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Q4 FY’25Results PresentationMay 23rd, 2025
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2 DisclaimerThe information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase any securities(“Securities”) of Devyani International Limited (the “Company”) in India, the United States or any other jurisdiction. This presentation should not, nor should anything contained in it, form the basis of,or be relied upon in any connection with any contract or commitment whatsoever. This presentation is not an offer of securities for sale in the United States or elsewhere. This presentation does notconstitute a prospectus, a statement in lieu of a prospectus, an offering circular, information memorandum, an invitation or advertisement or an offer document under the Companies Act, 2013,together with the rules thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 each as amended, or any other applicable law inIndia.This presentation may contain forward‐looking statements that involve risks and uncertainties. Forward‐looking statements are based on certain assumptions and expectations of future events.Actual future performance, outcomes and results may differ materially from those expressed in forward‐looking statements as a result of a number of risks, uncertainties and assumptions. There isno obligation on the Company or any of its directors, officers, employees, agents or advisers, or any of their respective affiliates, advisers or representatives to update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise and none of them shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use ofthis presentation or its contents or otherwise arising in connection with this presentation. You are cautioned not to place undue reliance on these forward-looking statements, which are based oncurrent view of the Company’s management on future events.The data and opinion expressed herein with respect to the Company is based on a number of assumptions and is subject to a number of known and unknown risks, which may cause the Company’sactual results or performance to differ materially from any projected future results or performance expressed or implied by such statements. Further, certain figures (including amounts, percentagesand numbers), as applicable, have been rounded-off to the nearest number and may not depict the exact number.We use a variety of financial and operational performance indicators to measure and analyze our financial performance and financial condition from period to period and to manage our business.Further, financial or performance indicators used here, have limitations as analytical tools, and should not be considered in isolation from, or as a substitute for, analysis of our historical financialperformance, as reported and presented in our financial statements. Further, past performance is not necessarily indicative of future results.This presentation has been prepared by the Company. This document is a summary only and does not purport to contain all of the information that may be required to evaluate any potentialtransaction and any recipient hereof should conduct its own independent analysis of the Company and their businesses, including the consulting of independent legal, business, tax and financialadvisers. The information in this presentation has not been independently verified and has not been and will not be reviewed or approved by any statutory or regulatory authority or stock exchangein India. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions inthis presentation. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice.
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Chairman Comments 3 We are pleased to report that DIL continues to demonstrate strong momentum in its growth journey—both organically and throughstrategic acquisitions. Most recently, we announced the acquisition of Sky Gate Hospitality (owners of Biryani By Kilo & other brands)marking our entry into another high-potential food category. This will further strengthen our overall brand portfolio and deepen ourwell laid out strategy.During the year, we also tied up with three international brands i.e. New York Fries, Tealive, and Sanook Kitchen. We are proud toshare that we have recently opened the first NYF (New York Fries) store in Mumbai. This marks the beginning of our expansion withthe new brands, and you will see more coming in the current year .Our store expansion strategy has been instrumental in driving growth and reinforcing our market leadership. By following a balancedapproach of scaling the footprint while maintaining rigorous store-level performance standards—we successfully added 257 net newstores during FY’25, elevating our total presence to 2,039 stores as of March 31, 2025. We have achieved our store rollout targetsacross all brands, reflecting disciplined execution and strong operational capabilities.During the financial year 2025, DIL reported consolidated revenue of Rs 4,951 crore registering a robust 39.2% YoY growth. Thisperformance was primarily driven by the strategic acquisition of KFC stores in Thailand and supported by ongoing store expansion inIndia. The Company’s EBITDA margin stood at 17%, while absolute EBITDA increased by 29.1% over FY24.Over the past five years, DIL has outperformed the organized QSR market in terms of both revenue growth and new store openings.While the revenues for the listed QSR industry grew at a CAGR of 29.6%, DIL achieved a significantly higher CAGR of 44.5%.
