Operating profit margin has jumped from 18.61% to 24.14%, leading to 48.16% rise in operating profit to Rs 250.57 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.85% to 21.08%.   Purchase of finished goods cost fell from 1.68% to 1.41%.   Employee cost decreased from 21.99% to 19.55%.   Other expenses fell from 33.84% to 33.79%.    

Other income fell 37.76% to Rs 12.92 crore.  Provision for interest fell 9.37% to Rs 37.54 crore.  Loan funds declined from Rs 1,670.06 crore as of 31 March 2020 to Rs 1,619.98 crore as of 31 March 2021.  Inventories rose to Rs 133.13 crore as of 31 March 2021 from Rs 94.72 crore as of 31 March 2020.  Sundry debtors were higher at Rs 16.80 crore as of 31 March 2021 compared to Rs 16.64 crore as of 31 March 2020.  Cash and bank balance declined from Rs 655.88 crore as of 31 March 2020 to Rs 539.18 crore as of 31 March 2021.  Investments rose to Rs 516.74 crore as of 31 March 2021 from Rs 51.18 crore as of 31 March 2020 .  

Provision for depreciation fell 6.47% to Rs 87.87 crore.  Fixed assets declined from Rs 2,191.31 crore as of 31 March 2020 to Rs 2,135.26 crore as of 31 March 2021.  Intangible assets increased from Rs 38.58 crore to Rs 38.80 crore.  

Profit before tax grew 153.31% to Rs 138.08 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 32.77 crore, compared to Rs 9.58 crore.  Effective tax rate was 23.73% compared to 22.74%.

Minority interest increased 81.36% to Rs -0.11 crore.  Net profit attributable to owners of the company increased 218.20% to Rs 105.42 crore.  

Equity capital stood at Rs 131.97 crore as of 31 March 2021 to Rs 131.97 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 41.94% as of 31 March 2021 ,compared to 41.94% as of 31 March 2020 .  Promoters pledged stake was 2.17% as of 31 March 2021 ,compared to 3.61% as of 31 March 2020 .  

Full year results analysis.

Consolidated net sales (including other operating income) of Jubilant Foodworks has declined 15.67% to Rs 3311.87 crore.  

Operating profit margin has jumped from 22.30% to 23.29%, leading to 11.92% decline in operating profit to Rs 771.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.27% to 20.55%.   Purchase of finished goods cost fell from 1.79% to 1.41%.   Employee cost increased from 20.27% to 22.54%.   Other expenses fell from 32.37% to 32.22%.    

Other income rose 4.97% to Rs 73.08 crore.  Provision for interest fell 1.54% to Rs 162.7 crore.  Loan funds declined from Rs 1,670.06 crore as of 31 March 2020 to Rs 1,619.98 crore as of 31 March 2021.  Inventories rose to Rs 133.13 crore as of 31 March 2021 from Rs 94.72 crore as of 31 March 2020.  Sundry debtors were higher at Rs 16.80 crore as of 31 March 2021 compared to Rs 16.64 crore as of 31 March 2020.  Cash and bank balance declined from Rs 655.88 crore as of 31 March 2020 to Rs 539.18 crore as of 31 March 2021.  Investments rose to Rs 516.74 crore as of 31 March 2021 from Rs 51.18 crore as of 31 March 2020 .  

Provision for depreciation rose 6.56% to Rs 375.4 crore.  Fixed assets declined from Rs 2,191.31 crore as of 31 March 2020 to Rs 2,135.26 crore as of 31 March 2021.  Intangible assets increased from Rs 38.58 crore to Rs 38.80 crore.  

Profit before tax shrink 28.41% to Rs 306.18 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 75.65 crore, compared to Rs 123.99 crore.  Effective tax rate was 24.71% compared to 30.78%.

Minority interest increased 3.39% to Rs -1.14 crore.  Net profit attributable to owners of the company decreased 17.25% to Rs 231.67 crore.  

