Interim report
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Devyani International Limited _____________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________ Corporate Office: Plot No-18, Sector-35, Gurugram - 122004, Haryana (India) • Tel.: +91-124-4566300, 4786000 E-mail: devyani@dil-rjcorp.com • Website: www.dil-rjcorp.com; CIN: L15135DL1991PLC046758 November 6, 2025 To, National Stock Exchange of India Ltd. Exchange Plaza, Block G, C/1, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 Email: cmlist@nse.co.in Symbol: DEVYANI BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Email: corp.relations@bseindia.com Security Code: 543330 Subject: Outcome of the Board Meeting and intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Madam, The Board of Directors of the Company at its meeting held today i.e. November 6, 2025 (started at 11:00 A.M. and concluded at 12:10 P.M.) inter-alia considered and approved the Unaudited Financial Results of the Company (Standalone and Consolidated) for the Quarter and Half Year ended September 30, 2025. A copy of the same along with Limited Review Reports issued by Walker Chandiok & Co LLP, Chartered Accountants and O P Bagla & Co LLP, Chartered Accountants, Joint Statutory Auditors of the Company, with unmodified opinion, are attached and the same are being uploaded on website of the Company. You are requested to take the above on record. Yours faithfully, for Devyani International Limited Pankaj Virmani Chief Sustainability Officer & Company Secretary Encl.: As above
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Devyani International Limited Corporate Identification Number: Ll5135DLl991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase l, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of consolidated financial results (INR in million, except for share data and if otherwise stated) For the quarter ended For the six months ended For the year ended Particulars 30 September 30 June 2025 30 September 30 September 30 September 31 March 2025 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income (a) Revenue from operations 13,767.51 13,569.69 12,221.56 27,337.20 24,440.57 49,510.52 (b) Other income 51.34 135.06 48.37 186.40 147.50 369.89 Total income 13,818.85 13,704.75 12,269.93 27,523.60 24,588.07 49,880.41 2. Expenses (a) Cost of materials consumed 4,429.65 4,309.30 3,736.25 8,738.95 7,495.04 15,348.98 (b) Purchases of stock-in-trade 8.46 8.42 11.10 16.88 21.48 39.10 (c) Employee benefits expense 2,016.90 2,010.92 1,834. 18 4,027.82 3,516.26 7,104.36 ( d) Finance costs 688.35 667.79 653.32 1,356.14 1,283.20 2,648.30 (e) Depreciation and amortisation expense 1,55 1.81 1,496.75 1,391.23 3,048.56 2,713 .40 5,698.75 (f) Impairment/(reversal of impairment) of non-current assets 51.14 0.06 51.14 (0.42) 224.54 (g) Foreign exchange (gain)/loss (net) (31.04) (11.65) 30.10 (42.69) 106.14 89.16 (h) Other expenses 5,369.41 5,192.44 4,652.73 10,5 61.85 9,186.75 18,596.10 Total expenses 14,084.68 13,673.97 12,308.97 27,758.65 24,321.85 49,749.29 3. (Loss)/profit before share of loss of joint ventures (1-2) (265.83) 30.78 (39.04) (235.05) 266.22 131.12 4. Share ofloss of joint ventures (1.99) (1.39) (0.06) (3.38) (0.06) (3.24) 5. (Loss)/profit before tax from continuing operations (3-4) (267.82) 29.39 (39.10) (238.43) 266.16 127.88 6. Tax expense -Current tax 16.93 76.72 52.49 93.65 187.93 237.49 -Adjustment of taxes relating to earlier years 0.88 1.07 0.88 1.37 (9.34) -Deferred tax (credit) (69.82) (71.55) (43.45) (141.37) (98.23) (31.27) Total tax (credit)/expense (52.01) 5.17 10.11 (46.84) 91.07 196.88 7. (Loss)/profit from contin uing operations after tax (5-6) (215.81) 24.22 (49.21) (191.59) 175.09 (69.00) 8. Loss before tax from discontinued operations (refer note 4A) (23.65) (1.94) (25.59) Tax expense of discontinued operations - 9. Loss from discontinued operations after tax (refer note 4A) (23.65) (1.94) (25.59) 10.