Devyani (DEVYANI) Q4 20/21 earnings summary

Executive summary

• FY21 consolidated revenue fell 25% YoY to ₹11,348 million as COVID-19 restrictions curtailed dine-in; EBITDA was ₹2,269 million and net loss narrowed to ₹630 million.

• Recovery improved in Q3 and Q4 as restrictions eased, while the second COVID-19 wave created renewed uncertainty.

Financial highlights

• Consolidated revenue from operations was ₹11,348.38 million vs ₹15,163.86 million YoY; gross profit was ₹7,902 million vs ₹10,560 million.

• EBITDA declined 11% YoY to ₹2,269 million; net loss narrowed to ₹629.87 million from ₹1,214.18 million.

• Consolidated operating cash flow was ₹2,395.58 million vs ₹3,007.16 million; cash and cash equivalents ended FY21 at ₹399.62 million.

Outlook and guidance

• FY22 store-opening momentum was expected to continue, with expansion focused on Core Brands, unit-level performance and delivery.

• Plans included more delivery-focused KFC and Pizza Hut outlets, deeper aggregator engagement, and investment in digitalization, automation, AI and machine learning.

• Management expected vaccination and economic normalization to support improved operations and cash flows, subject to pandemic developments.