Jubilant FoodWorks (JUBLFOOD) Q4 22/23 earnings summary

Executive summary

• FY23 marked record scale: revenue from operations reached ₹50,960 million, up 17.7% YoY, with EBITDA of ₹11,592 million and EBITDA margin of 22.7%.

• Growth investments, value-led menu innovation, digital loyalty and rapid store additions supported the long-term multi-brand strategy amid softer demand and inflationary pressure.

Financial highlights

• Standalone revenue from operations rose 17.7% to ₹50,959.92 million; EBITDA increased 4.9% to ₹11,592.05 million, while EBITDA margin fell 276 bps to 22.7%.

• Standalone PAT was ₹3,562.12 million versus ₹4,375.10 million; PAT before exceptional items was ₹4,029 million, with a 7.9% margin.

• Consolidated revenue was ₹51,582.47 million; consolidated PAT attributable to equity holders was ₹3,532.01 million, versus ₹4,203.92 million.

• Standalone operating cash flow reached ₹10,519.08 million; capital expenditure was ₹7,452.3 million and free cash flow ₹2,339.2 million.

Outlook and guidance

• Near-term inflation is expected to weigh on demand; medium-term growth is supported by urbanisation, rising incomes, digitalisation and increased preference for organised foodservice.

• Bengaluru’s new commissary was expected to open in August 2023, serving 750+ stores; a Mumbai mega-commissary was planned for the following year. Combined estimated capex was ₹5,200 million.

• India Domino’s medium-term potential was assessed at 3,000 stores; FY23 ended with 1,816 India stores after 250 openings during the year.