 1,220-1,247 crore. Like-for-like sales growth stood at 28.3%. The company added 58 new stores during the quarter.
- Higher input prices led to 52 bps y-o-y decline in the gross margins to 76.7%. But operating efficiencies at stores level and better operating leverage aided EBITDA margins to improve by 59 bps y-o-y to 24.6% in-line with our and average street expectation of 24.4%-24.5%. EBITDA grew by 44% y-o-y to Rs. 304.5 crore.
- Adjusted PAT grew by 81.1% y-o-y to Rs. 120.8 crore, in line with our as well as average street expectation of Rs. 120-123 crore. Reported PAT grew by 61% y-o-y to Rs.100.7 crore. There is a one-time exceptional gain of Rs. 26.6 crore (post tax ~Rs. 20.0 crore) towards non-cash impairment charges on investments made in Sri Lanka subsidiary due to significant change in the country’s economic environment.
- View: Overall JFL’s operating performance was in-line with our as well street expectation. The strong performance y-o-y was on back of low base of Q1FY2022. The company continued its strong store expansion strategies and witnessed good sales on delivery and dine-in platforms.
