Jubilant FoodWorks Q2 Review - Beat-Upgrade Cycle Taking A Pause For Now: ICICI Securities
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ICICI Securities Report
Key Jubilant FoodWorks Ltd.'s narratives now are - store expansion, industry-leading revenue growth, resilient margins, unlock-led recovery, digital capabilities, high quality management, platform potential, market opportunity.
What’s not ticking (for consensus) is the international expansion which Jubilant FoodWorks has aspirations for – while it is bound to have- capital allocation concerns and debatable valuation (lower India premium), we draw comfort from-
the company’s execution capabilities (most investors agree on its superior execution) and
primary focus will be the larger India opportunity.
The company did see a good recovery with Q2 FY22 revenue up 11.6% over Q2 FY20 levels (delivery charges and higher ticket size did help).
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