Deep-Dive Into Devyani Prospectus And Insights For India QSRs: ICICI Securities
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ICICI Securities Report
Insights for Domino’s (Jubilant Foodworks Ltd.) and McDonald’s (Westlife Development Ltd. ) from our analysis of Devyani red herring prospectus are-
1. Jubilant Foodworks has best-in-class operating metrics – two times throughput and superior Ebitda margin in the listed quick service restaurnat space;
2. Westlife Development leads on throughput while KFC has better margin profile; the former’s focus on all-day meals and beverages has helped improve its throughput (despite being more value focus);
3. Tata Starbucks is executing well in the chained-cafe market (Costa Coffee has shut down stores in the past two years);
4. QSR is likely to be the fastest growing and dominant format (54% of outlets and 34% of total food services market).
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