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Dolat Capital Report
Devyani International Ltd. delivered robust revenue growth of 100% with ~107% growth in India business driven by strong store additions and demand revival. KFC Brand contribution stood at healthy 22.4% and Pizza Hut at 17.5%.
The company opened 70 stores during Q1 FY23 taking the total count to 1,008. We believe that the company would continue to add 200-250 stores every year going ahead with cluster based approach and penetration strategy. The company also added 29/18 stores in Nigeria/Nepal.
Despite high inflation in key materials, Devyani International was able to maintain gross margin at 71.1% (flat YoY and QoQ) and Ebitdam of 23.3%.
We attribute this to price increases and innovative offerings. Going ahead, we believe that all brands would post strong growth and margins.
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