Devyani International Limited (DIL), a multi-dimensional comprehensive QSR player in India, on Friday announced its financial results for the quarter ended June 30, 2023, the company announced through an exchange filing.
In Q1FY24, revenue from operations increased by 12.1 percent on QoQ basis, reaching Rs 8,466 million, led by new store additions and strong revenue contribution by KFC. The reported EBITDA, post-IND-AS, grew by 14.6 percent QoQ to Rs 1,734 million, resulting in an EBITDA margin of 20.5 percent, with a PBT of Rs 130 million. The consolidated PBT got impacted because of significant currency devaluation in Nigeria. On a normalized basis the PBT stood at Rs 603 million for the quarter versus Rs 412 million in the previous quarter.
The Company opened 47 net new stores in Q1FY24. As of June 30, 2023, DIL operates 564 KFC stores, 525 Pizza Hut stores, and 123 Costa Coffee stores, with a total of 1,290 system stores across all geographies.
"I am pleased to share that we have started the new fiscal year on a healthy note, despite facing challenges from a difficult macro environment and depressed consumer spending. Our commitment to “Customer First – Always”, driving product innovation, and enhancing scalability has been instrumental in supporting our overall consistent performance. We are going to be opening 275 to 300 stores during the current fiscal year, as we continue working towards our ambitious target of reaching 2,000 stores by 2026," said Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited.
Devyani International Limited shares
The shares of Devyani International on Friday at 1:14 pm IST were at Rs 191.05, down by 1.39 percent.