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Devyani International: On track for faster earnings growth

Pizza Hut franchisee DIL is on course to open 200-250 stores every year over the next 2-3 years

February 28, 2022 / 09:52 AM IST
Devyani International: On track for faster earnings growth

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Devyani International Ltd (DIL; CMP: Rs 155; Market Cap: Rs 18,615 crore) has posted a record quarterly performance in Q3FY22. During the corresponding quarter a year ago, it had achieved breakeven. DIL is the largest franchisee of Yum brands (KFC, Pizza Hut) in India (contributing about 65 percent to revenues). KFC and Pizza Hut have 600 stores each (combined for DIL and sister franchisee Sapphire Foods India) as compared to about 1,500 Domino’s stores. This indicates a huge growth potential for...

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