Devyani International IPO - Investment Rationale, Key Risks, Concerns: ICICI Direct
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ICICI Direct's IPO Report
Devyani International Ltd. is among the earliest and largest operators of quick service restaurants in India.
The company is the largest franchisee of Yum brands in India and operates brands KFC and Pizza Hut under its banner.
In addition, Devyani International is also a franchisee of Costa Coffee in India.
Core brands (KFC, Pizza Hut and Costa Coffee) contribute ~94% to its topline while the rest comes from international operations and other business (own brand such as Vaango and Food Street).
The core brands store counts grew at a compound annual growth rate of ~14% in the last two years to 605 stores by March 2021.
The store count reached 645 by June 2021 as the company continued its focus on adding core brand stores amid pandemic.
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