The Board of Directors of Jubilant Foodworks Limited today approved the financial results for the quarter and nine-months ended December 31, 2020.
Despite continued challenges on the ground, Revenue from Operations in Q3 FY21 grew sequentially by 31.2% at Rs. 10,572 million. Domino’s witnessed complete sales recovery during the quarter backed by continued strong growth momentum in Delivery and Takeaway channels which grew by 18.5% and 64.3% respectively.
|Domino’s Sales Recovery Trends||Q2 FY21||Oct ‘20||Nov‘ 20||Dec‘ 20||Q3 FY21||Jan ‘21|
|System sales recovery vs. Last Year||82.3%||96.2%||106%||99.5%||100.3%||106.0%|
|Like-for-like (LFL) Sales Recovery||86.9%||97.4%||107.5%||99.9%||101.4%||106.6%|
The sales recovery continued in January with overall sales for Domino’s growing by 6.0%, driven by 19.2% growth in Delivery and 73.4% growth in Takeaway.
EBITDA at Rs. 2,786 million in Q3 FY21, grew by 9.9% and EBITDA margin at 26.4% increased by 243 bps year-on-year. Profit After Tax at Rs. 1,251 million grew by 20.6% and Profit margin at 11.8% was up by 205 bps year-on-year.
The Company’s liquidity strengthened further during the quarter. Total Cash and Cash equivalents, bank deposits and investments increased to Rs. 9,517 million as on 31st December 2020, up from Rs. 8,278 million as on 30th September 2020.
Commenting on the performance for Q3 and 9M FY21, Shyam S. Bhartia, Chairman and Hari S. Bhartia, Co-Chairman, Jubilant Foodworks Limited said, “We are delighted to see a complete revenue recovery of the business along with strong improvement in margins. The terrific work done by the teams and the bold steps that have been taken have led us to emerge even stronger from this crisis. Our aggressive network expansion of 57 stores last quarter along with the launch of Ekdum Biryanis is testimony to our confidence in the strong potential of the business. As the Covid impact abates further, we believe that we are in for a period of strong, sustained growth in the future.”
Commenting on the performance for Q3 and 9M FY21, Pratik Pota, CEO and Wholetime Director, Jubilant Foodworks Limited said, “The resilience of our business was tested like never before over the last nine months, and we are gratified to see that our strategy for navigating the crisis worked. We turned the corner decidedly in Q3 with Domino’s returning to growth, driven by strong momentum in Delivery and Takeaway channels. Our strong on-ground execution, consumer-relevant innovations, continued investments in Digital, disciplined control on costs and a ramp-up in new stores all helped us deliver a strong performance last quarter. We are now shifting gears and preparing for an exciting period of growth ahead.”