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ICICI Securities Report
Jubilant FoodWorks Ltd. likely surprised consensus by stepping-up its store expansion target (for Domino's) to 150-175 for FY22.
Management's confidence was reflected in the use of the words ‘hyper-growth' (for Jubilant FoodWorks' brands) and ‘inflection point' (for the industry) on the call.
The intent and potential to leverage data analytics possibly gives a glimpse that the company can reposition as a food-tech platform (and not just a collection of few brands in silos).
Jubilant FoodWorks did manage operations in the second-wave well with Q1 FY22 revenue decline of just 6% over Q1 FY20 levels (includes (pricing) benefit from delivery charges, to be sure).
Performance of the delivery and takeaway channels have been impressive, mitigating the slowdown in dine-in.
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