Company Overview

Jubilant FoodWorks Limited (NSE: JUBLFOOD) is part of the Jubilant Bhartia Group and is one of the India's largest food service Company. The Company holds the master franchise rights for three international brands, Domino's Pizza, Dunkin' Donuts and Popeyes®addressing three different food market segments. The Company launched its first homegrown brand – Hong's Kitchen in Chinese cuisine segment & has also begun offering brand-owned ready-to-cook range of sauces, gravies and pastes, 'ChefBoss'. The Company also entered into the exciting world of Biryanis with the launch of "Ekdum!". It offers the widest range of Biryanis curated from various parts of India using authentic ingredients along with extensive range of Kebabs, Curries, Breads, Desserts and Beverages. 1

The Company currently operates more than 1,345 outlets for Domino's Pizza, Dunkin' Donuts and Hong's Kitchen and is a market leader in pizza segment. The Company has more than 30,000 brand ambassadors committed to deliver value to its customers covering 280+ Cities in india.



1995Domino's Pizza India Pvt. Ltd. was incorporated. Entered into a master franchise agreement with Domino's International for India (north and west regions)
19961st Domino’s Pizza Store was opened in New Delhi. Converted to Public Company – Domino’s Pizza India Limited.
1998Franchise rights for Domino's extended to whole of India and Nepal
2000Entered into an agreement with IPEF and Indocean, pursuant to which IPEF and Indocean invested in the Company.
2004Launch of the ‘30 minutes or free’ campaign for Domino's
2006Total number of Restaurants crossed 100
2008Achieved monthly sales of one million pizzas
2009Name changed to Jubilant FoodWorks Ltd. Total number of Restaurants crossed 200
2010IPO Launched. Listed on Bombay Stock Exchange and National Stock Exchange of India Ltd.
2011Entered into a multiple unit development and franchise agreement with Dunkin' Donuts for India
2012Opened 500th Dominos Pizza Restaurant. Became 1st brand in Food Service to launch an Online Ordering platform in India
2013Launch of "Dunkin' Donuts & More" Restaurants chain in India
2014Opened 700th Restaurant. Domino’s India becomes biggest business outside USA beating UK
2016Opened 1000th Restaurant
2017Launch of Every Day Value Offer and All New Domino's Campaign
2018Commercial production commenced from Mega Commissary at Greater Noida
2019Launch of Hong’s Kitchen. Opened first Restaurant in Bangladesh



Domino's Pizza

The Company has the exclusive rights to develop and operate Domino's Pizza Restaurants in India, Sri Lanka, Bangladesh and Nepal. The Company launched its first Domino’s Pizza restaurant in Delhi in January 1996. The Company is the largest franchisee for Domino’s brand outside U.S. At present, it operates in India, and through its subsidiary companies in Sri Lanka and Bangladesh.

Dunkin' Donuts

The Company has the exclusive rights to develop and operate Dunkin' Donuts Restaurants in India. The Company launched first Dunkin' restaurant in Delhi in April 2012. Dunkin serves wide variety of donuts, coffee, beverages, sandwiches and other goods.

Hong's Kitchen

JFL marked its entry into the Chinese cuisine segment with the launch of its first home-grown brand – Hong’s Kitchen. The Company launched first restaurant in Gurugram in March 2019. The restaurant has young, international-looking and trendy design inspired by the colours and the hustle of Asian street markets.


JFL marked its entry into the FMCG vertical with the launch ChefBoss. It offers range of ready to cook sauces, pastes & gravies. ChefBoss has a mission to open you up to new possibilities in the kitchen. It’s the perfect culinary toolkit to explore different Indian and international cuisine.


JFL entered into the exciting world of Biryanis with the launch of "Ekdum!". It offers the widest range of Biryanis curated from various parts of India using authentic ingredients along with extensive range of Kebabs, Curries, Breads, Desserts and Beverages. The biryanis are prepared right in front of your eyes, in a transparent kitchen that prioritizes hygiene.


The Company has the exclusive right to develop and operate Popeyes® restaurants in India, Bangladesh, Nepal and Bhutan. Popeyes® was founded in New Orleans in 1972 and has more than 45 years of history and culinary tradition with a unique New Orleans style menu featuring the iconic chicken sandwich, spicy chicken, chicken tenders and other regional items.


Industry Overview

According to the National Restaurant Association of India (NRAI), the Indian food service industry is estimated to grow at a Compound Annual Growth Rate (CAGR) of 9% to reach `5.9 lakh crore by FY 2023. Indian society is evolving with a rise in the working population, nuclear/individual households and more outdoor activities such as leisure trips and outings with friends, families and colleagues. These factors are driving the frequency of eating out. There is an increased brand consciousness and people want to experiment with new cuisines, which is contributing to the country’s expanding food service sector and the dominance of full-service restaurants in India. However, the COVID-19 pandemic and the ensuing nationwide lockdown have adversely impacted the overall food service business in varying degrees (Source: the NRAI). 2

In the food service industry, the trusted credible brands in the organised service sector are expected to gain market share while the unorganised sector shrinks. As per the NRAI, four out of every 10 restaurants will likely be permanently shuttered in the absence of a government bailout.