(Loss)/profit for the period/ year (7+9) (239.46) 22.28 (49.21) (217.18) 175.09 (69.00) 11. Other comprehensive income (a) Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans (21.19) 6.76 (4.77) (14.43) (8.32) (18.71) Income-tax relating to above mentioned item 5.00 (1.28) 1.15 3.72 1.89 3.66 (b) Items that will be reclassified to profit or loss Exchange differences on translation of foreign operations 325.96 290.76 913.96 616.72 986.36 700.38 Total other comprehensive income 309.77 296.24 910.34 606.01 979.93 685.33 12. Total comprehensive income for the period/ year (10+ 11) 70.31 318.52 861.13 388.83 1,155.02 616 .33 13. (Loss)/profit attributable to: Owners of the Company (218.87) 36.88 0.17 (181.99) 243.79 91.49 Non controlling interests (20.59) (14.60) (49.38) (35.19) (68.70) (160.49) 14. Other comprehensive income attributable to: Owners of the Company 163.39 152.06 890.26 3 I 5.45 521.11 374.47 Non controlling interests 146.38 144.18 20.08 290.56 458.82 310.86 15. Total comprehensive income attributable to: Owners of the Company (55.48) 188.94 890.43 133.46 764.90 465.96 Non controlling interests 125.79 129.58 (29.30) 255.37 390.12 150.37 16. Paid-up equity share capital (face value of INR 1/- each) 1,232.87 1,231 .94 1,206.27 1,232.87 1,206.27 1,206.27 17. Other equity 9,737.79 18. (Loss)/earnings per share from continuin g operations (ofINR 1/- each) (not annualised for quarters) Basic(INR) (0.16) 0.03 0.00 (0.13) 0.25 0.08 Diluted (INR) (0.16) 0.03 0.00 (0.13) 0.25 0.08 19. Loss per share from discontinuin g operations (of INR 1/- each) (not annualised for quarters) Basic (INR) (0.02) (0.00)* (0.02) Diluted (INR) (0.02) (0.00) (0.02) 20. (Loss)/earnings per share from continuing and discontinuing operations (of INR 1/- each) (not annualised for quarters) Basic(INR) (0.18) 0.03 0.00 (0.15) 0.25 0.08 Diluted (INR) (0.18) 0.03 0.00* (0.15) 0.25 0.08 Rounded off up to two decimal places
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Devyani International Limited Corporate Identification Number: L!5135DL1991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase I, New Delhi - 1 10020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300 , E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of consolidated assets and liabilities (INR in million) .;,# DEVVANI INTERNATIONAL LAITEO As at As at Particulars 30 September 31 March 2025 2025 (Unaudited) (Audited) Assets Non-current assets (a) Property, plant and equipment 16,71 3.64 16,330.67 (b) Capital work-in-progress 85 .01 34 .59 (c) Right-of-use assets 19,540.04 18,798.55 ( d) Investment properties 255 .11 259.24 (e)Goodwill 6,765.37 4,580.52 () Other intangible assets 11 ,524.21 6,254.30 (g) Investments accounted for using the equity method 26.30 12.01 (h) Financial assets (i) Other financial assets 1,623.60 1,520.70 (i) Deferred tax assets (net) 574.34 (j) Income tax assets (net) 35.4 9 8.21 (k) Other non-current assets 341.7 4 274.94 Total non-current assets (A) 56,910.51 48,648.07 Current assets (a) Inventories 1,692 .33 1,482.26 (b) Financial assets (i) Trade receivables 538.69 413.10 (ii) Cash and cash equivalents 1,513.60 1,813. 72 (iii) Bank balances other than cash and cash equivalents 141.7 3 (iv) Other financial assets 540.50 460.81 (c) Income tax assets (net) 5.46 7. 13 ( d) Other current assets 641. 21 560.62 Total current assets (B) 5,073.52 4,737.64 Non-current assets held for sale (C) 82.23 - Total assets (A+B+C) 62,066.26 53,385.71 Equity and liabilities Equity (a) Equity share capital 1,232.87 1,206.27 (b) Other equity 14,296.80 9,737.79 Equity attributable to owners of the Company 15,529.67 10,944.06 Non-controlling interests 4,054.99 3,078.58 Total equity (D) 19,584.66 14,022.64 Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings 6,600.44 6,700.52 (ii) Lease liabilities 21,787.30 20,787.30 (iii) Other financial liabilities 79.30 62.92 (b) Provisions 875.53 662 .83 (c) Other non-current liabilities 2.49 20.92 (d) Deferred tax liabilities (net) 48 3.39 Total non-current liabilities (E) 29,828.45 28,234.49 Current liabilities (a) Financial liabilities (i) Borrowings 3,058.86 2,617.1 2 (ii) Lease liabilities 1,986.74 1,771.06 (iii) Trade payables - total outstanding dues of micro and small enterprises 195.03 163.01 - total outstanding dues of creditors other than micro and small enterprises 5,104.96 4,248.36 (iv) Other financial liabilities 1,675.56 1,619.6 0 (b) Other current liabilities 419.55 568.09 (c) Provisions 161.60 135.77 (d) Current tax liabilities (net) 50.85 5.57 Total current liabilities (F) 12,653.15 11,128.58 Total liabilities (G=E+F) 42,481.60 39,363.07 Total equity and liabilities (D+G) 62,066.26 53,385.71
