Prabhudas Lilladher: Covid-19 Redefines Jubilant FoodWorks’ Business Model
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Prabhudas Lilladher Report
We are increasing FY21/22/23 earnings per share by 12.5%/4%/1.6% as Dominos has almost returned to normalcy (96.2% in October 2020) and is likely to emerge stronger from Covid-19 scenario given -
1. Sharp recovery in delivery and takeaway (5.8% and 49.8% YoY)
2. lower competition as several smaller players have gone out of business
3. closure of dine in focused 105 stores which will be replaced by smaller stores with effecective focus on delivery and takeaway
4. delivery charge of Rs 30 per order which will help improve margins in longer term.
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