Jubilant FoodWorks Posts In-Line Q3 Result, Outlook Improving: Motilal Oswal
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Motilal Oswal Report
Jubilant FoodWorks Ltd.’s Q3 FY21 result was largely in line up to the operating profit level, but lower than expected depreciation led to a profit after tax beat.
There was a near 100% recovery in Q3 FY21 to pre-Covid-19 levels, despite dine-in being weak (42% recovery). This indicates that delivery performance continued to be strong, given that dine-in was approximately 30% of sales pre-Covid-19.
The management reckons that the weakness in dine-in is a supply-side issue, with 50% capacity restriction due to Covid-19 guidelines. Once these restrictions are lifted, dine-in too will do better.
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