External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

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Thematic (Sector/Industry)

<ul><li>As of FY20, the Food Services industry in India was valued at Rs4.2tn and grew by 7- 8% over the prior 5 years.</li><li>FY21 was a forgettable year, as the sector was affected by restrictions on operating hours &amp; capacity, which shrunk the industry size by ~76%.</li><li>Around 26% of restaurants in India shut down permanently, with ~33% of the 7.4mn workforce losing their jobs...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

As of FY20, the Food Services industry in India was valued at Rs4.2tn and grew by 7- 8% over the prior 5 years.FY21 was a forgettable year, as the sector was affected by restrictions on operating hours &amp; capacity, which shrunk the industry size by ~76%.Around 26% of restaurants in India shut down permanently, with ~33% of the 7.4mn workforce losing their jobs...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Sector Update: Restructured Food Services Industry Looking at Good Potential Going Ahead

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Equity Bottom-Up

<ul><li>We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy</li><li>According to him, the QSR industry demand continues to decelerate and recent trends are tougher than witnessed during the last six months</li><li>The pressure is across markets, brands, and formats</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategyAccording to him, the QSR industry demand continues to decelerate and recent trends are tougher than witnessed during the last six monthsThe pressure is across markets, brands, and formatsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core. Maintain ADD

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core.

<div><div><div><div><ul><li>4QFY22 headline performance: Standalone topline was up 12.9% YoY at Rs11.6bn, in-line with our estimate of Rs11.4bn.</li></ul><div><div><div><div><ul><li>Store additions in 4QFY22: The company again created a new all-time record with the opening of 80 new Domino’s stores, taking the network strength to 1,567 stores as of 31st March’22.</li></ul><div><div><div><div><ul><li>FY22 standalone performance: Revenue, EBITDA and APAT grew by 32.5%, 44.1% and 89.6% YoY, respectively.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 headline performance: Standalone topline was up 12.9% YoY at Rs11.6bn, in-line with our estimate of Rs11.4bn.Store additions in 4QFY22: The company again created a new all-time record with the opening of 80 new Domino’s stores, taking the network strength to 1,567 stores as of 31st March’22.FY22 standalone performance: Revenue, EBITDA and APAT grew by 32.5%, 44.1% and 89.6% YoY, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jubilant FoodWorks - Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

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Jubilant Foodworks (JUBI IN)

Consumer Sector Update: Restructured Food Services Industry Looking at Good Potential Going Ahead

Consumer Sector Update Expert Meeting Update Restructured Food Services industry looking at good potential going ahead We recently hosted...

Nirmal Bang

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core. Maintain ADD

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

Jubilant FoodWorks - Demand Weakness Persists, Strengthening Core.

We interacted with Mr Sameer Khetarpal, the CEO of Jubilant FoodWorks, to understand industry demand and company strategy

HDFC Securities

Jubilant FoodWorks - Operating Performance In-Line; Mr. Khetarpal Comes in as CEO & MD from Amazon

Jubilant Foodworks’ (JUBI) 4QFY22 operating performance was in-line with our estimate. Like-for-Like (LFL) growth stood at 5.8% vs our est. of 6%

Nirmal Bang

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