Jubilant FoodWorks Ltd (JFL), the operator of Domino's Pizza in India, reported a 31.4% year-on-year (YoY) decline in net profit for the first quarter ending June 30, 2024. The company's net profit fell to ₹51.5 crore, missing the CNBC-TV18 poll estimate of ₹55.5 crore. In the corresponding quarter of the previous fiscal year, the company had posted a net profit of ₹75.1 crore.
Despite the profit dip, Jubilant FoodWorks saw its revenue from operations increase by 9.9% YoY, reaching ₹1,439.6 crore, surpassing expectations. The CNBC-TV18 poll had predicted revenue of ₹1,425 crore for the quarter.
At the operating level, the company’s EBITDA rose slightly by 0.7% to ₹278.2 crore, compared to ₹276.4 crore in the same quarter last year. However, this was below the CNBC-TV18 poll estimate of ₹280 crore. The EBITDA margin for the quarter stood at 19.3%, down from 21% in Q1 FY24, and slightly below the expected margin of 19.6%.
Jubilant FoodWorks' Q1 group system sales totaled ₹2,236.5 crore. Domino's India reported a like-for-like (LFL) growth of 3%, driven by a strong 12.1% LFL growth in delivery. Domino’s Turkey also achieved a 10.3% LFL growth despite high inflation. The quarter also saw significant milestones, with Domino’s India crossing 2,000 stores, COFFY Turkey surpassing 100 stores, and Popeyes India reaching 50 stores.
Shares of Jubilant FoodWorks ended the day at ₹598.55 on the BSE, up by ₹1.50 or 0.25%.