Food services major Jubilant FoodWorks today reported a 6.56 per cent decline in its standalone net profit at Rs 29.46 crore for the quarter ended March 31 on the account of higher expenses.
The company had posted a net profit of Rs 31.53 crore in the corresponding period of the previous fiscal.
Net sales rose to Rs 617.83 crore for the quarter under review, up 13.99 per cent, from Rs 542 crore in the same period a year ago, the company said in a BSE filing.
During the quarter, overall expenses increased by 15.41 per cent to Rs 575.78 crore as compared to Rs 498.87 crore in the corresponding year-ago period.
Net profit of the company for the fiscal ended March 31, 2016 stood at Rs 114.56 crore against Rs 123.27 crore in 2014-15.
Net sales of the company was at Rs 2,409.47 crore for the entire 2015-16 against Rs 2,074.09 crore in the year before.
Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman, Jubilant FoodWorks Ltd said: "Throughout 2015-16, we continued to strengthen our business by investing in new product innovation, technology, supply chain systems, growing our retail presence, driving strong execution and ultimately enhancing the customer experience.
"The investments that we have committed to during the year, will further strengthen our capabilities and provide us the agility to focus on the company's long-term strategy and take advantage of market conditions to further enhance shareholder value".
In a separate filing, Jubilant FoodWorks said its Board of Directors have recommended a dividend of Rs 2.50 per equity share for the financial year ended March 31, 2016.
At present, Jubilant FoodWorks operates 1,026 Domino's restaurants in 235 cities and 71 Dunkin' Donuts outlets across 23 cities in India.