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Devyani International Limited Corporate Identification Number: Ll 513 5DL199 IPLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase 1, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of consolidated cash flows (INR in million) For the six For the six months months ended ended Particulars 30 September 30 September 2025 2024 (Unaudited) (Unaudited) (A) Cash flows from operating activities (Loss)/profit before tax from continuing operations (238.43) 266.16 (Loss)/profit before tax from discontinuing operations (25.59) Adjustments for: Depreciation and amortisation expense 3,048.56 2,713.40 Impairment of non-current assets 51.14 (0.42) Liabilities no longer required written back (42.13) (0.23) Loss on disposal of property plant and equipment 2.75 0.78 Bad debts and advances written off 2.06 Loss allowance 18.09 17.71 Share of loss in joint ventures 3.38 0.06 Unrealised foreign exchange loss (41.10) 16.35 Finance costs 1,356.14 1,419.61 Employee stock option expense/(reversal) 17.62 (100.60) Interest income (76.71) (79.90) Gain on sale of current investment (3.81) (0.86) Gain on termination/modification of lease liabilities (59.83) (60.01) Operating profit before working capital changes 4,010.08 4,194.11 Adjustments for changes in: - trade receivables 35.16 (156.62) - inventories (133.24) (201.84) - loans, other financial assets and other assets 17.42 33.71 - trade payables, other financial liabilities and other liabilities I 39.48 816.79 Cash generated from operating activities 4,068.90 4,686.15 Income tax (paid)/refund (net) (56.09) 45.83 Net cash generated from operating activities 4,012.81 4,731.98 (B) Cash flows from investing activities Payments for purchase of property, plant and equipment and other intangible assets (1,815.18) (2,436.14) Proceeds from sale of property plant and equipment 54.42 16.17 Investment made in joint ventures (17.67) (0.05) Purchase of additional stake from minority of subsidiaries (354.00) Proceeds from sale of current investment (net) 3.81 0.86 Term deposits made with banks (466.07) (821.55) Proceeds from term deposits 355.1 9 633.48 Interest received 15.62 21.24 Net cash used in investing activities (2,223.88) (2,585.99) (C) Cash flows from financing activities Proceeds from issue of equity share capital 122.07 9.55 Proceeds from non current borrowings 500.00 0.17 Repayment of non-current borrowings (773.98) (349.68) Proceeds from cash credit facilities(net) 120.91 143.16 Payment of lease liabilities- principal (861.28) (657.18) Payment of lease liabilities- interest (1,092.24) (1,003.35 ) Interest paid (265.42) (275.39) Net cash used in financing activities (2,249.94) (2,132.72) (D) Effect of foreign currency fluctuation arising out of consolidation 87.75 200.25 (E) Cash and cash equivalents acquired through business combination 73.14 - Net (decrease/increase in cash and cash equivalents during the period (A+B+C+D+E) (300.12) 213.52 Cash and cash equivalents at the beginning of the period 1,813.72 1,676.42 Cash and cash equivalents at the end of the period 1,513.60 1,889.94
