Devyani International Ltd, a quick service restaurant (QSR) operator, on Wednesday reported a decline of 21.15 per cent in its consolidated net profit to ₹59.87 crore for the fourth quarter ended on March 31, 2023.

The company, which is the largest franchisee of Yum Brands in India, having Pizza Hut, KFC, and Costa Coffee, reported a net profit of ₹75.93 crore in the January-March quarter a year ago.

Its revenue from operations during the quarter was up 27.8 per cent to ₹754.97 crore as against ₹590.74 crore in the year-ago period, according to an exchange filing by Devyani International Ltd (DIL).

DIL's total expenses were at ₹724.76 crore, up 32.25 per cent from the corresponding period a year ago.

For the fiscal year ended March 2023, DIL's net profit was up 69.23 per cent at ₹262.51 crore. It had reported a net profit of ₹155.11 crore in the previous fiscal.

Its revenue from operations was at ₹2,997.72 crore in FY23, 43.84 per cent higher than the previous fiscal year.

As of March 31, 2023, DIL operates 543 KFC stores, 510 Pizza Hut stores and 112 Costa Coffee stores across its portfolio. It opened 305 net new stores across brands and geographies in FY23 "The total system store count increased to 1,243 as compared to 938 in FY22," it said.

Commenting on the results Non-Executive Chairman Ravi Jaipuria said in FY23, DIL demonstrated strong growth momentum and we have crossed some very significant milestones.

"Looking ahead, the confidence in our 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 the second half of the coming fiscal," he said.

Shares of Devyani International Ltd on Wednesday ended at ₹174.05 on BSE, down 4.45 per cent from the previous close.

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