Jubilant FoodWorks (JUBLFOOD) Q2 24/25 earnings summary

Executive summary

• Achieved strong growth momentum in Q2 and H1 FY25, with consolidated revenue reaching INR 19,547 million in Q2, up 42.8% year-over-year, driven by convenience, innovation, and value focus.

• Investments in technology, direct-to-consumer apps, and a commissary-based sourcing model enhanced operational excellence and digital engagement, with Domino's India app MAU at 12.8 million (+18.5% YoY).

• Accelerated store expansion with 73 net new additions in Q2 and 139 in H1, expanding into new cities, university campuses, highways, and airports.

• The acquisition of DP Eurasia N.V. in February 2024 impacted comparability of current period figures.

• Turkey business continued to grow with margin improvement despite macroeconomic headwinds, and Domino's Turkey was recognized as Lovemark for the second consecutive year.

Financial highlights

• Q2 FY25 consolidated revenue was INR 19,547 million (+42.8% YoY); EBITDA at INR 3,986 million (+43.8% YoY); EBITDA margin at 20.4% (+14 bps YoY); PAT at INR 715 million (-26.4% YoY); PAT margin at 3.7%.

• H1 FY25 consolidated revenue was INR 38,878 million (+43.8% YoY); EBITDA at INR 7,816 million (+41.3% YoY); PAT at INR 1,323 million (+4.9% YoY).

• Standalone Q2 FY25 revenue was INR 14,669 million (+9.1% YoY); EBITDA at INR 2,842 million (+1.3% YoY); PAT at INR 521 million (-27.8% YoY).

• Gross margin in India at 76.1%, flat QoQ; Domino's India mature store ADS at INR 80,185, highest in six quarters.

• Earnings per share for H1 FY25 at 11.03, up 76% YoY.

Outlook and guidance

• Growth momentum from Q1 and Q2 is accelerating into Q3, especially in delivery, with continued investments in technology, supply chain, and new brands.

• Focus on operational excellence, marketing, and digital transformation to sustain growth and profitability.

• Margin recovery expected to be gradual as investments in growth continue.