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~w DEVY ANI NTERNATIONAL. LAMMI'TEL Devyani International Limited Corporate Identification Number: Ll5135DL1991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase 1, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of standalone financial results (INR in million except for share data and if otherwise stated) ' For the quarter ended For the six months ended For the year ended Particulars 30 September 30 June 2025 30 September 30 September 30 September 31 March 2025 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1. Income (a) Revenue from operations 8,706.06 9,168.88 8,356.37 17,874.94 16,755.21 33,493.33 (b) Other income 90.18 162.11 101.71 252.29 214.86 498.83 Total income 8,796.24 9,330.99 8,458.08 18,127.23 16,970.07 33,992.16 2. Expenses (a) Cost of materials consumed 2,547.85 2,757.55 2,359.21 5,305.40 4,703.81 9,509.04 (b) Purchases of stock-in-trade 12.93 11.43 13.80 24.36 30.63 56.60 (c) Employee benefits expense 1,202.42 1,263.26 1,202.09 2,465.68 2,284.56 4,549.54 (d) Finance costs 559.02 553.60 543.08 1,112.62 1,067.25 2,214.10 ( e) Depreciation and amortisation expense 1,046 .16 1,046.77 988.83 2,092.93 1,905.73 4,036.11 (f) Impairment of non-current assets 51.14 - - 51.14 - 223.03 (g) Other expenses 3,577.34 3 626.40 3,317.96 7,203.74 6,548.63 13,133.41 Total expenses 8.996.86 9,259.01 8 424.97 18.255.87 16,540.61 33,721.83 3. (Loss)/profit before tax (1-2) (200.62) 71.98 33.11 (128.64) 429.46 270.33 4. Tax expense -Current tax 10.43 70.97 45.17 81.40 173.99 212.75 -Adjustment of taxes relating to earlier years - - 0.15 - 0.15 (11.2 9) -Deferred tax (credit) (67.80) (61.05) (22.42) (128.85) (71.43) (168.32) Total tax (credit)/expense (57.37) 9.92 22.90 (47.45) 102.71 33.14 5. (Loss)/profit after tax (3-4) (143.25) 62.06 10.21 (81.19) 326.75 237.19 6. Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plan (8.54) 4.08 (3.07) (4.46) (5.01) (5.34) Income tax relating to above mentioned item 2.15 (1.03) 0.77 1.12 1.26 1.34 Total other comprehensive income (6.39) 3.05 (2.30) (3.34) (3.75) (4.00) 7. Total comprehensive income for the period/ year (5+6) (149.64) 65.11 7.91 (84.53) 323.00 233.19 8. Paid-up equity share capital (face value of INR 1/- each) 1,232.87 1,231. 94 1,206.27 1,232.87 1,206.27 1,206.27 9. Other equity 9,833.40 10.(Loss)/earnings per share (of INR 1/- each) (not annualised for quarters) Basic (INR) (0.12) 0.05 0.01 (0.07) 0.27 0.20 Diluted (INR) (0.12) 0.05 0.01 (0.07) 0.27 0.20 IDENTL PURPOSES ONLY
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Devyani International Limited Corporate Identification Number: L15135DL1991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase 1, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of standalone assets and liabilities .ace DEVVANI INTE RNATIONA L. LAM1TED Particulars Assets Non-current assets Property, plant and equipment Capital work-in-progress Right-of-use assets Investment properties Goodwill Other intangible assets Financial assets (i) Investments (ii) Other financial assets Deferred tax assets (net) Income tax assets (net) Other non-current assets Total non-current assets (A) Current assets Inventories Financial assets (i) Investment (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than cash and cash equivalents (v) Loans (vi) Other financial assets Other current assets Total current assets (B) Total assets (A+B) Equity and liabilities Equity Equity share capital Other equity Total equity (C) Liabilities Non-current liabilities Financial liabilities () Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Other non-current liabilities Total non-current liabilities (D) Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (a) total outstanding dues of micro and small enterprises (b) total outstanding dues of creditors other than micro and small enterprises (iv) Other financial liabilities Other current liabilities Provisions Current tax liabilities (net) Total current liabilities (E) Total liabilities (F=D+E) Total equity and liabilities (C+F) (INR in million) As at As at 30 September 31 March 2025 2025 (Unaudited) (Audited) 11,957.94 11,921.37 84.99 34.57 16,33 6.33 16,40 3.97 25 5.11 259.24 504.57 504.57 1,59 1.81 1,596.20 8,434.43 3,536.3 9 1,160.29 1,144. 94 1,407.95 1,277.98 14.84 8.21 196.24 117.90 41,944.50 36,805.34 1,126.91 1,068.84 25.00 25 .11 499.47 585 .30 68.07 234.57 51.54 - - - 484.32 483.62 520.38 440.21 2,775.69 2,837.65 44 720.19 39,642.99 1,232.87 1,206.27 14,054.91 9,833.40 15,287.78 11,039.67 2,637.40 2,645.07 18,68 1.02 18,500 .27 62.93 48.18 237.85 212.5 0 2.49 20.92 21,621.69 21,426.94 1,33 0.51 1,074.97 1, 583 .78 1,507.89 162.85 163 .01 2,992.88 2,761.54 1,195.2 9 1,099.61 369.07 459.63 128.50 109.7 3 47.84 - 7 810.72 7,176.38 29 432.41 28,603.32 44.720 .19 39,642.99
