Jubilant FoodWorks net profit down 58% to Rs 32.53 crore

Jubilant FoodWorks on Wednesday reported a 57.96 per cent decline in consolidated net profit at Rs 32.53 crore for the fourth quarter ended March 2020, due to the coronavirus pandemic and subsequent lockdown.

The company that operates fast food chains Domino's Pizza and Dunkin' Donuts, had posted a net profit of Rs 77.38 crore in January-March quarter a year ago, Jubilant FoodWorks Ltd (JFL) said in a BSE filing.

Revenue from operations rose 4.11 per cent to Rs 908.75 crore during the quarter under review as against Rs 872.82 crore in the corresponding quarter last fiscal.

“There was a sharp drop in revenue in March due to COVID-19 pandemic and the consequent national lockdown, which impacted the overall quarter's performance adversely", Jubilant said in a statement.

Total expenses for the quarter rose 13.64 per cent to Rs 875 crore as against Rs 769.91 crore a year ago.

The group also added 17 new restaurants during the quarter that includes 13 Domino’s outlet and two restaurants each for Dunkin' Donuts and Hong's Kitchen brand.

"Our strong run in Q4 was interrupted by the onset of coronavirus and the consequent lockdown,” said Pratik Pota, CEO, Jubilant FoodWorks.

However, the company also closed three Domino's Pizza restaurants in January-March quarter.