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Jubilant Foodworks Q1FY2020 (standalone) – disappoints with 4% SSSG

Jubilant Foodworks Q1FY2020 (reported) numbers are not comparable on y-o-y basis due to implementation of Ind AS116.

<!--[if !supportLists]-->·         <!--[endif]-->On comparable basis, Jubilant Foodworks (JFL) net revenues grew by ~10% to Rs940.1crore with same-store-sales growth (SSSG) standing at 4% lower than our as well street expectation of ~6% SSSG for the quarter.

<!--[if !supportLists]-->·         <!--[endif]-->The OPM on comparable basis declined by ~90BPS to 15.7% mainly on account of higher employee cost. The reported OPM expanded by 669BPS yoy to 23.3% and the operating profit grew by 54.2%yoy to Rs219.1crore.

<!--[if !supportLists]-->·         <!--[endif]-->There was negative impact of Rs6.8crore due to change in the accounting standards to AS116. Hence the reported PAT stood flat at Rs74.8crore. On comparable basis, the net profit would have grown by 9% to Rs81.5crore (largely on account of lower incidence of tax.

<!--[if !supportLists]-->·         <!--[endif]-->JFL registered lower than expected performance at the comparable level. We shall review our earnings estimates and shall come out with the detailed note. Currently we have Positive rating on the stock.

 

Result snapshot (standalone)                                                                                                                     Rs crore

Particulars

Q1FY20

Q1FY19

Y-o-Y%

Q4FY19

Q-o-Q%

Net Revenue

940.1

855.1

9.9

865.2

8.7

Total expenditure

721.0

713.0

1.1

712.2

1.2

Operating Profit

219.1

142.1

54.2

153.0

43.2

Other income

15.3

7.1

113.9

15.1

0.9

Interest expense

39.5

0.0

-

0.0

-

Depreciation

80.8

36.6

120.9

40.0

102.0

PBT

114.1

112.7

1.2

88.6

28.7

Tax

39.3

38.0

3.4

43.5

-9.7

Reported PAT

74.8

74.7

0.1

39.8

87.7

 

 

 

 

 

 

OPM (%)

23.3

16.6

669BPS

17.7

562BPS

EPS (Rs.)

5.7

5.7

0.1

6.4

-11.7

Actual vs. expectation                                                                                                                                   Rs crore

Particular

Q1FY20 (Reported)

Q1FY20E

Var (%)

Q1FY20 (Comparable)

Var(%)

Net Sales

940.1

952.1

-1.3

940.1

-1.3

Operating Profit

219.1

163.1

34.3

147.2

-9.8

Adjusted PAT

74.8

85.6

-12.6

81.5

-4.7

OPM (%)

23.3

17.1

616BPS

15.7

(147)BPS

Reported vs. comparable                                                                                                                             Rs crore

Particular

Q1FY20 (Reported)

Q1FY20 (Comparable)

Impact of Ind AS 116

Net Sales

940.1

940.1

0.0

Operating Profit

219.1

147.2

71.8

Interest expense

39.5

0.3

-

Depreciation

80.8

37.8

-

Adjusted PAT

74.8

81.5

-6.8

OPM(%)

23.3

15.7

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