Shares of Devyani International -India operator of KFC and Pizza Hut– crashed sharply on Wednesday after the company posted its earnings for the March quarter.

What Happened: The company’s consolidated revenue from operations jumped over 20% to ₹754.9 crore as against ₹590.7 crore revenue it booked in the year-ago period. The company added 66 net new stores in the quarter ended March, taking the total system store count to 1,243. As of 31st March 2023, it operates 543 KFC stores, 510 Pizza Hut stores, and 112 Costa Coffee stores.

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The company’s EBITDA for the quarter stood at ₹151.3 crore up 10% year-over-year. The company’s net profits, however, slumped sharply to ₹59.8 crore in the review quarter, a decrease of around 20% from the ₹76.5 crore profit it booked in the corresponding quarter last year.

The Company also announced that it has incorporated a wholly-owned subsidiary company i.e. "DEVYANI INTERNATIONAL DMCC" in Dubai, United Arab Emirates.

As soon as the results came out, shares of the company crashed sharply. Devyani shares went down over 8% to hit an intraday low of ₹166.20.

Price Action: Devyani shares were down 4.45% to trade at ₹173.75 in the late hours of trading on Wednesday.

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