JUBLFOOD Q3 FY25 earnings call.
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Revenue
₹2,150 Cr
verified against source
Revenue YoY
56.1%
reported change
EBITDA
₹310 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
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What the record says.
Jubilant FoodWorks delivered a landmark Q3 FY25 with consolidated revenue of INR 2,150 crore (+56.1% YoY; +19.4% organic), driven by exceptional Domino's India performance. Standalone revenue crossed INR 1,610 crore (+18.9% YoY), powered by 12.5% LFL growth and a stellar 33.8% surge in order volumes, with new customer acquisition up 55%. The 20-minute delivery promise and free delivery waiver are driving market share gains. However, gross margin compressed 160bps to 75.1% due to cheese-heavy product launches, festive discounting, and elevated delivery costs. Standalone EBITDA margin declined 145bps YoY to 19.4%, though Pre-Ind AS margin improved 70bps QoQ to 12.4%. Management emphasized these are conscious growth investments, targeting 100bps gross margin recovery in 2-3 quarters. International operations showed resilience with DP Eurasia revenue crossing INR 500 crore and Turkey inflation declining to 42%. The company added 130 net stores (67 India, 63 international), expanding Domino's to 466 cities. Key risks include competitive intensity, margin pressure from delivery cost inflation, and Turkey's high base effect on LFL.
Colored figures show movement against the previous available record.
Guidance to track
- Like-for-like growth is providing leverage to Domino's P&L, which registered mid-teens EBITDA growth YoY despite free delivery and growth investments.
- Internal targeting of 100 basis points gross margin improvement through waste correction, packaging tightening, and discount optimization.
- Domino's team has identified a pipeline of ~1,000 store opportunities over 3-5 years across densification, white spaces in existing cities, and new city entries.
- Company maintains 250-store target for Popeyes with focus on finding right locations from top-100 list; ADS and margins improving; team expanded for 1,000-store vision.
Risks flagged
- Four conscious interventions (cheese-heavy products, ATL marketing, aggregator matching, free delivery) are compressing margins. EBITDA margin declined 145bps YoY despite strong revenue growth.
- Rider costs increased during festive peak season to maintain 20-minute delivery SLAs. Management flagged this as the primary EBITDA margin headwind.
- Domino's Turkey LFL came at -3.2% against a base of 18.9% LFL in Q3 FY24. High wage revision inflation has triggered consumption boost making year-ago comparison tough.
- Analyst questioned 25% decline in dine-in AOV; management attributed to takeaway customers migrating to free delivery channel, not downtrading. Verification pending.
Key quotes
- Q3 indeed was a landmark quarter for our company, marked by record performance for Domino's business. This exceptional performance is a testament to focus on-the-ground execution of our strategy and the unwavering dedication and commitment of our teams.
- These four interventions are very conscious choices. It is investment for growth and investment for new customers that we are acquiring. At any time, I think we are very easy to kind of dial a bit down and let that flow. But I want to assure you, Domino's P&L is actually getting the leverage.
- In terms of competition, the growth is definitely muted for the industry and listed players and large players. There is a big question mark on dark stores. With this kind of an environment, business moving largely towards delivery, some of these business models are under threat. That consolidation opportunity, to me, is sooner rather than later.
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