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Motilal Oswal Report
We cut our FY22E/FY23E earnings per share forecast of Jubilant FoodWorks Ltd. by 12.5%/5.2% on account of:
the company's lower than expected Q4 FY21 result, and
the effect of the lockdown so far in Q1 FY22 due to the second Covid-19 wave.
The impact would have been more if not for the resilience shown in April-May 2021, as per the management commentary.
Continued strong growth in the delivery channel has meant that the severe impact on dine-in was mitigated to some extent at the broader level.
This led to ~90% recovery compared to the pre-Covid-19 run-rate in these two months.
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