Global brokerage firm Deutsche Bank said Jubilant Foodworks remains its top pick in consumer discretionary space. The stock gained more than a percent intraday Wednesday.
The research house has maintained its Buy rating on the stock with a target price of Rs 2,000.
Consumer feedback is positive on recent extension of ‘everyday value', Deutsche said while expecting national launch of Rs 99 price point in 2018 to enhance value-proposition positioning For Domino’s.
Turnaround plans implemented are steps in the right direction, it said.
The food service company has a network of 1,126 Domino's Pizza restaurants across 264 cities (as of October 26, 2017). The company & its subsidiary have the exclusive rights to develop and operate Domino’s Pizza brand in India, Sri Lanka, Bangladesh and Nepal. It also has exclusive rights for developing and operating Dunkin’ Donuts restaurants for India.
For the quarter ended September 2017, the company had reported a 9.2 percent growth year-on-year in operating revenues and profit grew by 124.7 percent to Rs 48.5 crore, driven by a 5.5 percent same-store-sales growth (against 4.2 percent in Q2FY17).
At 14:02 hours IST, the stock price was quoting at Rs 1,779.95, up Rs 17.20, or 0.98 percent on the BSE.
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