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Acquisition of Sky Gate Hospitality – Update 4 Deal StructureEquity Valuation at Company level ~ INR 519 CrSecondary from Existing Investors upto ~ 80.72% : Consideration ~ INR 419 CrConsideration to be settled by way of Preferential allotment of DIL shares in line with SEBIRegulations @ ~INR 176.78 per share; Dilution of ~ 1.93% for existing DIL shareholders Transaction BackgroundControlling stake acquisition of Sky Gate Hospitality Private Limited (“SKY GATE”)Acquisition of Sky Gate Brands - Biryani By Kilo, Goila Butter Chicken and The BhojanComprising of 100+ stores (~ 35+ Dine-In stores) across 40+ citiesTurnover for FY24-25 is ~ Rs 277 Cr UpdateDIL Shareholders have approved the preferential allotment of equity shares to Sky Gateexiting shareholders in the EGM held on May 17, 2025.Deal closure expected by end May’25.In principle approval from Board for Primary Infusion of Upto Rs 90 Cr
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FY25 - Business Highlights 5 Growth strategy continues257 NNUs in FY25 vs. 539 stores (includes 283 stores acquired in Thailand) in FY24.18 KFC stores added in Thailand in FY25Signed 3 new brands – Tealive, New York Fries and Sanook Kitchen. Growth strategy continues257 NNUs in FY25 vs. 539 stores (includes 283 stores acquired in Thailand) in FY24.18 KFC stores added in Thailand in FY25Signed 3 new brands – Tealive, New York Fries and Sanook Kitchen. Financial Performance ConsolidatedRevenue - INR 49.5 Bn in FY25; 39.2% growth vs. FY24EBITDA - INR 8.4 Bn in FY25; 29.1% growth vs. FY24PBT - INR 128 Mn in FY25 vs 37 Mn in FY24; 248% growth vs FY24. Financial Performance ConsolidatedRevenue - INR 49.5 Bn in FY25; 39.2% growth vs. FY24EBITDA - INR 8.4 Bn in FY25; 29.1% growth vs. FY24PBT - INR 128 Mn in FY25 vs 37 Mn in FY24; 248% growth vs FY24. Average Daily Sales- Core BrandsKFC India FY25 ADS at INR 94K vs 105k in FY24PH India FY25 ADS at INR 34K vs 37k in FY24Thailand FY25 ADS at THB 56.7k vs 57.4k in FY24. Average Daily Sales- Core BrandsKFC India FY25 ADS at INR 94K vs 105k in FY24PH India FY25 ADS at INR 34K vs 37k in FY24Thailand FY25 ADS at THB 56.7k vs 57.4k in FY24.
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Q4 FY25 - Performance Highlights 6 Positive store additions2,039 Stores as of March 31, 2025306 KFC stores in Thailand as of March 31, 20257 NNUs in Q4 FY25Strong Revenue growthQ4 FY25 INR 12,126 Mn; +15.8% vs Q4 FY24KFC India INR 5,109 Mn ; +3.4% vs Q4 FY24PH India INR 1,754 Mn ; +8.2% vs Q4 FY24Costa INR 523 Mn ; +16.1% vs Q4 FY24Margin PerformanceGross MarginQ4 FY25 at 68.5%; -0.7% vs Q4 FY24Brand ContributionQ4 FY25 at 13.8%; +0.3% vs Q4 FY24 Earnings PerformanceConsolidated EBITDAQ4 FY25 INR 2008 Mn; +15.5% vs Q4 FY24Margin at 16.6%; flat vs Q4 FY24Profit before TaxQ4 FY25 at INR -223 Mn vs INR -380 Mn in Q4 FY24
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New Store Openings 7NNU = Gross additions less ClosuresCore Brands – 1,917 stores as on 31stMar’25 (1,912 : 31stDec’24)** Includes 283 Thailand KFC stores acquired on 18thJan’24* *
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Core Brand StoresMarch 31, 2024Dec 31, 2024March 31, 2025Delhi NCR 253 272 269Bangalore 163 174 180Kolkata 81 91 91Hyderabad 90 103 102Other Metro Cities 69 81 79Total Metros * 656 721 721Total Non Metros 686 821 825% in Metro 49% 47% 47%% in Non Metro 51% 53% 53%Total Cities 253 281 283Total Store Count 1,342 1,542 1,546 Core Brands Stores; India – Regional split 8NorthEastWestSouth* Metro cities :- Delhi NCR, Mumbai, Kolkata, Bangalore, Hyderabad, Ahmedabad, Pune. 541 35%311 20%142 9%552 36%As on March 31, 2025485 36%261 20%113 8%483 36%As on March 31, 2024
