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Jubilant profits soar

business Updated: Feb 07, 2010 00:30 IST
HT Correspondent
HT Correspondent
Hindustan Times
Jubilant FoodWorks Limited

Jubilant FoodWorks Limited (JFL), a leading food service company and master franchisee of pizza major Domino’s International, reported a 50 per cent rise in its total revenues at Rs 117 crore, while its net profits jumped by more than six times to Rs 11.4 crore for the third quarter ended December 31, 2009, as compared to the same period last year.

For 2009-10, the company expects revenues to range from Rs 415 crore to Rs 420 crore, an increase of 48-50 per cent. Net profits during the year are expected to reach Rs 32 crore—an increase of 375 per cent as compared to the previous year, a company statement said.

“Over the last several years we have invested considerable time, effort and capital to build a very successful food-service model bringing change to the way the Indian consumer perceives certain food segments,” said Ajay Kaul, chief executive officer of JFL.

The company has recently concluded its IPO successfully pricing it at Rs 145 per share making it the first food service company listed in India.

JFL will list its equity shares on stock exchanges on Monday.

The IPO was over-subscribed more than 31 times and will have a market cap of Rs 923 crore at issue price, the statement said.

The company had received strong endorsement from anchor investors including Arisaig Partners, Blackrock, Canara Robeco MF, Capital World, Fidelity, Franklin Templeton, HSBC, Prudential, Reliance MF, SBI MF, T Rowe Price and Ward Ferry.

“Our model is now tried and tested and we are on a solid path of growth with critical size and operating components in place. The outlook is even brighter and we expect our performance momentum to sustain in the future,” Kaul said.