Devyani International Q1 Results: Net profit at Rs 74.76 crore

Quick service restaurant (QSR) operator Ltd on Wednesday reported a net profit of Rs 74.76 crore for the first quarter ended June 30, 2022. The company, which is the largest franchisee of Yum Brands in India, having Pizza Hut and KFC, and Costa Coffee, had reported a net loss of Rs 33.41 crore in the April-June quarter a year ago, Devyani International Ltd (DIL) said in a regulatory filing.

Its revenue from operations during the quarter under review was up nearly two-fold to Rs 704.72 crore, as against Rs 352.75 crore in the year-ago period, it added.

DIL’s total expenses during the quarter were 69.08 per cent higher at Rs 636.58 crore, as compared to Rs 376.49 crore in the corresponding period a year ago.

“In Q1 FY23, DIL opened 70 net new stores, taking the total count to 1,008. It hit a key milestone — launched 1,000th outlet during the quarter; Plans to double store count in the next 4-5 years,” according to an DIL earnings statement.

During the quarter, DIL opened 25 new restaurants for KFC taking the total count to 391. While for Pizza Hut, it added 34 stores taking the total count to 436 stores.

It was operating 69 stores of Costa Coffee by the end of June 30, 2022.

DIL also operates 29 stores of KFC in Nigeria and 18 stores of KFC and Pizza Hut in Nepal.

As on June 30, 2022, DIL operates 391 KFC stores, 436 Pizza Hut stores and 69 Costa Coffee stores in India.

Commenting on the results, Chairman Ravi Jaipuria said DIL’s pan-India reach has expanded further, and is now present in 215 cities.

“The non-metro store contribution within our Core Brands has gone up to 52 per cent now. Our total system store count stood at 1,008 stores as of June 30, 2022,” it said.

Shares of Devyani International Ltd on Wednesday were trading at Rs 191 on BSE, up 8.06 per cent from the previous close.