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1,739 2,192 2,008 6,524 8,422 16.6%16.9%16.6%18.3%17.0%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025959 1,306 1,081 3,807 4,943 9.2%10.1%8.9%10.7%10.0%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20251,419 1,850 1,670 5,519 7,052 13.5%14.3%13.8%15.5%14.2%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20257,244 8,892 8,306 24,998 34,122 69.2%68.7%68.5%70.3%68.9%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202510,471 12,945 12,126 35,563 49,511 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025330 111 7 539 257 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20259 Performance Trend – DIL ConsolidatedNet New Units (Nos)Revenue from OperationsGross MarginBrand ContributionOperating EBITDAReported EBITDAAll figures in INR Million, unless specified * * Includes 283 Thailand KFC stores acquired on 18thJan’24 *
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1,485 1,554 1,504 5,992 6,245 19.8%17.8%18.8%19.2%18.6%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025794 773 689 3,461 3,175 10.6%8.9%8.6%11.1%9.5%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20251,121 1,214 1,070 4,916 4,751 14.9%13.9%13.4%15.8%14.2%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20255,428 6,216 5,691 22,282 23,928 72.2%71.2%71.0%71.5%71.4%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20257,516 8,726 8,012 31,162 33,493 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202510 Performance Trend – DIL IndiaRevenue from OperationsGross MarginBrand ContributionOperating EBITDAReported EBITDAAll figures in INR Million, unless specified 655 892 1,184 1,429 1,664 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025Store Count (Nos)%%%
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37 46 59 353 375 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025298 714 677 603 2,600 10.1%16.6%16.1%13.6%15.9%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20251,817 2,754 2,692 2,716 10,494 61.4%64.1%64.2%61.2%64.2%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20252,961 4,300 4,195 4,436 16,336 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202511 Performance Trend – DIL InternationalStores Count (Nos)Revenue from OperationsGross MarginBrand ContributionAll figures in INR Million, unless specifiedIncludes 283 Thailand KFC stores acquired on 18thJan’24**Thailand Consolidation w.e.f. 18th Jan-24 * ADS (‘000) ******%* Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025Nigeria (Naira) 901 1,064 962 840 885Nepal (NPR) 120 129 109 133 119Thailand (THB) 56 58 55 57.4 56.7
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Core Brands – KFC – India
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Q4 New Stores CHERTHALA, KERALAIIT KHARAGPURBUDIGERE CROS, BANGALOREPUNALUR , KERALAYENDADA, VIZAG
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937 981 830 4,008 3,797 19.0%17.2%16.2%19.6%17.4%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 20253,453 3,911 3,490 14,204 15,006 69.9%68.6%68.3%69.5%68.9%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 93 96 83 105 94 -7.1%-4.4%-6.1%-4.6%-6.4%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202559%58%55%61%57%41%42%45%39%43%4,9415,6985,10920,43721,787596689696596696Q4 FY24Q3 FY25Q4 FY25FY 2024FY 202514 Revenue and Sales mix Business Performance – KFC India ADS and SSSGGross MarginBrand ContributionADS: Average Daily sales in ‘000 On-PremiseOff-Premise On-Premise = Dine-in, Eat-in or Takeaway ; Off-Premise = Delivered (either Own or Aggregator)All figures in INR Million, unless specified StoresSSSG%%
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KFC Marketing Campaigns
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16 Core Brands – Pizza Hut – India
