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Devyani International Ltd, incorporated in 1991, is the largest franchisee of Yum Brands in India and is amongst the largest operators of chain quick service restaurants (QSR) in India. The company started operation in 1997 with the opening of first Pizza Hut store in Jaipur. With continued expansion of KFC and Pizza Hut franchise, DIL operated 309 KFC stores and 351 Pizza Hut stores in India as of 30th Sept 2021. The company also operated 45 Costa Coffee brands stores in India. Its business is broadly classified into three verticals : core brand business, international business and other business. Its core brand business includes stores of KFC, Pizza Hut and Costa Coffee operated in India; International Business includes KFC and Pizza Hut stores operated in Nepal and Nigeria; and Other Business includes certain other operations in the F&B industry, including stores of their own brands such as Vaango and Food Street.
Total number of stores in core brands increased from 469 as of 31st March 2019 to 705 as of 30th Sept 2021. Revenue from core brands rose from 83% of total operating revenue in FY19 to 94.2% in FY21. KFC is major contributor to revenue representing 58% of total sales in H1 FY22 as compared to Pizza Hut at 26% and 2% for Costa Coffee. The company focuses on high potential locations across towns and cities, airports, high street locations, malls, food courts, hospitals, business hubs and transit areas for opening the store. DIL collaborates with Yum across various aspects of operations for KFC and Pizza Hut for the franchisor’s brand protection, management, advertising, promotion and marketing activities. It is the sole franchisee for KFC and Pizza Hut in Nepal and KFC in Nigeria.
With increased focus towards core brands, opening of new stores in high street areas and incubation in new geographies, we expect the revenue from core brands to grow by 38.4% CAGR, international brands by 28.4% CAGR and other brands by 19.7% CAGR over FY22-24E. With improved contribution margin and lower interest cost, we expect the company to continue making profits in the coming fiscals. We assign ‘Buy’ rating on stock with target price of Rs.195 valuing the business at EV/EBIDTA 37x FY24E.
Choice Broking is like a family to me. They understand market better than anyone I know. And, what I like the most is that any call they give is backed by research and analysis. I have been trading since almost 6 months now and not once have I made a loss with them.
Yogesh Fatehpuria
The only reason I started trading with them is because a friend referred me to them. But, now that I have been trading with them, I'm 100% satisfied with their services. Their research is unparalleled in the market. They're proactive and handle all issues immediately. I absolutely recommend them.
Neerav Bhanushali
Choice Broking is one firm which you start working especially if you're not financial savvy. They plan your investments, make your investments and monitor it. Plus, they have everything. Stock Market, Insurance, Mutual Funds, Bonds, etc.
Deepika Bhagat
Choice Broking is like a family to me. They understand market better than anyone I know. And, what I like the most is that any call they give is backed by research and analysis. I have been trading since almost 6 months now and not once have I made a loss with them.
Yogesh Fatehpuria
The only reason I started trading with them is because a friend referred me to them. But, now that I have been trading with them, I'm 100% satisfied with their services. Their research is unparalleled in the market. They're proactive and handle all issues immediately. I absolutely recommend them.
Neerav Bhanushali
Choice Broking is one firm which you start working especially if you're not financial savvy. They plan your investments, make your investments and monitor it. Plus, they have everything. Stock Market, Insurance, Mutual Funds, Bonds, etc.
Deepika Bhagat
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| Exchange | Member ID | SEBI Reg. ID |
|---|---|---|
| NSE | 13773 | INZ000160131 |
| NSEFO | 13773 | INZ000160131 |
| NSECDS | 13773 | INZ000160131 |
| BSE | 3299 | INZ000160131 |
| MCX | 40585 | INZ000160131 |
| NCDEX | 1006 | INZ000160131 |
