Devyani International Q3 concall highlights –
Added 81 new stores in Q3. Store count now at 1177. Store count in Mar 20 was 600.
Costa coffee stores at 103. KFC, Pizza Hut store count at 512 and 487 respectively
Milk and cheese inflation still high
Sales at 791 vs 624 cr
EBITDA at 174 cr, margin at 22 pc
Gross margins lower at 69 pc due inflationary pressures
Costa Coffee added 15 new stores. ADS at 37k
Same store growth for KFC, Pizza Hut at +3 pc and -6 pc. SSG for Pizza Hut de grew because of higher competition and new intro of lower priced fun flavoured pizzas
Aim to open 250-300 stores in FY 24 with bias towards KFC
PAT at 71 vs 57 cr yoy
KFC added 38 new stores. Avg daily sales at 1.16lakh
Pizza Hut added 17 new stores. ADS at 43k
Going fwd, KFC stores to be bigger with expanded menu
Costa Coffee’s same store growth at 20 pc, largely volume driven (that’s super cool!!!). Company focusing on small format Costa stores with a few exceptions
Aim to open stores in 20 new cities in next FY
Disc : invested, biased
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