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Dolat Capital Report
Jubilant FoodWorks Ltd.’s Q1 FY21 results were below our estimate, with down 61.4% same store sales growth (SSSG).
Though the lock down impacted performance significantly during Q1, the company was able to recover 69.8/84.6% of the sales during July/August 2020.
We believe that the delivery business would gain higher traction compared to dine in in the near term.
The company has introduced delivery charges which is likely to mitigate impact of increased discounts and help improve margins.
Jubilant FoodWorks would close down 105 Domino stores which are not profitable (more than two third contribution of dine-in).We believe that this would help improve margins significantly.
Sri Lanka business registered strong recovery while Bangladesh remained impacted due to higher contribution of dine-in.
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