Devyani International Q4 results: Net profit falls 20% YoY to ₹60.7 crore, stock down 4%

Devyani International, the largest franchisee of KFC and Pizza Hut in India, on Wednesday reported a net profit of ₹60.7 crore in the quarter ended March 2023, registering a fall of 20.4% from ₹76 crore in the same quarter year.

The revenue of the QSR chain during Q4FY23 rose 27.8% to ₹755 crore from ₹590.7 crore, YoY.

Earnings before interest, tax, depreciation and amortization (EBITDA) increased 10.7% to ₹154.6 crore from ₹139.6 crore, while EBITDA margin contracted to 20.4% from 23.6%, YoY.

“By maintaining the financial discipline and operational excellence, we are well-positioned to emerge stronger and capture growth opportunities in the future. We remain firmly committed to our objective of creating sustainable long-term value for all our stakeholders,” said Ravi Jaipuria, Non-Executive Chairman, Devyani International.

Also Read: Jubilant FoodWorks Q4 results: Net profit falls 59% YoY to ₹47.5 crore; declares dividend of ₹1.20

Devyani International also announced the re-appointment of Manish Dawar as a whole-time Director of the company with effect from February 17, 2024, for a period of up to 3 years.

The company opened 305 net new stores across brands and geographies in FY23. As on March 31, 2023, Devyani International operates 543 KFC stores, 510 Pizza Hut stores and 112 Costa Coffee stores across its portfolio.

“Looking ahead, the confidence in our brands and the Indian market remains strong. We are seeing initial signs of inflation stabilizing. This gives us hope for a rebound in consumer spending in second half of the coming fiscal,” Jaipuria added.

For the fiscal year ended March 2023, the company’s net profit rose 69.23% to ₹262.51 crore. It had reported a net profit of ₹155.11 crore in the previous fiscal.

Its revenue from operations was at ₹2,997.72 crore in FY23, 43.84% higher than the previous fiscal year.

On Wednesday, the shares of Devyani International ended 4.45% lower at ₹174.05 apiece on the BSE.