Home Food Jubilant FoodWorks President resigns; Q1 net up 25.53 pc

Jubilant FoodWorks President resigns; Q1 net up 25.53 pc


Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin’ Donuts chains across India, said its President and CFO Sachin Sharma has resigned.

Jubilant FoodWorks President, CFO resigns; Q1 net up 25.53 pc
Jubilant FoodWorks, which operates Domino's Pizza and Dunkin' Donuts chains across India, said its President and CFO Sachin Sharma has resigned

“Sachin Sharma, President and CFO and key managerial personnel of the company has resigned from the services of the company. His last working day will be July 21, 2017,” Jubilant FoodWorks said in a BSE filing.

“The board will appoint his successor in due course,” it added.

In September last year, Sharma was appointed as the chief financial officer (CFO) and key managerial personnel.

Jubilant FoodWorks has reported reported strong financial results for the first quarter ended 30 June, 2017.

Operating revenues for Q1 FY18 came in at Rs 6,788 million, up 11.5 per cent over Q1FY17. This was driven by a robust Same Store Sales growth of 6.5 per cent in Domino’s Pizza, the highest since Q1FY16.

Overall Profitability also saw significant improvement with EBITDA for Q1 FY18 increasing by 38 per cent to Rs 796 million. The Q1 FY18 EBITDA margin at 11.7 per cent was the highest in the last 8 quarters.

The Profit after Tax in Q1 FY18 stood at Rs. 238 million, an increase of 26 per cent over the corresponding period last year. PAT also reflects the adverse impact of Rs 90 million on account of restaurants closure.

PAT Margins at 3.5 per cent were the highest since Q1FY17.

Commenting on the performance for Q1 FY18,  Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant FoodWorks Limited said, “We are happy to report a strong, all-round Q1 FY18 performance. We took a number of actions in the quarter towards driving innovation, delivering value and controlling costs, and we are pleased to see that our disciplined focus on driving profitable growth has begun having the desired impact. The performance strengthens our confidence in the underlying growth potential of our brands and the ability of our business model to unleash it.”

Commenting on the performance for Q1 FY18, Mr. Pratik Pota, CEO and Whole time Director, Jubilant FoodWorks Limited said, “At the beginning of the quarter, we had unveiled our new strategy for driving profitable growth. Today I am pleased to share encouraging progress in the execution of the strategy as reflected in our strong Q1FY18 performance.

Our focus on delivering better Value for money and driving innovation has helped bring back strong growth in Domino’s Pizza. We have also made significant progress towards reducing losses and building a sustainable business in Dunkin’ Donuts. Additionally, our discipline of controlling costs and driving efficiencies has helped improve overall operating margins.

Going forward, we will continue to drive the strategic pillars of Product and Innovation, Value, Customer Experience, Technology and Cost Efficiencies.”