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COMPANY REPORT

Jubilant FoodWorks registers income of Rs 6,588 million in Q3 of ’16-17
Wednesday, 08 February, 2017, 08 : 00 AM [IST]
Our Bureau, Mumbai
Jubilant FoodWorks Limited, India’s largest food service company, reported its financial results for the quarter and nine months ended December 31, 2016. The total income for the third quarter of FY 2016-17 was Rs 6,588 million, while the total income for the nine months ended December 31, 2016 was Rs 19,333 million.

While the earnings before interest, tax, depreciation and amortisation (EBITDA) for the third quarter of FY 2016-17 was Rs 641 million, the EBITDA for the nine months ended December 31, 2016 was Rs 1,861 million.

The net profit after tax for the third quarter of FY 2016-17 was Rs 200 million, while the net profit after tax for the nine months ended December 31, 2016 was Rs 605 million.
 
Commenting on the performance for Q3 FY17, Shyam S Bhartia, chairman, and Hari S Bhartia, co- chairman, Jubilant FoodWorks Limited said, “Q3 has been a challenging quarter for the consumer sector on account of currency demonetisation.”

“However, we were able to minimise the impact by offering multiple non-cash payment options to customers and launch of new products which got excellent customer response,” they added.

“We also maintained a healthy pace of expansion in order to reach out to more customers. This was complemented by a well-implemented and targeted promotion programme,” the Bhartias stated.

“During the quarter, we experienced an uptick in overall levels of digitisation. Consistent emphasis on online ordering (OLO) and mobile ordering, which is backed by our strong technology infrastructure, enabled us to increase OLO’s contribution to delivery sales to 49 per cent, of which mobile ordering was 56 per cent,” they added.

“While near-term headwinds may persist, we are confident that we made the right investments into initiatives designed to leverage our competitive strengths, leading market position and the market opportunities for long term growth,” the Bhartias stated.

Commenting on the performance for the third quarter of FY17, Ajay Kaul, chief executive officer and whole-time director, Jubilant FoodWorks Limited, said, “Q3 of FY17 mirrored the challenges faced by the economy related to liquidity crunch.”

“However, being a part of the organised space along with our continued thrust on digitisation, gave us the requisite agility to accept online payments and thereby contain the impact as the sector migrated to more and more cashless payment modes,” he added.

“During Q3, JFL remained focused to achieve its strategic goals. Value addition to our brands by way of new restaurants, new offerings, promotions and customer marketing initiatives enabled us to drive sales momentum in a testing operating scenario,” Kaul stated.

“While we reported same-store growth (SSG) of 3.3 per cent for Q3 of FY17, we feel with the strength of our brand and strong execution capabilities, we expect an improved performance once the normalcy returns,” he added.

“In Q3, we successfully opened 32 Domino’s Pizza outlets and one Dunkin’ Donuts outlet. Jubilant FoodWorks Limited continues to adapt a stringent return on investment (ROI) norms and have proactively taken appropriate measures to close restaurants where needed,” Kaul stated.

“We will continue to follow this measured restaurant opening approach with a focus on profitability for both the brands,” he added.
 
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