Devyani International

₹175.1 -0.2 | 0.1%

WEBSITE BSE:543330 NSE : DEVYANI 01 Dec, 16:07

Market Cap ₹21115 Cr.

Stock P/E 118.9

P/B 20.4

Current Price ₹175.1

Book Value ₹ 8.6

Face Value 1

52W High ₹227.8

Dividend Yield 0%

52W Low ₹ 134.1

Edit Ratio

Devyani International Research see more...

Devyani International Ltd

Overview Inc. Year: 1991Industry: Consumer Food

Devyani International Limited operates a series of franchised short carrier restaurants in India, Nepal, and Nigeria. The enterprise's Core Brands Business consist of KFC, Pizza Hut, and Costa Coffee shops operated in India; International Business include KFC and Pizza Hut shops operated in Nepal and Nigeria; and Other Business consists of its personal brands, together with Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar. As of March 31, 2021, its Core Brands Business operated 605 stores, inclusive of g 264 KFC shops, 297 Pizza Hut shops, and 44 Costa Coffee shops; International Business operated 35 stores comprising 32 KFC shops and 3 Pizza Hut stores; and Other Business operated 50 stores. The agency was incorporated in 1991 and is based in Gurugram, India. Devyani International Ltd operates as a subsidiary of RJ Corp Ltd.

Devyani International Share Price

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Peer Comparison

Devyani International Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	353	516	624	591	705	747	791	755	847	819
Other Income	5	5	4	2	9	5	8	11	7	7
Total Income	357	521	628	593	714	752	799	766	853	826
Total Expenditure	296	388	477	451	540	581	617	604	673	665
Operating Profit	62	133	152	142	174	171	182	162	180	161
Interest	32	33	30	32	33	35	38	42	40	42
Depreciation	48	53	56	65	64	66	71	78	80	86
Exceptional Income / Expenses	-14	-1	1	-3	0	-11	-9	0	-47	-14
Profit Before Tax	-33	47	67	42	77	59	65	41	13	19
Provision for Tax	-0	1	1	-33	2	2	-6	-19	15	-17
Profit After Tax	-33	47	66	76	75	57	71	60	-2	36
Adjustments	5	-1	-3	0	-1	2	1	1	13	-2
Profit After Adjustments	-29	46	63	76	74	59	72	61	12	33
Adjusted Earnings Per Share	-0.3	0.4	0.5	0.6	0.6	0.5	0.6	0.5	0.1	0.3

Devyani International Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1012	1047	1111	1357	1516	1135	2084	2998	3212
Other Income	2	9	25	9	24	64	23	35	33
Total Income	1015	1056	1136	1365	1541	1199	2107	3033	3244
Total Expenditure	1011	1010	1015	1308	1268	946	1617	2343	2559
Operating Profit	3	46	121	58	273	252	490	690	685
Interest	47	88	34	40	161	151	129	149	162
Depreciation	85	137	55	83	223	229	221	279	315
Exceptional Income / Expenses	0	0	0	0	35	46	-17	-20	-70
Profit Before Tax	-129	-178	30	-65	-77	-82	123	242	138
Provision for Tax	1	1	-1	1	2	-1	-32	-21	-27
Profit After Tax	-130	-180	31	-66	-79	-81	155	263	165
Adjustments	2	60	15	18	-43	26	1	2	13
Profit After Adjustments	-127	-120	46	-48	-122	-55	156	265	178
Adjusted Earnings Per Share	-1.2	-1.1	0.4	-0.5	-1.1	-0.5	1.3	2.2	1.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	44%	26%	22%	0%
Operating Profit CAGR	41%	36%	42%	0%
PAT CAGR	70%	0%	53%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-7%	NA%	NA%	NA%
ROE Average	32%	24%	1%	-23%
ROCE Average	42%	31%	21%	11%

Devyani International Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	176	87	139	82	-189	114	686	970
Minority's Interest	25	-20	-34	-46	-39	-42	-5	-6
Borrowings	241	211	272	332	340	359	107	77
Other Non-Current Liabilities	9	42	52	64	1186	807	1005	1316
Total Current Liabilities	270	276	296	344	578	421	420	535
Total Liabilities	720	596	725	776	1876	1659	2214	2892
Fixed Assets	491	402	445	537	1594	1347	1720	2391
Other Non-Current Assets	108	82	136	94	139	148	158	191
Total Current Assets	122	112	144	146	143	165	336	310
Total Assets	720	596	725	776	1876	1659	2214	2892