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71 40 13 508 201 4.4%2.1%0.7%7.2%2.7%Q4 FY24Q3 FY25Q4 FY25FY 2024FY 20251,253 1,449 1,326 5,382 5,588 77.3%76.2%75.6%75.9%76.3%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 32 35 31 37 34 -14.0%-0.8%1.0%-10.9%-3.8%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202545%46%44%44%45%55%54%56%56%55%1,6211,9021,7547,0927,322567644630567630Q4 FY24Q3 FY25Q4 FY25FY 2024FY 202517 Revenue and Sales mix Business Performance – PH IndiaADS and SSSGGross MarginBrand ContributionADS: Average Daily sales in ‘000On-PremiseOff-Premise On-Premise = Dine-in, Eat-in or Takeaway ; Off-Premise = Delivered (either Own or Aggregator)All figures in INR Million, unless specified StoresSSSG%%
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PH Marketing Campaigns
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Core Brands – Costa Coffee – India
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Q4 New Stores AECS LAYOUT, BANGALOREDIMAPUR, NAGALANDEASTERN EXPRESSWAY,GHAZIABADINDIA EXPO PLAZA, NOIDAANJUNA BEACH GOA
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81 87 92 258 319 17.9%16.9%17.6%17.0%16.1%Q4 FY24Q3 FY25Q4 FY25FY 2024FY 2025346 390 398 1,166 1,497 76.7%75.5%76.1%76.8%75.4%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 33 26 27 33 27 7.3%5.1%3.5%8.7%4.1%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025451 517 523 1,518 1,985 179 209 220 179 220 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 202521 Revenue Business Performance – Costa IndiaADS and SSSGGross MarginBrand ContributionADS: Average Daily sales in ‘000 All figures in INR Million, unless specified StoresSSSG%%
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Costa Marketing Campaigns
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Q4 New Stores CROWN INTERIORZ MALL, FARIDABADDIMAPUR, NAGALAND
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33 34 37 135 151 21.5%17.3%19.2%22.8%20.1%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025124 156 152 472 599 80.0%79.0%79.2%79.5%79.5%Q4 FY24Q3 FY25Q4 FY25FY 2024FY 2025 30 24 23 30 26 2.1%9.6%9.1%4.9%8.3%Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025155 198 192 593 754 63 94 96 63 96 Q4 FY24Q3 FY25Q4 FY25FY 2024FY 202525 Revenue Business Performance – Vaango IndiaADS and SSSGGross MarginBrand ContributionADS: Average Daily sales in ‘000All figures in INR Million, unless specified StoresSSSG% %
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26 Vaango Marketing Campaigns 26
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Summary Financials
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Particulars (INR Million) Q4’FY24 Q3’ FY25 Q4’ FY25 FY24 FY25 Revenue from Operations 10,471 12,945 12,126 35,563 49,511 Other Income 146 91 132 326 370 Total Income 10,617 13,035 12,258 35,890 49,880 Raw Material Cost 3,226 4,052 3,819 10,566 15,388 Gross Profit 7,244 8,892 8,306 24,997 34,122 Gross Margin 69.2% 68.7% 68.5% 70.3% 68.9% Employee benefits expense 1,546 1,882 1,706 4,950 7,104 Other expenses 3,959 4,818 4,592 13,524 18,596 Total Expenses 5,506 6,700 6,298 18,474 25,700 EBITDA 1,739 2,192 2,008 6,524 8,422 EBITDA Margin 16.6% 16.9% 16.6% 18.3% 17.0% Finance Costs 567 670 695 1,869 2,648 Depreciation & Amortization Expense 1,259 1,468 1,518 3,848 5,699 Impairment 16 89 136 59 225 Foreign exchange (gain)/loss (net) 0 -30 13 897 89 Exceptional items 424 0 0 140 0 Profit / (loss) before Tax (PBT) -380 85 -223 37 128 Tax Expense 110 162 -56 133 197 Profit (loss) after Tax (PAT) -490 -76 -168 -97 -69 Consolidated Profit & Loss Statement 28** Deferred tax impact of RD Thailand
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Consolidated Balance Sheet 29 Particulars (INR Million) 31-Mar-24 31-Mar-25 Particulars (INR Million) 31-Mar-24 31-Mar-25Equity Share Capital 1,206 1,206 (a) Property, plant and equipment 14,995 16,331 Other equity 9,352 9,738 (b) Capital work-in-progress 110 35 Non-controlling Interest 2,928 3,079 (c) Right-of-use assets 16,906 18,799 Total Equity 13,486 14,023 (d) Investment properties 268 259 (e) Goodwill 4,287 4,581 (a) Financial liabilities (f) Other intangible assets 5,709 6,266 (i) Borrowings 7,255 6,701 (h) Financial assets(ii) Lease liabilities 18,549 20,787 (i) Loans 