For
quarter ended Dec 2021, consolidated net sales (including other operating income) of Jubilant Foodworks has increased 13.23% to Rs 1210.77 crore compared to quarter ended Dec 2020.
Operating profit margin has jumped from 26.18% to 26.35%, leading to 13.98% rise in operating profit to Rs 319.09 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.68% to 21.25%. Purchase of finished goods cost rose from 1.32% to 1.40%. Employee cost decreased from 20.74% to 16.46%. Other expenses rose from 31.16% to 34.63%. Other income fell 30.06% to Rs 11.1 crore. PBIDT rose 11.62% to Rs 330.19 crore. Provision for interest rose 10.85% to Rs 45.45 crore. PBDT rose 11.74% to Rs 284.74 crore. Provision for depreciation rose 14.94% to Rs 103.1 crore. Profit before tax grew 10% to Rs 181.64 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 45.88 crore, compared to Rs 41.21 crore. Effective tax rate was 25.62% compared to 24.96%. Minority interest decreased 209.09% to Rs -0.68 crore. Net profit attributable to owners of the company increased 7.85% to Rs 133.88 crore. Promoters’ stake was 41.94% as of 31 December 2021 ,compared to 41.94% as of 31 December 2020 . Promoters pledged stake was 1.31% as of 31 December 2021 ,compared to 2.17% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Jubilant Foodworks has increased 41.61% to Rs 3220.15 crore. Operating profit margin has jumped from 22.89% to 25.43%, leading to 57.31% rise in operating profit to Rs 818.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 20.30% to 21.06%. Purchase of finished goods cost fell from 1.41% to 1.40%. Employee cost decreased from 23.91% to 17.49%. Other expenses rose from 31.51% to 34.67%. Other income fell 52.26% to Rs 28.72 crore. PBIDT rose 45.96% to Rs 847.7 crore. Provision for interest rose 3.89% to Rs 130.03 crore. PBDT rose 57.51% to Rs 717.67 crore. Provision for depreciation fell 0.18% to Rs 287.02 crore. Profit before tax grew 156.19% to Rs 430.65 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 107.5 crore, compared to Rs 42.88 crore. Effective tax rate was 25.02% compared to 25.51%.Minority interest decreased 50.49% to Rs -1.55 crore. Net profit attributable to owners of the company increased 156.35% to Rs 323.64 crore. Promoters’ stake was 41.94% as of 31 December 2021 ,compared to 41.94% as of 31 December 2020 . Promoters pledged stake was 1.31% as of 31 December 2021 ,compared to 2.17% as of 31 December 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 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
The Board
of Directors have approved the stock split of equity shares from face value of
Rs 10/ each to face value of Rs 2/ each.
The purpose of stock split is to enhance the liquidity of the Company`s equity
shares and encourage the participation of small investors by making it more
affordable.
In Q3
FY22, company opened 75 new Domino’s stores. This is the highest ever number of
new store openings by any franchisee in any quarter in any market. The Company
forayed into 17 new cities during the quarter, it now reaches a total of 322
cities across India.
In Q3
FY22, company opened 1 new restaurant each for Dunkin’ and Hong’s Kitchen. Company
recently also opened its first two Popeyes restaurants in Bengaluru, with one
more scheduled to open shortly. The early customer response and feedback has
been encouraging.
Company
acquired 30.75% stake in Hashtag Loyalty which operates an online food ordering
platform, for a consideration of Rs 22.2 crore. The Company, through its wholly
owned subsidiary Jubilant Foodworks Netherlands B.V., further increased its
equity stake in DP Eurasia N.V. to 40.29% through a combination of Reverse
Bookbuild process and direct market purchases.
In Q3
FY22, Sri lanka sales grew 95.9% and Bangladesh, system sales grew by 38.0% compared
to Q3 FY21.
In Q3
FY22, OLO (Online Order) contribution to delivery sales stood at 97.6%.
