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Nirmal Bang Report
Jubilant Foodworks Ltd.'s reported a weak set of numbers in its Q3 FY24 results. This quarter is usually the strongest for quick service restaurant and yet despite a weak base in Q3 FY23 (when slowdown in QSRs started) numbers were weak on all fronts.
Weak prevailing consumer sentiment in the retail space does not augur well for the next couple of quarters.
Our channel checks on festive season demand and Christmas New year period demand had highlighted weak numbers, but we were surprised at the extent of weakness in the reported numbers.
While we remain structurally positive in the long term, led by likely recovery in demand sentiment beyond the near term, potential success of the loyalty program, benefits from recent focus on value and higher contribution from non-Domino's business over the medium term, we maintain our 'Accumulate' rating as the current valuation is expensive.
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