Devyani International Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	40	46	37	44	27	13	40	57
Cash Flow from Operating Activities	76	90	91	76	301	240	451	637
Cash Flow from Investing Activities	-70	-66	-141	-168	-97	-359	-375	-350
Cash Flow from Financing Activities	-2	-32	56	71	-223	142	-58	-283
Net Cash Inflow / Outflow	5	-8	6	-20	-19	23	17	5
Closing Cash & Cash Equivalent	45	37	44	27	13	40	57	63

Devyani International Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	-1.2	-1.13	0.43	-0.46	-1.15	-0.48	1.3	2.2
CEPS(Rs)	-0.42	-0.4	0.81	0.16	1.36	1.28	3.12	4.49
DPS(Rs)	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	1.65	0.72	1.21	0.66	-1.88	0.97	5.66	7.92
Core EBITDA Margin(%)	0.1	3.55	8.61	3.6	16.38	16.6	22.41	21.84
EBIT Margin(%)	-8.12	-8.62	5.76	-1.86	5.54	6.07	12.09	13.05
Pre Tax Margin(%)	-12.75	-17.04	2.73	-4.81	-5.07	-7.26	5.91	8.07
PAT Margin (%)	-12.81	-17.17	2.8	-4.9	-5.19	-7.17	7.44	8.76
Cash Profit Margin (%)	-4.38	-4.07	7.76	1.22	9.53	13.05	18.06	18.06
ROA(%)	-18.01	-27.33	4.71	-8.85	-5.94	-4.6	8.01	10.28
ROE(%)	-74.03	-143.01	30.46	-66.91	0	0	39.06	32.1
ROCE(%)	-15.69	-19.68	14.13	-4.67	18.17	14.78	36.09	41.92
Receivable days	5.46	5.74	5.95	5.57	4.85	5.5	3.32	3.04
Inventory Days	13.89	12.62	12.91	13.4	15.29	21.6	12.93	13.06
Payable days	127.37	126.2	130.98	118.88	118.92	172.14	109	89.01
PER(x)	0	0	0	0	0	0	135.09	65.73
Price/Book(x)	0	0	0	0	0	0	30.97	18.26
Dividend Yield(%)	0	0	0	0	0	0	0	0
EV/Net Sales(x)	0.4	0.36	0.39	0.42	0.42	0.47	10.17	5.81
EV/Core EBITDA(x)	127.45	8.17	3.59	9.84	2.33	2.13	43.21	25.23
Net Sales Growth(%)	0	3.47	6.03	22.15	11.78	-25.16	83.64	43.84
EBIT Growth(%)	0	-9.82	170.82	-139.51	432.72	-18.05	265.73	55.34
PAT Growth(%)	0	-38.69	117.3	-313.44	-18.55	-3.27	290.74	69.24
EPS Growth(%)	0	5.63	138.28	-205.18	-151.65	58.24	371.15	69.47
Debt/Equity(x)	1.99	4.01	2.91	6.92	-2.73	4.12	0.19	0.08
Current Ratio(x)	0.45	0.41	0.49	0.42	0.25	0.39	0.8	0.58
Quick Ratio(x)	0.31	0.28	0.34	0.26	0.12	0.24	0.6	0.34
Interest Cover(x)	-1.75	-1.02	1.9	-0.63	0.52	0.46	1.96	2.62
Total Debt/Mcap(x)	0	0	0	0	0	0	0.01	0

Devyani International Shareholding Pattern

#	Aug 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	62.91	62.91	62.91	62.8	62.8	62.8	62.8	62.79	62.76	62.74
FII	7.28	7.86	7.82	6.9	6.87	8.3	8.82	9.77	12.05	13.34
DII	5.56	4.83	4.91	5.75	6.26	7.47	7.88	9.67	8.74	8.24
Public	24.25	24.4	24.35	24.55	24.07	21.43	20.5	17.78	16.44	15.68
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Aug 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	75.66	75.66	75.66	75.66	75.66	75.66	75.66	75.66	75.66	75.66
FII	8.75	9.45	9.41	8.31	8.27	10	10.62	11.77	14.53	16.09
DII	6.69	5.8	5.91	6.93	7.54	9	9.49	11.65	10.54	9.93
Public	29.16	29.34	29.28	29.58	29	25.82	24.7	21.42	19.82	18.91
Others	0	0	0	0	0	0	0	0	0	0
Total	120.25	120.25	120.25	120.47	120.47	120.47	120.47	120.5	120.54	120.59

Pros

Company has delivered good profit growth of 53% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 24%
Debtor days have improved from 109 to 89.01days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 20.4 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.