Management Comments :
Mr. Shyam
S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman, Jubilant Foodworks
Limited said, “We have delivered a strong, all-round Q3FY22 performance, along
with a record expansion of the Domino’s store network. The Company continues to
create benchmarks, surpass key milestones and we remain excited with the growth
opportunity that lies ahead. We are also making disciplined strategic
investments that will help us drive growth, strengthen capabilities and
continue creating value for all our stakeholders.”
Commenting on the Q3FY22 performance, Mr. Pratik
Pota, CEO and Wholetime Director, Jubilant Foodworks Limited said, “We are
proud of our strong performance in Q3FY22. We delivered healthy revenue growth
and strong profitability in the face of COVID induced restrictions and
significant inflationary headwinds, while accelerating our network expansion.
We made some important strategic investments during the quarter. The recent
launch of Popeyes and our surpassing of 1500th Domino’s stores milestone in
India underscores our confidence as we stay focused on driving sustainable,
profitable growth in the business.”
| Jubilant Foodworks : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,210.77 | 1,069.28 | 13.23 | 3,220.15 | 2,274.02 | 41.61 | 3,311.87 | 3,927.27 | -15.67 | | OPM (%) | 26.35 | 26.18 | 17 bps | 25.43 | 22.89 | 254 bps | 23.29 | 22.30 | 99 bps | | OP | 319.09 | 279.95 | 13.98 | 818.98 | 520.63 | 57.31 | 771.20 | 875.60 | -11.92 | | Other Inc. | 11.10 | 15.87 | -30.06 | 28.72 | 60.16 | -52.26 | 73.08 | 69.62 | 4.97 | | PBIDT | 330.19 | 295.82 | 11.62 | 847.70 | 580.79 | 45.96 | 844.28 | 945.22 | -10.68 | | Interest | 45.45 | 41.00 | 10.85 | 130.03 | 125.16 | 3.89 | 162.70 | 165.24 | -1.54 | | PBDT | 284.74 | 254.82 | 11.74 | 717.67 | 455.63 | 57.51 | 681.58 | 779.98 | -12.62 | | Depreciation | 103.1 | 89.7 | 14.94 | 287.02 | 287.53 | -0.18 | 375.4 | 352.28 | 6.56 | | PBT | 181.64 | 165.12 | 10.00 | 430.65 | 168.1 | 156.19 | 306.18 | 427.7 | -28.41 | | Share of Profit/(Loss) from Associates | -2.46 | 0 | - | 5.87 | 0 | - | 0 | 0 | - | | PBT before EO | 179.18 | 165.12 | 8.52 | 436.52 | 168.1 | 159.68 | 306.18 | 427.7 | -28.41 | | EO Income | -0.1 | 0 | - | -6.93 | 0 | - | 0 | -24.91 | - | | PBT after EO | 179.08 | 165.12 | 8.45 | 429.59 | 168.1 | 155.56 | 306.18 | 402.79 | -23.99 | | Taxation | 45.88 | 41.21 | 11.33 | 107.5 | 42.88 | 150.70 | 75.65 | 123.99 | -38.99 | | PAT | 133.2 | 123.91 | 7.50 | 322.09 | 125.22 | 157.22 | 230.53 | 278.8 | -17.31 | | Minority Interest (MI) | -0.68 | -0.22 | -209.09 | -1.55 | -1.03 | -50.49 | -1.14 | -1.18 | 3.39 | | Net profit | 133.88 | 124.13 | 7.85 | 323.64 | 126.25 | 156.35 | 231.67 | 279.98 | -17.25 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 133.88 | 124.13 | 7.85 | 323.64 | 126.25 | 156.35 | 231.67 | 279.98 | -17.25 | | EPS (Rs)* | 10.15 | 9.41 | 7.91 | 24.92 | 9.57 | 160.47 | 17.55 | 22.53 | -22.08 | | | * EPS is on current equity of Rs 131.97 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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