Jubilant Foodworks Ltd (JFL) on Wednesday posted a consolidated net profit of ₹208.24 crore for the quarter ended March 2024, recording a multi-fold growth, which included exceptional item gains. The leading food services company had posted a net profit of ₹28.54 crore in the corresponding quarter of the previous fiscal. Consolidated revenue from operations for the quarter under review stood at ₹1,572.8 crore, up 23.9 per cent.
The company reported a one-time gain of ₹170.2 crore. It added that it recorded the highest-ever quarterly network addition of 112 restaurants in Q4.
The company’s board recommended a dividend of ₹1.2 per equity share for FY24 amounting to ₹ 79.2 crore. For the FY24, JFL’s consolidated net profit was at ₹400.07 crore (₹353.03 crore). Consolidated revenue from operations grew 9.61 per cent to ₹5,654.08 crore in FY24.
Expanding network
The company said in FY24, it had a “record opening of 356 stores”, taking JFL Group Network, which is now nearing 3,000 stores across six markets – India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia.
In a statement, Sameer Khetarpal, CEO and MD, JFL, said, “The March quarter performance was remarkable, as Domino’s India’s like-for-like trajectory turned around in Q4. This was achieved through several pre-planned strategic interventions, including strengthened regional infrastructure, enhanced on-ground execution and a comprehensive revamp of the brand, while further refinining the value proposition through targeted delivery fee waivers during a period of weak demand.”
“Moreover, the year witnessed substantial progress across every strategic priority, with increased business re-investments that weigh on near-term margins, but will be a pivotal catalyst to drive our future growth across all brands and markets,” he added.
JFL currently operates 1,995 restaurants under brand Domino’s. As per the company’s investor presentation, there is potential to scale up the Domino’s network in India to about 4,000 restaurants in the medium term.