Jubilant Food Works - Q1FY14 Results - Nirmal Bang

- Company posted result broadly in line with street expectation.
- Net Sales was up by 26.1% YoY to Rs. 396.4 crs and by 8.4% QoQ.
- JFL registered SSS growth of 6.3% in Q1FY14 as against 22.3% in Q1FY13 and 7.7% in Q4FY13.
- EBITDA was up by 16.4% YoY to Rs. 66.7 crs and by 8.9% QoQ. The operating margin was 16.8% in Q1FY14, 18.2% in Q1FY13 and was 16.7% in Q4FY13. The margin was down due to increase in rent and Other expenses as % of sales.

- Gross margin increased by 70bps to 74.1% YoY in Q1FY14 as against 73.4% in Q1FY13 and by 20bps QoQ of 73.9% in Q4FY13.

- Adj. PAT was up by 5.1% YoY to Rs. 34 crs and by 4% QoQ. PAT margin was 8.6% in Q1FY14 as against 10.3% in Q1FY13 and 8.9% in Q4FY13. Profitability of the company got impacted due to jump in tax rate and depreciation cost.

- The stock is currently trading at 56.8x on trailing basis.

Source : Equity Bulls

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