The operator of KFC, Pizza Hut, and Costa Coffee, Devyani International, announced a combined net loss of Rs 49 crore for the quarter ending in March. In the same period last year, the company declared a profit of Rs 60 crore.
If we look at Q3 Results, India's Devyani International reported a 87 percent fall in quarterly profit on Friday (January 2). This came amid a challenging macroeconomic landscape and subdued consumer sentiment. Even in the Q3, the KFC and Pizza Hut operator's consolidated net profit saw a decrease of INR 9.6 crore, from INR 71.6 crore a year ago.
The fast service restaurant company stated in a regulatory filing on May 14 that its total sales was Rs 1,047 crore, up 38.69 percent from Rs 754.9 crore a year earlier.
For the quarter, earnings before interest, tax, depreciation, and amortization (EBIDTA) increased by 14.4% to Rs 172.3 crore. EBITDA margins were reported at 16.5%, down from 20% during the same time last year.
This quarter, the company incurred a one-time loss of Rs. 42.3 crore.
"In 2024, we have diligently focused on our strategic expansion goals. Over the course of the year, we opened 256 new stores, including 47 in the fourth quarter. As of March 31, our total store count has reached 1,782, including the 283 KFC stores we acquired in Thailand on January 18, 2024." said Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited.
