 "jubilant foods, Dominos, Jubilant FoodWorks")
(This report has been updated)
Jubilant FoodWorks shares rallied 4.9 per cent, hitting a fresh 52-week high of Rs 796.75 per share on the BSE during Monday's intraday trade. This came after the company put up a healthy show during the October-December quarter (Q3) of the financial year (FY25).
Jubilant FoodWorks shares rallied 4.9 per cent, hitting a fresh 52-week high of Rs 796.75 per share on the BSE during Monday's intraday trade. This came after the company put up a healthy show during the October-December quarter (Q3) of the financial year (FY25).
While the stock pared most of its gains due to overall weakness in the market, it managed to settle 0.93 per cent higher at Rs 765.95 per share.
By comparison, the benchmark Sensex dropped 1,258 points (1.6 per cent) to end below the 78,000 level.
Jubilant FoodWorks, which runs stores under brands like Domino’s Pizza, Popeyes, Dunkin’ Donuts, and Hong’s Kitchen, said its provisional consolidated revenue from operations surged 56.2 per cent year-on-year (Y-o-Y) to Rs 2,153.2 crore in Q3FY25. On a standalone basis, its revenue from operations rose 18.9 per cent to Rs 1,611.1 crore.
It said Domino India's like-for-like (LFL) growth came in at 12.5 per cent during the December quarter, while Domino's Turkey's LFL growth came in at -3.2 per cent.
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“At the end of the December quarter, Jubilant group's network reached 3,260 stores, with a net addition of 130 stores during the quarter. Domino's India opened 60 net new stores in Q3FY25, ending the quarter with 2,139 stores. Domino's Turkey, on the other hand, opened 25 net new stores, ending the quarter with 738 stores,” Jubilant FoodWorks said in a statement.
Jubilant FoodWorks is one of the leading quick service restaurant (QSR) companies. Its group network comprises over 3,000 stores across six markets – India, Turkey, Bangladesh, Sri Lanka, Azerbaijan, and Georgia.
Apart from the leading brands and franchise groups, the group has a CAFÉ brand - COFFY in Turkey.
Over the past one month, Jubilant FoodWorks share price has surged 10.95 per cent on the bourses against a 4.3 per cent decline in the Sensex.
Jubilant FoodWorks hit an all-time high of Rs 915.49 per share on October 13, 2021, and a record low of Rs 16.16 on February 8, 2010.
The stock's 52-week low, however, is Rs 420.8 per share, touched on March 14, 2024.
Recently, global brokerage Jefferies increased Jubilant Food share price target to Rs 1,000 from Rs 800 as it anticipates the same-store sales to grow in the mid to high single-digit range.
Jubilant’s margins, Jefferies said, likely reached their lowest point in early 2024 and are poised for further improvement.
Kotak Institutional Equities, however, has retained its ‘reduce’ rating on the stock due to expensive valuation. The brokerage has a target price of Rs 675 on the stock.
“We estimate Domino's earnings before interest, taxes, depreciation and amortisation (Ebitda) margin to be 125 basis points (bps) better than Jubilant's standalone Ebitda margin due to the losses of other brands. Domino's India is on the mend (likely regaining lost share), but we expect margin recovery to be gradual, and Jubilant’s standalone pre-Ind AS Ebitda margin to settle 350 bps below the FY22 peak of 18 per cent,” the brokerage said.
Expensive valuation prevents us from turning constructive even as the business is turning around, it added.
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