JUBLFOOD Q2 FY25 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹1,960 Cr
verified against source
Revenue YoY
42.8%
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Jubilant FoodWorks delivered a strong Q2 FY25 with consolidated revenue of INR 1,960 crore, up 42.8% YoY, though the bulk of growth (33.7 percentage points) was driven by DP Eurasia consolidation with 9.1% organic growth. India segment revenue stood at INR 1,470 crore (9.1% YoY), with delivery channel surging 15.9% and order volumes spiking 32.3% to record highs, reflecting successful free delivery adoption and product innovation (Volcano Pizza, Cheese 'n' Corn). India EBITDA margin held flat QoQ at 19.4%, with management noting delivery fee waiver impact of 150-170bps offset by internal efficiencies recovering two-thirds of the dilution. The DPEU (Turkey) segment expanded EBITDA margin 110bps QoQ to 26.1%, demonstrating operational resilience despite macroeconomic headwinds and lapping a strong prior-year base. Management indicated Q3 momentum is accelerating into Diwali with >20% order growth, though margin recovery will be gradual and raw material inflation is expected in Q4. Store network crossed 2,100 Domino's stores in India with 36,400 riders enabling the 20-minute delivery promise.
Colored figures show movement against the previous available record.
Guidance to track
- First 40 days of Q3 show growth momentum carrying forward from Q2, led by delivery channel with >20% order growth year-on-year.
- Margin recovery expected to be gradual and contingent on achieving higher ADS levels; management prioritizing growth over near-term margin expansion.
- Input cost inflation anticipated in Q4 FY25 and Q1 FY26, particularly for vegetables (capsicum, tomato, onion); teams to identify efficiencies to mitigate impact.
Risks flagged
- Dining LFL remains negative for second consecutive quarter; INR 99 lunch menu driving 11AM-3PM orders but not compensating for post-3PM decline; takeaway shifting to delivery.
- Free delivery creating 150-170bps EBITDA margin headwind; management offsetting two-thirds via efficiencies but full recovery requires higher volume thresholds.
- Central bank inflation control measures creating transient demand impact; Q2 FY24 had unusually high base (52.6% LFL) complicating YoY comparisons.
- Quick commerce players deploying 10-minute food delivery using dense dark store networks; Domino's 20-minute promise may face pressure to compress further.
Key quotes
- The amount of order growth that we are seeing is much higher than we anticipated. Also, the new customer growth is much higher than we anticipated. And both these counts are actually very positive stories for us because new customers we know ultimately repeat at almost three for the compounding will happen.
- What we've done over there, we have increased our store productivity inside by almost 30%-35% in the last four quarters. So there's a concerted effort that went into it through technology, also partially aided by the increased throughput for store.
- In this environment, in the short term, if you ask us a point-blank answer, I think it's not about margin being on focus. Of course, we'd like to maintain and maybe modestly keep improving it through internal productivity initiatives that we take. But the focus is on doubling down on growth and getting whatever demand is out there to take.
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