Jubilant FoodWorks (JUBLFOOD) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated revenue reached INR 21.5 billion, up 56.1% year-on-year, driven by 12.5% LFL growth in Domino's and strategic initiatives, with 130 net new stores added and strong digital engagement of 13.7 million MAU.

• Standalone revenue for Q3 FY25 was INR 16.1 billion, up 18.9% year-on-year, with Domino's India revenue up 18.3% and order growth of 33.8%.

• Profit for the quarter was INR 432.38 million, down from INR 657.09 million year-over-year, impacted by higher expenses and impairment charges.

• Strategic focus on strengthening Domino's, accelerating profitability for emerging brands, and expanding the network, including significant milestones in Turkey and Popeyes.

• Results are not strictly comparable to prior periods due to the acquisition of DP Eurasia N.V. in February 2024.

Financial highlights

• Group system sales for Q3 FY25 reached INR 24.1 billion, up 6% quarter-on-quarter; consolidated revenue up 56.1% year-on-year, organic growth at 19.4%.

• Q3 FY25 consolidated EBITDA was INR 4.02 billion (+43.5% yoy), margin at 18.7%; standalone EBITDA at INR 3.13 billion (+10.6% yoy), margin at 19.4%.

• Gross margin for Q3 FY25 (standalone) at 75.1%, down 160 bps year-on-year due to higher food costs and increased discounting.

• PAT before exceptional items at INR 506 million for Q3 FY25, margin at 2.4%; 9M FY25 consolidated EBITDA at INR 11.8 billion, margin at 19.6%.

• Standalone profit for the quarter was INR 410.46 million, down from INR 520.64 million year-over-year.

Outlook and guidance

• Management targets a 100 bps improvement in gross margin over the next 2-3 quarters through waste reduction, packaging optimization, and discount tightening.

• Continued investment in technology, delivery, and store expansion, with momentum expected to build into Q4 as new customers compound.

• Focus remains on strengthening Domino's, enhancing customer experience, and accelerating profitability for emerging brands.

• No bearishness on Popeyes outlook; expansion will proceed as suitable locations are secured.

• Consolidated results for the current period are not comparable with previous periods due to the DP Eurasia N.V. acquisition.