Devyani International Q2 result: Profit falls 43% YoY; opens 68 net new stores in Q2FY24
Devyani International on Tuesday, November 7, reported a consolidated profit of ₹33.35 crore for Q2FY24, down 43 per cent against the profit of ₹58.76 crore in the corresponding quarter last year. Revenue from operations for the quarter under review stood at ₹819.47 crore, up 9.64 per cent year-on-year (YoY) against ₹747.43 crore in Q2FY23. The reported EBITDA, post-IND-AS, closed at ₹158.8 crore, resulting in an EBITDA margin of 19.4 per cent.
Devyani International said its India business witnessed a growth of 12.4 per cent year-on-year. Among core brands, the revenue of KFC stood at ₹509 crore, the revenue of Pizza Hut stood at ₹184 crore, and the revenue of Costa Coffee stood at ₹34.6 crore in Q2FY24. The company in an exchange filing said it saw a healthy performance across its core brands, despite a challenging macro environment and low consumer sentiment.
The company said it expanded its presence across brands and geographies, opening 68 net new stores in Q2FY24, taking the total store count to 1,358. Moreover, it said it is on track to open 250 – 275 new stores in FY24 and it is committed to maintaining a dynamic store expansion strategy. Also Read: Nykaa share price jumps 5% post Q2 results; brokerages raise target price on stock Devyani International, as per its exchange filing, aims to bring its diverse brand portfolio closer to consumers and strengthen its presence in domestic markets through these new store expansions.
Read more on livemint.com
