Devyani International shares fall over 4% after Q4 earnings

New Delhi: Shares of Devyani International Ltd, a quick service restaurant (QSR) operator, fell more than 4 per cent on Wednesday after the company reported a 21.15 per cent decline in consolidated net profit for the March quarter.

The stock tumbled 4.45 per cent to settle at Rs 174.05 apiece on the BSE. During the day, it tanked 8.72 per cent to Rs 166.25.

On the NSE, it fell 4.31 per cent to finish at Rs 174 per share.

In terms of volume, 5.40 lakh shares of the company were traded on the BSE and over 70.64 lakh shares on the NSE during the day.

Devyani International Ltd on Wednesday reported a decline of 21.15 per cent in its consolidated net profit to Rs 59.87 crore for the fourth quarter ended March 31, 2023.

The company, which is the largest franchisee of Yum Brands in India, having Pizza Hut, KFC, and Costa Coffee, reported a net profit of Rs 75.93 crore in the January-March quarter a year ago.

Its revenue from operations during the quarter was 27.8 per cent higher to Rs 754.97 crore as against Rs 590.74 crore in the year-ago period, according to an exchange filing by Devyani International Ltd (DIL).

DIL's total expenses were at Rs 724.76 crore, up 32.25 per cent, from the corresponding period a year ago.

For the fiscal year ended March 2023, DIL's net profit was up 69.23 per cent at Rs 262.51 crore. It had reported a net profit of Rs 155.11 crore in the previous fiscal.

Its revenue from operations was at Rs 2,997.72 crore in FY23, 43.84 per cent higher than the previous fiscal year.