The trends in the food service industry are expected to veer towards online food ordering, increased share of delivery and takeaway mix, changed customer perceptions about product consumption and services, higher emphasis on hygiene and safety among businesses and customers alike, and an exponential rise in digitalisation owing to greater focus on contactless and safer transactions. However, dine-in services are expected to resume at some point in time as people’s preference of going out with family and friends to celebrate and have a good time is not expected to change. Established and trusted brands that have always upheld safety and hygiene have top of the mind awareness for customers who are making food purchasing decision.

Demand Drivers

India is primarily a consumption-driven economy. Private consumption expenditure, or the money that people spend on buying goods and services, has formed nearly three-fifths of the Indian economy over the years. This is both because of the steadily growing economy as well as India’s population of 1.3 billion. In recent years, there has been a rise in the number of independent households and nuclear families as a direct result of the changing cultural dynamics and evolving family structures. This evolution has led to an increase in alternative (non-home cooked) food consumption. Additionally, a large workforce and employment opportunities brought about by economic liberalisation is leading to higher discretionary spending on eating out and dining in.

Changing Consumer Preferences and Rapid Urbanisation

Better infrastructure now connects semi-urban and rural India, with new urban clusters growing significantly. This trend has led to an increased purchasing power among consumers in Tier-II and Tier-III cities, driving consumption.

Urbanisation has triggered a transformation in the consumption pattern, including food habits. These consumers seek convenience, explore culinary experiences and prefer eating out. The emergent Quick Service Restaurants (QSR) industry and the ready-to-cook/ready-to-eat segments of the food and beverage industry cater to this new breed of consumers. Besides, the increasing penetration of new retail formats is creating awareness about different food options and brands, even for staples.

Digital Inclusion and the Rise of E-commerce

By FY 2030, over a billion Indians from rural and urban areas are expected to have internet access. Digital inclusion is likely to further propel India’s consumption growth trajectory while improving awareness about health, lifestyle and brands, among others (Source: World Economic Forum). These factors, along with the country’s booming e-commerce sector and budding food aggregator industry, will offer new and exciting opportunities to the organised food service sector and QSR market.

Growth of cloud kitchen

Cloud kitchens are better suited to the needs of socially distanced customers than traditional dine-in restaurants. They are also able to minimise some costs such as rent, and manpower. The drivers of economies are quite different for cloud kitchens compared with dineout operations, which entail location, kitchen size and utilisation; multiple versus single cuisine configuration; order aggregation and delivery


Financial Highlights

3 February, 2021; Jubilant Foodworks Limited reported the financial results for the quarter and nine-months ended December 31, 2020. 3

Despite continued challenges on the ground, Revenue from Operations in Q3 FY21 grew sequentially by 31.2% at Rs. 10,572 million. Domino’s witnessed complete sales recovery during the quarter backed by continued strong growth momentum in Delivery and Takeaway channels which grew by 18.5% and 64.3% respectively.

The sales recovery continued in January with overall sales for Domino’s growing by 6.0%, driven by 19.2% growth in Delivery and 73.4% growth in Takeaway.

EBITDA at Rs. 2,786 million in Q3 FY21, grew by 9.9% and EBITDA margin at 26.4% increased by 243 bps year-on-year. Profit After Tax at Rs. 1,251 million grew by 20.6% and Profit margin at 11.8% was up by 205 bps year-on-year.

The Company’s liquidity strengthened further during the quarter. Total Cash and Cash equivalents, bank deposits and investments increased to Rs. 9,517 million as on 31st December 2020, up from Rs. 8,278 million as on 30th September 2020.

Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, CoChairman, Jubilant Foodworks Limited said,

“Jubilant FoodWork is delighted to see a complete revenue recovery of the business along with strong improvement in margins. The terrific work done by the teams and the bold steps that have been taken have led it to emerge even stronger from this crisis. The company's aggressive network expansion of 57 stores last quarter along with the launch of Ekdum Biryanis is testimony to its confidence in the strong potential of the business. As the Covid impact abates further, the company believe that Jubilant FoodWork is in for a period of strong, sustained growth in the future”.

Mr. Pratik Pota, CEO and Wholetime Director, Jubilant Foodworks Limited said,

“The resilience of its business was tested like never before over the last nine months, and Jubilant FoodWork is gratified to see that its strategy for navigating the crisis worked. The company turned the corner decidedly in Q3 with Domino’s returning to growth, driven by strong momentum in Delivery and Takeaway channels. The company's strong on-ground execution, consumer-relevant innovations, continued investments in Digital, disciplined control on costs and a ramp-up in new stores all helped it deliver a strong performance last quarter. Jubilant FoodWork is now shifting gears and preparing for an exciting period of growth ahead.”


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Created by Asif Farooqui on 2021/06/14 16:35

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