DEVYANI

** Bank of America says company-specific factors, not GST cuts, are key for growth and earnings upgrades for consumer firms

** Nifty FMCG Index .NIFTYFMCG is up nearly 1%, driven by a near 4% rise in Britannia Industries BRIT.NS on hopes of GST cut on biscuits

** BofA says if only the 12% GST slab is subsumed with no change to 5% and 18% slabs, the direct impact would be limited

** But moving some categories from 18% slab to lower could imply higher upside

** Brokerage remains selective in the consumer space, prefers Titan TITN.NS among discretionaries; says risk/reward is favourable for Varun Beverages VARB.NS and United Breweries UBBW.NS

** Brokerage more cautious on Avenue Supermarts AVEU.NS and quick service restaurant stocks like Westlife Foodworld WEST.NS, Devyani International DEVY.NS and Sapphire Foods SAPI.NS

** FMCG index is down 1% in 2025 so far, lagging the benchmark Nifty 50's .NSEI 5% rise

(Reporting by Nandan Mandayam and Nishit Navin in Bengaluru)

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** Macquarie cuts PTs on Indian fast food operators after weak Q1; says demand recovery only during Oct festive season

** Cuts PTs on Domino's franchisee Jubilant Foodworks JUBI.NS, McDonald's operator Westlife Foodworld WEST.NS, KFC franchisee Devyani International DEVY.NS and Pizza Hut operator Sapphire SAPI.NS

** Brokerage also lowers EPS estimates for all four with cautious near-term outlook

** Government's GST cut plans "enhances comfort" on demand recovery panning out in H2 FY26 - Macquarie

** Brokerage prefers DEVY followed by WEST; more confident on demand recovery for KFC and McDonald's operators

** On average, DEVY rated "buy", rest rated "hold", by analysts - data compiled by LSEG

** YTD, JUBI down 13%, DEVY falls 6%, WEST drops 11.3%, SAPI 1% down

(Reporting by Nandan Mandayam in Bengaluru)

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** Devyani International DEVY.NS falls 0.7% to 157 rupees

** KFC and Pizza Hut operator posts 88% y/y slump in Q1 profit; rev from ops up 11.1% y/y

** Brokerages see weakness ahead as margins remain under stress

** Core profit margins contracted 15.1% from year-ago 18.3%, weighing on profitability

** PhillipCapital ("Neutral"; PT: 162 rupees) sees higher marketing spends, rise in prices to weigh on profitability

** Macquarie ("Outperform"; PT: 215 rupees) sees continued margin weakness across formats, limited near-term triggers

** Stock rated "buy" on average; median PT is 190 rupees, per data compiled by LSEG

** YTD, DEVY falls 14%

(Reporting by Komal Salecha)

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Aug 13 (Reuters) - Devyani International DEVY.NS, which operates Pizza Hut and KFC restaurants in India, reported a fall in first-quarter profit on Wednesday amid sluggish demand for fast food and higher costs.

The Yum Brands YUM.N franchisee posted a net profit of 36.9 million Indian rupees ($420,920.55) for the quarter ended June 30, compared with a profit of 301.06 million rupees a year earlier.

($1 = 87.6650 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Harikrishnan Nair)

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July 23 (Reuters) - Sapphire Foods India SAPI.NS, which operates Pizza Hut and KFC restaurants in the country, reported a quarterly loss on Wednesday, as fast-food restaurant chains face stiff competition from local cafes and online kitchens.

The restaurant operator posted a net loss of 18 million rupees ($208,345.39) for the first quarter ended June 30, compared to a profit of 85.2 million rupees a year earlier, according to a regulatory filing.

($1 = 86.3950 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Ananta Agarwal in Bengaluru; Editing by Subhranshu Sahu)

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** Indian Pizza Hut and KFC operators Devyani International DEVY.NS and Sapphire Foods SAPI.NS rise 3% to 172.1 and 9.9% to 352.35 rupees respectively

** Yum Brands YUM.N is in talks to facilitate a merger of its two franchisee partners in India, Economic Times reports, citing people aware of the matter

** ** DEVY, SAPI, YUM did not immediately respond to Reuters requests for comment

** Sapphire set for best day since 11 Feb, 2022, if gains hold

** The negotiations could result in DEVY either acquiring the franchisee rights of KFC and Pizza Hut from SAPI, or all of KFC's franchisee stores in India getting consolidated under DEVY, report adds

** A 1:3 share swap ratio is being prepared with Sapphire shareholders getting one share of DEVY for every three owned, the report further said

** DEVY, SAPI, YUM did not immediately respond to Reuters' requests for comment

(Reporting by Ananta Agarwal in Bengaluru)

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June 23 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL - EXECUTES AGREEMENTS TO BUY ADDITIONAL SKY GATE STAKE

• DEVYANI INTERNATIONAL - DEAL FOR UP TO 1.06 BILLION RUPEES FOR SKY GATE SHARES

• DEVYANI INTERNATIONAL - EQUITY STAKE IN SKY GATE TO INCREASE TO 86.13%

Source text: ID:nBSE5ywYzw

Further company coverage: DEVY.NS

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** India's Devyani International DEVY.NS jumps over 6% to one-month high of 175.78 rupees; on course for seventh straight session of gains

** KFC and Pizza Hut operator's board to meet on April 24 to approve acquiring Sky Gate Hospitality, which operates Biryani by Kilo

