JUBLFOOD Q4 FY24 earnings call.
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Revenue
₹1,574 Cr
verified against source
Revenue YoY
20.9%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Jubilant FoodWorks delivered a mixed Q4 FY24 with consolidated revenue growing 20.9% YoY to ₹80.3 billion in system sales, though PAT declined 34.7% due to increased investments. The standout was Domino's India returning to positive LFL growth (Q4: positive, April: positive) driven by delivery fee waiver and regional restructuring from 4 to 7 territories. Delivery LFL hit 7.8% with delivery mix now at 67.9%. However, dine-in declined ~10% YoY as customers migrated to delivery—a structural shift management is embracing. Consolidated EBITDA margin stood at 20.2% with India standalone at 19.1% (down 100bps YoY). DP Eurasia (2 months consolidated) contributed ₹2.17 billion revenue with 26.5% EBITDA margin. The acquisition of DP Eurasia elevates JFL to a multi-market, multi-brand operator with ~3,000 stores. FY25 guidance targets 345 total store openings across brands (180 Domino's India, 50 Turkey, 70 COFFY, 50 Popeyes, 25 Hong's). Management flagged margin pressure as temporary, targeting 21% EBITDA at 3% LFL growth. Key risks: accelerating dine-in decline, execution across 5 brands in multiple geographies, and free delivery ROI timeline.
Colored figures show movement against the previous available record.
Guidance to track
- Domino's India: 180 stores; Domino's Turkey: 50 stores; COFFY: 70 stores; Popeyes: 50 restaurants; Hong's Kitchen: 25 stores; Domino's Bangladesh: 20 stores.
- Upgraded from 3,000-store target; driven by data showing 10-12% of app users see 'out of service area' and untapped presence in 34 airports and 1,000+ colleges.
- Already 8th largest cafe brand in Turkey with 100 stores; average weekly orders exceeding 2,000 per store; viewed as new profitable growth lever.
- Internal benchmark: at ~3% LFL growth, Domino's India standalone EBITDA margin should recover to 21% through operating leverage on fixed cost base.
Risks flagged
- Dine-in SSSG declined ~10% YoY as delivery channel captured share. Management acknowledges this is structural but has limited initiatives to arrest it beyond a few pilots. Percy Panthaki from IIFL highlighted that dine-in incremental margins are higher due to fixed cost leverage, making this a profitability concern.
- Vivek Maheshwari from Jefferies questioned whether JFL is spreading too thin across 5 brands in 6 markets. Management deflected citing startup-style separate teams, but emerging brands (Popeyes, Hong's) remain loss-making or marginal.
- Delivery fee waiver temporarily lowers margins (~100bps in Q4). Management expects new customer acquisition (3x repeat rate assumption) to compound, but Q4 still showed margin decline. Recovering this investment requires sustained volume growth in uncertain demand environment.
- Shirish Pardeshi from Centrum requested commissary and comparable store metrics for Turkey. Management deferred saying 'give us a couple of quarters' to build proper comparable framework due to hyperinflation accounting complexities. Modelers lack granular data.
Key quotes
- In a $50 billion market, with 70% market share, that's not the game that we are playing in. We are operating in a $50 billion market, and we have to grow the category.
- Value works like magic, and delivery excellence or operations excellence drive repeat. These are my two, if I just cut the noise, if you focus on these two, it works.
- At about 2.5%-3%, our margin should be closer to 21%. That kind of equation I have in my mind. If we get to 3%, we get to about 21% in EBITDA.
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