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-as DEVY ANI 4TE#RNA TIO#NA L LAM{TEL Devyani International Limited Corporate Identification Number: L15135DL1991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase 1, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Statement of standalone cash flows (INR in million) For the six For the six months ended months ended Particulars 30 September 30 September 2025 2024 (Unaudited) (Unaudited) (A) Cash flows from operating activities (Loss)/profit before tax (128.64) 429.46 Adjustments for: Depreciation and amortisation expense 2,092.93 1,905.73 Impairment of non-current assets 51.14 - Liabilities no longer required written back (35.00) - (Gain)/loss on disposal of property, plant and equipment (3.03) 0.09 Bad debts and advances written off - 2.06 Loss allowance 18.09 9.23 Unrealised foreign exchange gain (5.70) (19.57) Finance costs 1,112.62 1,067.25 Employee stock option expense/(reversal) 17.62 (100.59) Interest income (60.64) (65.49) Gain on sale of current investments (3.81) (0.86) Loss on investments carried at fair value through profit or loss 0.12 0.03 Gain on termination/modification of lease liabilities (59.00) (48.06) Dividend income (0.59) (0.63) Operating profit before working capital changes 2,996.11 3,178.65 Adjustments for changes in: - trade receivables 67.74 (171.5 1) - inventories (58.07) (230.10) - loans, other financial assets and other assets (83.72) (30.85) - trade payables, other financial liabilities and other liabilities 303.72 598.98 Cash generated from operating activities 3,225.78 3,345.17 Income tax (paid)/refund (net) (40.19) 62.79 Net cash generated from operating activities 3,185.59 3,407.96 (B) Cash flows from investing activities Payment for purchase of property, plant and equipment and other intangible assets (1,230.83) (1,794.78) Proceeds from sale of property, plant and equipment 32.86 5.77 Proceeds from term deposits 355.18 633.48 Term deposits made with banks (408.34) (434.08) Interest received 6.88 6.46 Investment in subsidiaries and joint ventures (705.10) (0.05) Proceeds from sale of current investments (net) 3.81 0.86 Dividend received 23.92 - Net cash used in investing activities (1,921.62) (1,582.34) (C) Cash flows from financing activities Proceeds from issue of equity share capital 122.07 9.55 Proceeds from non-current borrowings 500.00 - Repayment of non-current borrowings (388.62) (255.75) Proceeds from cash-credit facilities (net) 139.86 171.11 Payment oflease liabilities- principal (690.76) (550.24) Payment oflease liabilities- interest (979.16) (923.43) Interest paid (133 .86) (137.53) Net cash used in financing activities (1,430.47) (1,686.29) Net (decrease)/increase in cash and cash equivalents during the period (A+B+C) (166.50) 139.33 Cash and cash equivalents at the beginning of the period 234.57 109.83 Cash and cash eauivalents at the end of the period 68.07 249.16
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Devyani International Limited Corporate Identification Number: L15135DLl991PLC046758 Registered Office: F-2/7, Okhla Industrial Area, Phase 1, New Delhi - 110020 Corporate Office: Plot No. 18, Sector-35, Gurugram - 122004, Haryana Tel: +91-124-4566300, E-mail: companysecretary@dil-rjcorp.com, Website: www.dil-rjcorp.com Notes to consolidated and standalone financial results for the quarter and six months period ended 30 September 2025 (INR in million) In terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) 2015 , as amended, these consolidated and standalone financial results ("financial results") for the quarter ended 30 September 2025 have been reviewed and recommended for approval by the Audit, Risk Management and Ethics Committee and accordingly have been approved by the Board of Directors of Devyani International Limited ("DIL" or the "Company") at their respective meetings held on 06 November, 2025. The joint statutory auditors have conducted limited review of the financial results. 