0 0 (iii) Other financial liabilities 285 54 (ii) Other financial assets 1,166 1,521 (b) Provisions 586 672 (i) Deferred tax assets (net) 512 574 (c) Other non-current liabilities 50 23 (j) Income tax assets (net) 298 8 (k) Other non-current assets 213 275 Total Non-Current Liabilities 26,726 28,236 Total Non-Current Assets 44,463 48,648 (a) Financial liabilities (a) Inventories 1,310 1,482 (i) Borrowings 1,846 2,617 (b) Financial assets(ii) Lease liabilities 1,407 1,771 (i) Trade receivables 527 413 (iii) Trade payables (ii) Cash and cash equivalents 1,676 1,814 (a) total outstanding dues of MSME166 163 (iii) Bank balances other than cash and cash equivalents 132 0 (b) total outstanding dues of creditors other than MSME3,590 4,211 (iv) Other financial assets571 473 (iv) Other financial liabilities 1,364 1,657 (c) Income tax assets (net) 4 7 (b) Other current liabilities 577 579 (d) Other current assets 640 561 (c) Provisions 116 136 (d) Current tax liabilities (net) 46 6 Total Current Liabilities 9,113 11,139 Total Liabilities 35,839 39,375 Total Current Assets 4,861 4,750 Total Equity and Liabilities49,325 53,398 Total Assets 49,325 53,398
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Devyani International’s Q4 & FY2025 Conference Call on Friday, May 23, 2025, at 2:30 PM ISTDevyani International Limited (DIL), a multi-dimensional comprehensive QSR player in India, will host a conference call for investors and analysts on Friday, May 23, 2025, at 2:30 PMIST to discuss its results and developments for the quarter and year ended March 31, 2025. The results will be announced earlier the same day.The senior management of the Company will be present to address the call.Please dial the below number 5-10 minutes prior to the scheduled start to ensure that you are connected to the call-in timeDetails of the conference call are as follows: Friday, May 23, 2025 at 2:30 PM IST:Timing+91 22 6280 1141 / +91 22 7115 8042:Conference Dial-In Primary NumberToll Free Numbers800 964 448:Hong Kong Local Access Number800 101 2045:Singapore Local Access Number0 808 101 1573:UK Local Access Number1 866 746 2133:USA Local Access NumberTo enable participants to connect to the conference call without having to wait for an operator, please register at the link below::Pre-Registration
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About UsDevyani International Limited (DIL) is the largest franchisee of Yum Brands in India and is among the largest operators of chain quick servicerestaurants (QSR) in India, on a non-exclusive basis, and operates more than 2,000 stores across more than 280 cities in India, Nigeria, Nepaland Thailand, as of March 31, 2025. In addition, DIL is the sole franchisee for Costa Coffee, Tea Live, New York Fries and Sanook Kitchen inIndia..Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 60,000 restaurants inover 155 countries.Founded in London by Italian brothers Sergio and Bruno Costa in 1971, Costa Coffee is present in 41 countries around the world, with over2,800+ coffee shops in the UK&I and 1,100+ globally.Please visit www.dil-rjcorp.comfor more information. You may also reach out to:Manish Dawar Anoop Poojari / Jenny Rose KunnappallyDevyani International Limited CDR India+91 124 478 6000 +91 98330 90434 / +91 86899 72124Email:Investor.relations@dil-rjcorp.comEmail:anoop@cdr-india.com/jenny@cdr-india.comSafe HarborCertain statements that may be made or discussed at the conference call may be forward-looking statements. Such forward-looking statements aresubject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, litigation, labour relationsetc. Actual results might differ substantially from those expressed or implied. Devyani International will not be in any way responsible for any actiontaken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflectsubsequent events or circumstances.
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Thank You!