On a consolidated basis, Jubilant Foodworks' net profit jumped 21.71% to Rs 123.91 crore on 0.2% fall in revenue from operations to Rs 1,069.3 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) soared 20.3% to Rs 165.12 crore in Q3 December 2020 as against Rs 137.26 crore in Q3 December 2019. Total tax expenses for the quarter jumped 16.18% to Rs 41.20 crore as against Rs 35.55 crore in Q3 December 2019. EBITDA stood at Rs 280 crore in Q3 FY21, growing 10% from Rs 254.40 crore in Q3 FY20. EBITDA margin during Q3 FY21 stood at 26.2% improving from 23.7% in Q3 FY20. Profit margin during the quarter was at 11.6% as compared to 9.5% in Q3 FY20.
On a standalone basis, net profit jumped 20.6% to Rs 125.1 crore on 0.2% decline in revenue from operations to Rs 1057.2 crore in Q3 December 2020 over Q3 December 2019.
Revenue from operations in Q3FY21 grew sequentially by 31.2%. Domino's witnessed complete sales recovery during the quarter backed by continued strong growth momentum in delivery and takeaway channels which grew by 18.5% and 64.3% respectively.
The company opened 57 new stores including 50 new Domino's stores - highest-ever in a quarter - remain on track to open 100+ new Domino's stores in FY21.
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The company's system sales recovery improved to 100.3% in Q3 FY21 as compared to 82.3% in Q2 FY21. Store sales growth (SSG) stood at (1.7%) in Q3 FY21 as against 5.9% in Q3 FY20. SSG refers to the year-over-year growth in sales for restaurants opened before previous financial year.
Like-for-like (LFL) sales growth stood at (0.2)% in Q3 FY21 as compared to (25.8)% in Q2 FY21. LFL sales growth refers to the year-over-year growth in sales for non-split restaurants opened before previous financial year.
Jubilant Foodworks' liquidity strengthened further during the quarter. Total cash & cash equivalents, bank deposits and investments increased to Rs 951.70 crore as on 31 December 2020, rising from Rs 827.80 crore as on 30 September 2020.
Commenting on the performance for Q3 and 9M FY21, Pratik Pota, CEO and whole time director, Jubilant Foodworks said, The resilience of our business was tested like never before over the last nine months, and we are gratified to see that our strategy for navigating the crisis worked. We turned the corner decidedly in Q3 withDomino's returning to growth, driven by strong momentum in Delivery and Takeaway channels. Our strong on-ground execution, consumer-relevant innovations, continued investments in Digital, disciplined control on costs and a ramp-up in new stores all helped us deliver a strong performance last quarter. We are now shifting gears and preparing for an exciting period of growth ahead.
Shares of Jubilant Foodworks fell 1.95% to Rs 2,646.05.
Jubilant Foodworks is India's largest foodservice company. Its Domino's Pizza franchise extends across a network of 1,314 restaurants in 285cities (as of 31 December 2020). The company also enjoys exclusive rights to develop and operate Dunkin' Donuts restaurants in India, has in operation 27 restaurants across 8 cities in India (as of 31 December 2020).
JFL has ventured into Chinese cuisine segment with its first owned restaurant brand, 'Hong's Kitchen', which serves 2 cities with 7 restaurants in India (as of 31 December 2020). Recently, the Company has added Indian cuisine of biryani, kebabs, breads and more to the portfolio by launching Ekdum! with 3 restaurants in Gurugram. The company has also begun offering their brand-owned ready-to-cook range of sauces, gravies and pastes, 'ChefBoss'.
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