2 These financial results have been prepared in accordance with the recognition and measurement principles of applicable Indian Accounting Standards ('Ind AS') notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013 (read with SEBI Circular CIR/CFD/F AC/62/20 I 6 dated 05 July 201 6) and other recognised accounting practices and policies. 3 During the current quarter 9,35,000 equity shares, having face value ofINR 1/- each, were allotted to employees in pursuant of option exercised. 4A On 10 June 2025, the Company acquired 80.72% equity stake (on a fully diluted basis) in Sky Gate Hospitality Private Limited ("Sky Gate"), excluding the business ofKrazy Kebab Co. and its investment in Peanutbutter and Jelly Private Limited (Peanutbutter"), for a total consideration of- INR 4,196.00 Million. The acquisition was executed through a preferential issue of equity shares of the Company. Hence, Sky Gate and three subsidiaries of Sky Gate, became subsidiaries of the Company w.e.f. June 10, 2025 The acquisition has been accounted using the acquisition method of accounting as per Ind AS I 03 - Business Combinations, using provisional values of the assets and liabilities acquired. Additionally, as the businesses under brands Krazy Kebab Co. and Peanutbutter are held with an intention to sell and hence related financial performance has been presented as discontinuing operations in consolidated financial results. Further during the quarter, the Company acquired additional stake through purchase of equity shares from the promoters/ promoters group and by subscription of additional equity shares in Sky Gate. As at 30 September 2025, the Company's equity stake has increased to -86.13% on a fully diluted basis. 4B During the current quarter, Sky Gate has acquired remaining minorities stakes in its subsidiaries i.e. Blackvelvet Hospitality Private Limited and Say Chefs Eatery Private Limited, making th subsidiaries of Sky Gate. 5 The Group operates in single reportable business segment "food and beverages" in terms oflnd AS 108- Segment Reporting. Place : Gurugram Dated : 06 November 2025
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Walker Chandiok & Co LLP Chartered Accountants 215 Floor, DLF Square Jacaranda Marg, DLF Phase II Gurugram- 122002, India T +91 124 462 8000 0 P Bagla & Co LLP Chartered Accountants B-225, 5 floor, Okhla Industrial Area, Phase-1, New Delhi-110020, T+91 11 4701 1850 Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Devyani International Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Devyani International Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its joint ventures (refer Annexure 1 for the list of subsidiaries and joint ventures included in the Statement) for the quarter ended 30 September 2025 and the consolidated year to date results for the period 1 April 2025 to 30 September 2025, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations , to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of one of the joint auditors , 0 P Bag la & Co LLP and other auditor referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement , prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations , including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to note 4A to the accompanying consolidated financial results which describes the recent business acquisition made by the Company and its impact on accompanying consolidated financial results. As explained in the said note, the Company has recorded the assets and liabilities acquired through this business acquisition determined on provisional basis which will be adjusted, as necessary, within the measurement period of one year as allowed under IND AS 103, Business combinations. Our conclusion is not modified in respect of this matter.
