Beating analyst expectations, Jubilant FoodWorks reported a net profit of Rs 63 crore in the June quarter against a net loss of Rs 74 crore in the year-ago period
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Jubilant FoodWorks share price jumped over 9 percent intraday on July 22 after the company beat analyst expectations to report a net profit of Rs 63 crore for the June quarter (Q1FY22) against a net loss of Rs 74 crore during the corresponding period in FY21.
The operator of quick-service restaurant (QSR) chains’ performance came in the face of a second wave of the COVID-19 pandemic, which impacted its store openings across the country. Analysts had projected the company would report a profit of Rs 48.6 crore during the quarter.
Jubilant FoodWorks’ revenue from operations in the Q1 FY22 stood at Rs 879 crore, a growth of over 131 percent over the same period last year. In the year-ago period, the company reported Rs 388 crore revenue from operations.
The stock was trading at Rs 3,349.55, up Rs 286.75, or 9.36 percent, at 1122 hours. It has touched a 52-week high of Rs 3,399.50. It has touched an intraday high of Rs 3,399.50 and an intraday low of Rs 3,208.20.
The scrip witnessed a spurt in volume by more than 6.32 times and was trading with volumes of 104,660 shares compared to its five-day average of 20,072 shares, an increase of 421.41 percent.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the quarter stood at Rs 211.5 crore and the EBITDA margin was 24 percent.
Jubilant FoodWorks reported an almost 94 percent recovery in the first quarter of the financial year 2022 when compared to the pre-pandemic period of Q1FY20. The company had reported a net profit of Rs 71.48 crore in Q1FY20 and its revenue from operations during the period stood at Rs 949 crore, according to the BSE filing.
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“As the COVID caseloads increased, we were faced with multiple restrictions. Dining operations were largely shut across the country. Mobility restrictions severely impacted our takeaway channel. State-specific delivery restrictions increased the on-ground challenges further,” said Hari S Bhartia, co-chairman, Jubilant FoodWorks, during a post-earnings call.
Analysts had predicted a 70-90 percent recovery for QSRs in the first quarter of the financial year 2022. Emkay Global had projected a 97 percent recovery for Jubilant Foodworks, while Edelweiss had pegged a 90 percent recovery for the company.
Global brokerage firm Morgan Stanley has an overweight call on the stock with target at Rs 3,236 per share. “Q1 earnings beat our and consensus estimates. We remain constructive on the medium-term strategy of physical and digital scaling,” it said, according to a CNBC-TV18 report.
“The management is optimistic on the near-term outlook. It accelerated its store addition target of 150- 175 stores in FY22,” the brokerage firm added.
On the other hand, Goldman Sachs has a sell rating on the stock with a target at Rs 1,293 per share. It is of the view that system sales have almost recovered adding that dine-in revenue is likely to pick up with re-opening. We remain with sell rating given headwinds to earnings growth,” it added.
Domestic brokerage firm Emkay Global has a buy rating on the stock with a target of Rs 3,400 per share. The brokerage firm is of the view that strong cost control in Q1 and management commentary on aggressive store additions and thrust on digital and tech initiatives were key positives.
“In our view, Jubilant Foodwork’s strong growth outlook, led by SSG recovery on reopening, and a solid expansion plan provide more upsides. We maintain buy with a target of Rs 3,400 (55x Sep’23E EPS),” it added.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.