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Wednesday, June 16, 2021

Jubilant FoodWorks Q1 results: Posts net loss of Rs 74 crore

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Jubilant FoodWorks, which operates Domino’s Pizza and Dunkin’ Donuts chain in India, posted a consolidated loss of Rs 73.89 crore on Wednesday for the quarter ended June 30. It had reported a profit of Rs 71.64 crore in the corresponding quarter last year.

Revenue from operations slipped 59 per cent YoY to Rs 3,88.41 crore. “The Covid-19 situation across the country continued to adversely affect the normal operations (including dine-in) of the restaurants resulting in lower sales and profits, partially offset by various cost saving measures taken by the group,” Jubilant FoodWorks said in a release.

The company witnessed a deferred tax credit of Rs 23.30 crore against Rs 2.48 crore in Q1FY20.

During the quarter, the group also negotiated several rent concessions. “An amount of Rs 29.65 crore related to concessions has been reduced from rent expense included under other expenses,” the company said adding after adjusting the rent expense for the quarter amounting to Rs 9,35 crore, the net rent savings accounted in other expense is Rs 20.30 crore.

Shares of the company traded 3.49 per cent higher at Rs 2,223 after the announcement of financial results, while the benchmark BSE Sensex was up 0.56 per cent at 39,118.

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