Jubilant FoodWorks Ltd, which runs Domino's Pizza chain in India, on Monday reported a nearly three-fold jump in its net profit to Rs 10.4 crore in the quarter ended March 31, 2010.
The company, which had a net profit of Rs 3.8 crore in same period previous fiscal, attributed the growth to its enhanced same store sales and deeper penetration in its existing markets.
"We are happy with the way Domino's Pizza has shaped up. We have invested on increasing our distribution network and people. During the quarter, our same store sales improved and and we also added 10 new stores," Jubilant FoodWorks Ltd Chief Executive Officer Ajay Kaul said.
The firm's total income during the quarter grew by 67.2 per cent to Rs 124.05 crore from Rs 74.2 crore recorded in the year-ago period.
"Our Pizza Mania and pasta campaign as well as choco-lava campaign, launched in the third quarter of FY'10, was a success, and this helped improve the sales," he said.
Going forward, Jubilant FoodWorks plans to open around 70 stores this fiscal and is likely to invest over Rs 55-60 crore on setting up the outlets as well as on marketing.
"In terms of opening new stores, we will almost maintain the same pace and open around 70 stores this fiscal. Every year, we usually invest a total of around Rs 55-60 crore on opening new stores and marketing activities. We will invest the same or may be little over it," Kaul said.
The company has a total of 306 stores and it had opened 65 new outlets in the previous fiscal.
For the year ended March 31, 2010, the company's total income grew by 51 per cent to Rs 424.1 crore as against Rs 280.9 crore posted during the same period in 2008-09. Its net profit during the year grew nearly five fold to Rs 32.6 crore from Rs 7.3 crore in the year-ago period.