Earnings | Devyani International Limited (NSE:DEVYANI): Q3FY23 Results Out; Total Income rise 27% YoY

Devyani International Limited (NSE:DEVYANI) is a quick-service restaurant (QSR) company based in India that operates multiple food and beverage brands such as KFC, Pizza Hut, and Costa Coffee.

Devyani International Ltd, reported its Q3FY23 results, revealing a significant YoY growth. The consolidated revenue for the quarter increased by 27% YoY to Rs 7,906 million, and EBITDA increased to Rs 1,739 million. The PAT for the quarter stood at Rs 710 million. The brand contribution for Q3 was reported at Rs 1,450 million with margins at 18.3%. For the 9MFY23, the revenue grew by 50% YoY to Rs 22,427 million, and EBITDA increased to Rs 5,037 million. The PAT came in at Rs 2,026 million, and EPS for 9MFY23 was reported at Rs 1.59. The operating EBITDA (pre-IndAS) also grew to Rs 1,172 million with operating EBITDA margins at 14.8%. The company continued to maintain its momentum in new store additions and opened 81 net new stores in Q3FY23, taking the total count to 1,177 as of December 31, 2022.

Commenting on the performance for Q3 & 9M FY23 Mr. Ravi Jaipuria, Non-Executive Chairman, Devyani International Limited said, “Consolidated quarterly revenues stood at Rs 7,906 million – a growth of nearly 27% over the corresponding period last year. Reported EBITDA, on a Post Ind AS basis, reached Rs 1,739 million, resulting in a reported EBITDA margin of 22%. Innovation remains a strong pillar of our growth strategy across our brand portfolio, and we will continue to delight our customers with many such products in the coming quarters. We remain bullish on our brands and the Indian market. We believe that the current consumer demand slow-down is transient and once inflation stabilizes, we expect consumer spending to improve which will help our businesses. In the meantime we remain focused on refining our processes, maintaining product quality and enhancing our execution capabilities.”