KFC-operator Devyani International Q2 profit drops by 43.2% to Rs 33.35 cr, revenue up 9.6% led by new store additions
Devyani International on Tuesday recorded profit for the second quarter of FY24 at Rs 33.35 crore, down 43.2 per cent in comparison to Rs 58.76 crore during the same period last year. It posted revenue from operations at Rs 819.47 crore, up 9.6 per cent as against Rs 747.43 crore during the quarter ended September 2022, led by new store additions. The company EBITDA stood at Rs154 crore, down 7 per cent on-year.
Devyani International registered a healthy performance across its core brands, despite a challenging macro environment and low consumer sentiment. The Company expanded its presence across brands and geographies, opening 68 net new stores in Q2FY24.
Further, the company aims to bring its diverse brand portfolio closer to consumers and strengthen its presence in domestic markets through these new store expansions. As of September 30, 2023, DIL operates 594 KFC stores, 539 Pizza Hut stores, and 146 Costa Coffee stores, with a total of 1,358 system stores across all geographies.
“I am pleased to share that DIL has maintained its store expansion pace. We have opened 115 net new stores in H1 taking the total store count to 1,358 as on 30th Sep 2023. Out of 115 stores in H1, we have opened 68 stores in Q2, across our brand portfolio. We are making consistent progress in investing in our core brands and expanding our reach to our target set of consumers to capitalize on the available growth opportunities in India. We are now present in more than 240 cities in India,” said Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited. In terms of core brand revenues in Q2 FY24, KFC was at Rs 509 crore, Pizza Hut was at Rs 184 crore and Costa Coffee recorded revenue at Rs 34.60 crore.
He further added that high
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