DEVYANI · Consumer Services
Devyani International Ltd. reported revenue of ₹1,222 cr for July to September 2024, +49.2% on the year and 0.0% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹196 cr, a margin of 16.0%, −276 bps on the year and −164 bps on the quarter. Over the last 6 quarters the margin has ranged from 12.4% to 18.8%, averaging 16.2%. Operating costs grew +54.3%, faster than revenue at +49.2%, so operating profit grew less than sales.
The company swung to a net loss of ₹5.0 cr from a profit of ₹36.0 cr a year earlier, with earnings per share of ₹0.00. Profit before other income, one-offs and tax fell 134.6%, so 21 points of the headline growth came from outside the core business.
On earnings per share of ₹0.27 over the last four quarters, the stock at ₹121.84 trades at 451.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Net loss −₹5.0 cr against a profit of ₹36.0 cr.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹65.0 cr, +54.8% on the year; 33% of EBITDA.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 16.0%, −276 bps on the year (−164 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹819 cr | ₹843 cr | ₹1,047 cr | ₹1,222 cr | ₹1,222 cr | ₹1,294 cr | ₹1,213 cr | ₹1,357 cr | ₹1,377 cr | ₹1,441 cr | ₹1,437 cr | ₹1,581 cr |
| YoY | — | — | — | +44% | +49% | +53% | +16% | +11% | +13% | +11% | +18% | +17% |
| EBITDA margin | 18.8% | 17.3% | 12.4% | 17.7% | 16.0% | 16.5% | 15.3% | 15.2% | 13.9% | 16.0% | 15.3% | 16.1% |
| Other income, % of PBT | −37% | 50% | — | 32% | — | 100% | — | 433% | — | — | — | 83% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 48% | — | 27% | — | — | — | 19% | — | — | — | 25% |
| Net profit | ₹36.0 cr | ₹5.0 cr | −₹49.0 cr | ₹22.0 cr | −₹5.0 cr | −₹8.0 cr | −₹17.0 cr | ₹2.0 cr | −₹24.0 cr | −₹11.0 cr | −₹10.0 cr | ₹17.0 cr |
| YoY | — | — | — | — | −114% | −260% | — | −91% | — | — | — | +750% |
| Core profit YoY | — | — | — | +250% | −135% | −100% | — | −148% | — | — | — | — |
| EPS | ₹0.28 | ₹0.08 | −₹0.06 | ₹0.25 | ₹0.00 | ₹0.00 | −₹0.12 | ₹0.03 | −₹0.18 | −₹0.08 | −₹0.08 | ₹0.12 |
| Flags | 1 | 1 | · | 1 | 2 | 2 | ✓ | 1 | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Devyani International Ltd. reported revenue of ₹1,222 cr (+49.2% on the year) and net profit of −₹5.0 cr (−113.9% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −134.6% on the year, against −113.9% for reported profit.
2 checks raised a question: Swung to a loss from a profit a year ago. One quarter, or a trend?
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