Equity capital stood at Rs 131.97 crore as of 31 March 2021 to Rs 131.97 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 41.94% as of 31 March 2021 ,compared to 41.94% as of 31 March 2020 .  Promoters pledged stake was 2.17% as of 31 March 2021 ,compared to 3.61% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 750.64 crore for year ended March 2021 from Rs 727.79 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 243.18 crore, compared to Rs 289.40 crore during the year ended March 2020.  

Other Highlights

Board recommended final dividend of Rs 6 (60%) per equity shares of face value of Rs 10 each for the Financial Year 2020-21.

Company re-appointed Mr. Pratik Rashmikant Pota (DIN: 00751178) as CEO and Wholetime Director of the Company for a period of three years with effect from April 1, 2022 till March 31, 2025.

Company also re-appointed Mr. Berjis Minoo Desai (DIN: 00153675) as an Independent Director of the Company for a second term of five consecutive years with effect from May 29, 2022 till May 28, 2027.

During the previous quarter the Company had signed a Share Subscription Agreement (SSA) to acquire 36,50,794 fully paid up equity shares aggregating to 10.76% stake in Barbeque-Nation Hospitality Limited (BNHL) for Rs 9,200 lakh at a rate of Rs 252 per share. The said investment of Rs 9,200 lakh has been made during current quarter.

During the year, the Company has further invested an amount of Rs 288.02 lakh in its wholly owned subsidiary Jubilant FoodWorks Lanka (Private) Limited. Its investment in said subsidiary as on 31st March 2021 stands at Rs 9,978.13 lakh.

During the quarter company announced acquisition of 32.81% equity stake in DP Eurasia N.V., an exclusive master franchisee of Domino's Pizza in Turkey, Russia, Azerbaijan and Georgia.

Company announced a landmark agreement to bring Popeyes to India, Bangladesh, Nepal and Bhutan. It is expected to become one of the key drivers of growth in the coming years.

In Q4FY21- Company opened 53 new stores including 50 new Domino's stores and 1 new store each for Hong's Kitchen, Ekdum and Dunkin' Donuts.

In Q4FY21-Domino's witnessed continued momentum in Delivery and Takeaway channels which grew by 28.7% and 76.9% respectively.

In Q4FY21- Average OLO (online ordering) contribution to delivery sales stands at 98.2% compared to 88.6% in quarter ending March 2020

Same store growth (SSG) stands at 11.8% in Q4FY21 compared to -3.4% in Q4FY20.

Like-for-like (LFL) Sales Growth stands at 15.1% in Q4FY21 compared to -2.3% in Q4FY20 (Restaurants temporarily closed due to Covid-19 removed from respective months in last year).

Downloads of mobile ordering App increased from 33.1 mn in Q4FY20 to 57.3 mn in Q4FY21.

International operations- in Sri Lanka, overall system sales recovery in Q4 was 123.2% compared to quarter ending March 2020. In Bangladesh, Overall system sales recovery in Q4 was 85.2% compared to quarter ending March 2020.

Management Commentary: Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, CoChairman said "We are glad to have transitioned from recovery to growth phase and concluded the fiscal year on a positive note despite unique challenges posed by the global pandemic. Our relentless focus on driving customer experience, customer and employee safety, cost management and productivity, resulted in a strong operating performance in Q4. During the quarter, we acquired the master franchise rights for Popeyes® in India; we also announced our investment in DP Eurasia. As we celebrate our silver jubilee in the country, we are excited about the future and ready to seize the opportunities that lie ahead."

Mr. Pratik Pota, CEO and Wholetime Director, Jubilant Foodworks Limited said "I am pleased with our performance in Q4FY21 and FY21. We returned to growth during the quarter, opened a large number of new stores, improved our operating margins and expanded our portfolio of brands. The quarter rounded off a challenging year where we were tested like never before, and I could not be more proud of the way our teams rallied around to serve our customers and our communities and to deliver an outstanding performance during the year. We are confident that our sustained investments in Digital, Supply Chain, Brand building, Innovation and Portfolio expansion will continue to be a source of competitive advantage for us and help drive hyper-growth."