Jubilant FoodWorks on Wednesday reported a 57.96 percent decline in consolidated net profit at Rs 32.53 crore for the fourth quarter ended March 2020, due to the coronavirus pandemic and subsequent lockdown.
The company, which operates fast food chains Domino’s Pizza and Dunkin’ Donuts, had posted a net profit of Rs 77.38 crore in January-March quarter a year ago, Jubilant FoodWorks Ltd (JFL) said in a BSE filing.
Revenue from operations rose 4.11 percent to Rs 908.75 crore during the quarter under review as against Rs 872.82 crore in the corresponding quarter last fiscal.
There was a ‘sharp drop in revenue’ in March due to COVID-19 pandemic and the “consequent national lockdown, which impacted the overall quarter’s performance adversely,” the company said.
Pratik Pota, CEO, Jubilant FoodWorks said, “Our strong run in Q4 was interrupted by the onset of coronavirus and the consequent lockdown.”
Total expenses for the quarter rose 13.64 percent to Rs 875 crore as against Rs 769.91 crore a year ago.
JFL opened 17 new restaurants during the quarter, including 13 Domino’s Pizza restaurants, and two restaurants each for Dunkin’ Donuts and Hong’s Kitchen brand.
However, the company also closed three Domino’s Pizza restaurants in January-March quarter.
As of March 31, the company was operating 1,335 Domino’s Pizza restaurants and 34 Dunkin’ Donuts restaurants.
For fiscal year 2019-20, JFL’s net profit fell 12.32 percent to Rs 278.79 crore as against Rs 317.98 crore in the previous year.
Revenue from operations in FY20 rose 10.21 percent to Rs 3,927.27 crore as compared with Rs 3,563.14 crore in 2018-19.
Commenting on the outlook, JFL Chairman Shyam S Bhartia and Co-chairman Hari S Bhartia said, “In the longer term, we remain positive on the opportunity in the QSR (quick-service restaurant) space.
“Our strong balance sheet and the strength of our business model will ensure that we contain the adverse effects of the virus and come out stronger.”