Devyani (DEVYANI) Q4 22/23 earnings summary

Executive summary

• FY2023 revenue from operations rose 44% YoY to ₹29,977 million; reported EBITDA increased 38% to ₹6,551 million and PAT rose 69% to ₹2,625 million.

• Record expansion added 305 net new units, taking the total network to 1,243 stores; the core brands operated in 242 Indian cities.

• Growth continued despite inflation and weaker discretionary demand in H2; the strategy prioritizes store expansion, delivery formats, technology and operational efficiency.

Financial highlights

• Consolidated revenue from operations was ₹29,977.23 million versus ₹20,840.10 million; total income was ₹30,303.08 million versus ₹21,001.31 million.

• Consolidated reported EBITDA was ₹6,550.78 million versus ₹4,759.79 million; gross profit rose 41% YoY to ₹20,992 million.

• Consolidated PAT was ₹2,625.14 million versus ₹1,551.15 million; diluted EPS increased to ₹2.19 from ₹1.32.

• Net cash from operating activities was ₹6,369.97 million; investing activities used ₹3,497.36 million, including ₹4,373.07 million for property, plant and intangible assets.

Outlook and guidance

• No quantified FY2024 financial guidance; priorities are core-brand store growth, unit-level performance, delivery expansion, technology investment and cost optimization.

• Initial signs of stabilizing inflation were expected to support a potential recovery in consumer spending in H2; medium- and long-term QSR demand drivers remain in place.

• Expansion will extend into non-metro and high-potential markets, with smaller delivery-focused formats and continued product innovation, including Costa Coffee drinks and refreshers.