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KRChoksey Research Report
Devyani International Ltd. is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick service restaurants in India on a non-exclusive basis.
Devyani International operates 696 stores across 166 cities in India, as of June 30, 2021.
In addition, the company is a franchisee of the Costa Coffee brand in India, which is owned by Costa, and operated 44 Costa Coffee stores as of June 30, 2021.
The company also operates KFC and Pizza Hut stores in Nepal, and KFC stores in Nigeria, on a non-exclusive sole franchisee basis.
Given the prevailing opportunities in QSR industry, change in delivery mechanism and the company's focus on implementation of technology to increase footfall and improving operational efficiency, rightsizing stores, store expansion in new areas, resulting into improving unit metrics and reduction of debt, we expect Devyani International to be a key beneficiary of the same.
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