Operating profit margin has declined from 26.47% to 25.77%, leading to 33.08% rise in operating profit to Rs 287.60 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 19.76% to 20.59%.   Purchase of finished goods cost fell from 1.46% to 1.38%.   Employee cost decreased from 20.75% to 17.47%.   Other expenses rose from 31.54% to 34.86%.   

Other income fell 69.87% to Rs 9.45 crore.  PBIDT rose 20.03% to Rs 297.05 crore.  Provision for interest rose 1.15% to Rs 42.22 crore.  

PBDT rose 23.87% to Rs 254.83 crore.  Provision for depreciation fell 11.80% to Rs 92.66 crore.  

Profit before tax grew 61.09% to Rs 162.17 crore.  Share of loss from associates was Rs 0.23 crore compared to nil in september 2020.  Provision for tax was expense of Rs 40.87 crore, compared to Rs 24.89 crore.  Effective tax rate was 25.43% compared to 24.72%.

Minority interest decreased 82.61% to Rs -0.42 crore.  Net profit attributable to owners of the company increased 58.19% to Rs 120.24 crore.  

Promoters' stake was 41.94% as of 30 September 2021 ,compared to 41.94% as of 30 September 2020 .  Promoters pledged stake was 1.49% as of 30 September 2021 ,compared to 2.71% as of 30 September 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Jubilant Foodworks has increased 66.79% to Rs 2009.37 crore.  

Operating profit margin has jumped from 19.98% to 24.88%, leading to 107.70% rise in operating profit to Rs 499.90 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 19.97% to 20.94%.   Purchase of finished goods cost fell from 1.50% to 1.40%.   Employee cost decreased from 26.73% to 18.11%.   Other expenses rose from 31.81% to 34.70%.   

Other income fell 60.21% to Rs 17.62 crore.  PBIDT rose 81.61% to Rs 517.52 crore.  Provision for interest rose 0.50% to Rs 84.58 crore.  

PBDT rose 115.61% to Rs 432.94 crore.  Provision for depreciation fell 7.03% to Rs 183.92 crore.  

Profit before tax grew 8,284.51% to Rs 249.02 crore.  Share of profit from associates was Rs 8.33 crore compared to nil in H1 FY21.  Provision for tax was expense of Rs 61.62 crore, compared to Rs 1.67 crore.  Effective tax rate was 24.60% compared to 56.23%.

Minority interest decreased 6.10% to Rs -0.87 crore.  Net profit attributable to owners of the company increased 8,850.94% to Rs 189.76 crore.  

Promoters' stake was 41.94% as of 30 September 2021 ,compared to 41.94% as of 30 September 2020 .  Promoters pledged stake was 1.49% as of 30 September 2021 ,compared to 2.71% as of 30 September 2020 .  

Full year results analysis.

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.  PBIDT fell 10.68% to Rs 844.28 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 .  

PBDT fell 12.62% to Rs 681.58 crore.  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 down 28.41% to Rs 306.18 crore.  Share of profit/loss was nil compared to loss of Rs 24.91 crore in FY20.  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

Company opened 60 new stores during Q2FY22, This includes 55 new domino's stores, 2 new stores each for Hong's Kitchen and Dunkin' Donuts and 1 new store for Ekdum.

The Company also announced key strategic investments of building a multi-brand and multicountry food business powered by technology.

Company launched Reverse Bookbuild to increase shareholding in DP Eurasia N.V. on 30th Sept, 2021. Reverse Bookbuild to close on 29th October, 2021.

Management Proposed enhancement of shareholding in Jubilant Golden Harvest Limited, Bangladesh to 90%.

During the quarter, average OLO (On-line ordering) contribution to delivery sales stood at 97.8% compared to 98.5% in Q2 FY21.

In Q2FY22, delivery and Takeaway channel grew by 36.8% and 72.2% compared to Q2FY20 (pre-covid period) respectively.

In Q2FY22- Same store growth (SSG) for domino's stood at 26.3% compared to negative 20% in Q2FY21.

In Q2FY22- Like-for-like (LFL) sales growth for domino's stood at 29.4% compared to negative 18.8% in Q2FY21.

Total cumulative app downloads stands at 7.13 crore as of Q2FY22.

International Highlights

In Sri Lanka, the Company achieved record sales growth in Q2FY22 of 88.4% compared to Q2FY21 and also opened 3 new Domino's stores taking the store count to 31.

In Bangladesh, sales growth in Q2FY22 was 33.2% compared to Q2FY21.

Management Commentary: Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant Foodworks Limited said, "Q2 FY22 saw a strong all-round performance with revenue, profitability and store growth numbers hitting record highs. The new investments announced during the quarter will help steer the company towards its goal of becoming a multibrand, multi-country business driven by technology and will create significant value for all stakeholders."

Commenting on the performance for Q2 FY22, Mr. Pratik Pota, CEO and Wholetime Director, Jubilant Foodworks Limited said, "We are pleased with our strong performance in Q2 FY22. Notwithstanding the operating challenges and inflationary headwinds, we delivered a robust topline growth, strong EBITDA margins and record new store openings. We are excited about the future and believe that we have the right strategy to lead growth in the exciting period that lies ahead."