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Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) 6. We did not jointly review the interim financial information of eleven subsidiaries included in the Statement, whose financial information reflects total assets of INR 21,652.79 million as at 30 September 2025, and total revenues of INR 5,210.72 million and INR 9,754 .85 million, total net profit after tax of INR 2.47 million and INR 116.06 million, total comprehensive income of INR (185.12) million and INR (260.46) million, for the quarter and six months period ended on 30 September 2025, respectively, and cash flows (net) of INR (206.78) million for the period ended 30 September 2025, as considered in the Statement. The Statement also includes the Group's share of net loss after tax of INR 1.99 million and INR 3.38 million and total comprehensive income of INR (1.99) million and INR (3.38) million, for the quarter and six months period ended on 30 September 2025, as considered in the Statement, in respect of two joint ventures, whose interim financial information results have not been jointly reviewed by us. These interim financial information have been reviewed by one of the joint auditors, 0 P Bag la & Co LL P and other auditor whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures is based solely on the review reports of O P Bagla & Co LLP and such other auditor and the procedures performed by us as stated in paragraph 3 above. Further, of these subsidiaries , one subsidiary , is located outside India, whose interim financial information have been prepared in accordance with accounting principles generally accepted in their respective country and which have been reviewed by other auditor under ISRE 2410-lnternational Standard On Review Engagements applicable in their respective countries. The Holding Company' s management has converted the financial information of such subsidiar y from accounting principles generally accepted in their respective countries to accountin g principles generally accepted in India. One of the joint auditors, 0 P Bagla & Co LL P, has reviewed these conversion adjustments made by the H olding Company's management. Our conclusion, in so far as it relates to the balances and affairs of this subsidiar y is based on the review report of other auditor and the conversion adjustments prepared by the management of the H olding Company and reviewed by one of the joint auditors, 0 P Bag la & Co LL P. Our conclusion is not modified in respect of these matters with respect to our reliance on the work done by and the reports of O P Bagla & Co LLP and the other auditor. 7. The Statement includes the interim financial information of one subsidiar y, which has not been reviewed by their auditor, whose interim financial information reflects total assets of INR 71.76 milli on as at 30 September 2025, total revenues of I NR 62.08 million and INR 78.21 million , net loss after tax of I NR 0.06 million and INR 0.07 million, total comprehensive income of I NR (0.06) mill ion and I NR (0.07) million for the quarter and six months period ended on 30 September 2025 respectively, cash flow (net) of INR 1.70 million for the period ended 30 September 2025, as considered in the Statement, and have be en furni shed to us by the Holding Company's management. Ou r conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unreviewed interim financial information. According to the information and explanations given to us by the management, this interim financial information is not material to the Grou p. Our conclusion is not modified in respect of this matter with respect to our reli ance on the financial informat ion certified by the Board of Directors. For Walker Chandiok & Co LLP N50 0013 rship No.: 5 : 255074 29B Place: Gurugram Date: 6 November 2025 For OP Bagla & Co LLP Chartered Accountants Firm Registration No: 000018N/N500091 Neeraj Kumar Agarwal Partner Membership No.: 0 94155 UDIN: 250941 55BMK SEZ2425 Place: Gurugram Date: 6 November 2025
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Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (cont'd) Annexure 1 List of entities included in the Statement Ste Ste Ste Joint Venture Ste own Subsid Ste Su Ste own Subsi name Relationshi Dev ani International Limited Hold Dev ani International Nepal Private Limited Sub White Snow Com an Limited Dev ani International DMCC Bl Private Limited* RV Enter rises Pte. Limited Blackbrier Com an Limited Dev ani RK Private Limited Pe Private Limited* Sa te Limited* Sk ivate Limited* R nt Co. Limited Yellow Palm Com an Limited Dev ani PVR INOX Private Limited Joint Venture w.e.f. 10 June 2025, (refer note 4A to the accompanying consolidated financial results)
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Walker Chandiok & Co LLP Chartered Accountants 215 Floor, DLF Square Jacaranda Marg, DLF Phase II Gurugram- 122002, India 0 P Bagla & Co LLP Chartered Accountants B-225, 5" floor, Okhla Industrial Area, Phase-1, New Delhi-110020, Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Devyani International Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of Devyani International Limited ('the Company') for the quarter ended 30 September 2025 and the year to date results for the period 1 April 2025 to 30 September 2025, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations') 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walker Chandiok & Co LLP Chartered Accountants Ft 'egistrati No: 001 '76N/N500013 0 � Jo I2 G M m UDIN: 25507429BMIXKR6869 Place: Gurugram Date: 6 November 2025 For O P Bagla & Co LLP Chartered Accountants Firm Registration No: 000018N/N 500091 Neeraj Kumar Agarwal Partner Membership No.: 094155 UDIN: 25094155BMKSEY4642 Place: Gurugram Date: 6 November 2025