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Deep-Dive Into Devyani Prospectus And Insights For India QSRs: ICICI Securities

Deep-Dive Into Devyani Prospectus And Insights For India QSRs: ICICI Securities

<div class="paragraphs"><p>An employee places a freshly cooked and sliced pizza on a service counter inside a Pizza Hut restaurant. (Photographer: Chris Ratcliffe/Bloomberg) &nbsp;</p></div>
An employee places a freshly cooked and sliced pizza on a service counter inside a Pizza Hut restaurant. (Photographer: Chris Ratcliffe/Bloomberg)  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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).

Click on the attachment to read the full report:

ICICI Securities Consumer_QSR_Takeaways .pdf

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