Shares of Devyani International trading flat on Tuesday tanked sharply after KFC’s India operator released its results for the quarter that ended in March.

What Happened: The operator of popular chains such as KFC, Pizza Hut, and Costa Coffee, reported a consolidated a net loss of ₹7.4 crore for the March quarter, compared with a profit of ₹60 crore reported during the corresponding period last year. The company had a one-time loss of ₹42.3 crore.

Revenue for the quarter stood at₹1,047 crore for the quarter, a growth of 38.69% compared to ₹754.9 crore recorded in the same period a year ago. EBITDA reached ₹172.3 crore, marking a growth of 14.4%. EBITDA margins stood at 16.5%, down from 20% in the same period last year.

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The quick-service restaurant chain also announced the appointment of Kamaljit Singh Bedi as CEO of Institutional Business and New Business Ventures. Bedi has over two decades of experience working with companies like ITC, Levi's, Airtel, Mattel Inc, BIBA, Creambell and Rich Products.

The company opened 47 net new stores during the January-March period (incl. five in Thailand), taking the total store count to 1,782 as of 31st March 2024.

Price Action: Devyani’s share price was down 0.23% to trade at ₹155 on Tuesday afternoon. Bouncing back after the initial slump.

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