** Sky Gate has 3 billion rupee revenue (FY2025) from 106 restaurants/cloud kitchens across more than 40 cities

** Emkay Global Financial Services upgrades stock to "buy" from "add" on potential value creation from deal

** Acquisition to mark Devyani's foray into biryani category, which is large, delivery-friendly, and offers an opportunity to scale a quick service restaurant (QSR) biryani brand - Kotak Institutional Equities

** Says Biryani By Kilo has fared well among biryani QSRs and has superior average daily sales

** DEVY trims YTD losses to 3.7%

(Reporting by Vivek Kumar M)

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** India's Devyani International DEVY.NS jumps over 5% to one-month high of 164.3 rupees; set for fourth consecutive session of gains

** Kotak Institutional Equities upgrades KFC and Pizza Hut outlets operator to "buy" from 'add", raises PT to 190 rupees from 175 rupees

** Cites 20% stock correction in three months, expectations of better growth in FY26, portfolio augmentation as key triggers

** Says short-term headwinds aside, KF India's fundamentals are intact

** Analysts on avg rate DEVY "buy", median PT is 195 rupees, as per LSEG data

** YTD, DEVY still down 10%

(Reporting by Vivek Kumar M)

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** Long-term view on Indian QSRs (Quick Service Restaurants)remains constructive and the ongoing prolonged growth slowdown is nearing its end, says Emkay Global

** Sees potential for return of mid-teen growth in FY26E for QSRs, beyond the muted Q4 - Emkay

** Emkay covers Jubilant Foodworks JUBI.NS, Westlife Foodworld WEST.NS and Devyani International DEVY.NS with "add", while Sapphire Foods SAPI.NS gets a "buy" rating.

** JUBI, DEVY and WEST up between 0.8%-4.2%, while SAPI is down close to 1%

** Average recommendation for JUBI, DEVY and SAPI is "buy," while WEST is a "hold", as per LSEG data

** Emkay remains in favor of JUBI and Sapphire, led by relatively better operating performance

** Maintains "add" on Westlife and upgrades Devyani to "add" from "reduce", due to price correction.

(Reporting by Shivani Tanna in Bengaluru)

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** Motilal Oswal sees selective opportunities emerging in equities linked to consumption due to cheaper valuations following the recent drop

** FMCG index .NIFTYFMCG is down 6.4% in 2025 so far compared; Nifty 50 up 0.3%

** In the last two decades, consumer stocks have risen in all 11 phases of corrections in the benchmark Nifty 50 index .NSEI

** However, NIFTYFMCG has fallen 22.65% between the end of September 2024 and February 2025 vs 14.3% drop in Nifty 50

** Recent market drop has offered entry points in several key consumer and retail stocks, says brokerage

** Expects consumer indexes to recover in FY2026 as valuations ease

** Motilal's key small-cap, mid-cap picks include Page Industries PAGE.NS, Devyani International DEVY.NS, Metro Brands METB.NS, V-Mart VMAR.NS, Lemon Tree Hotels LEMO.NS, LT Foods LTOL.NS and Cello World CELO.NS

** Tax cuts and RBI rate cut in February will boost aggregate demand, investor sentiment, according to Motilal

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Domino's Pizza DPZ.O franchise Jubilant Foodworks JUBI.NS fall 4.3% to 642.4 rupees

** Co said on Thursday it expects 200 bps growth in PAT margin over FY25-FY28, double digit rev compound growth by adding 1000 new stores

** Guidance of merely 200 bps PAT margin scale-up over next three years disappointing, said analysts at Nuvama Institutional Equities

** Emkay Research said growth strategy sound but margin pickup slow

** Factors including hike in delivery sales mix, high debt, interest cost, investments logistics will put pressure on margins, said Philip Capital analysts

** Avg rating on JUBI "buy", same as rivals Devyani International DEVY.NS and Sapphire Foods SAPI.NS - data compiled by LSEG

** Stock down ~7% so far this year vs a fall of 5% and 7% in DEVY and SAPI, respectively

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Devyani International DEVY.NS, which operates KFC and Pizza Hut restaurants in India, falls 2.19% to 166 rupees

** Co's Q3 profit before tax drops 12% y/y amid dip in same-store sales for Pizza Hut and KFC in a weak demand environment

WEAKEST SAME-STORE SALES AMONG PEERS; PIZZA HUT EXPANSION TO MODERATE

** Ambit Capital ("sell"; PT: 142 rupees): DEVY reports weakest same-store sales among peers in Q3, "recovery is prolonged"

** Prefers rival Sapphire Foods SAPI.NS, which also operates Pizza Hut and KFC, on more attractive valuations

** Elara Capital ("buy"; PT: 215 rupees): Pizza Hut's same-store sales decline of ~1% y/y already on a low base given last year's ~12.6% drop

** Says Devyani to focus on improving unit economics, moderately expand store count

** Emkay ("reduce"; PT: 170 rupees): While growth turnaround is built into estimates, signs of initial recovery not seen yet for rating upgrade

** Says co's average daily spend was flat y/y vs a moderate increase reported by SAPI, in part due to DEVY's lower presence in metros where demand was better

(Reporting by Ananta Agarwal in Bengaluru)

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** KFC and Pizza Hut India operator Devyani International Ltd DEVY.NS falls 4.56% to 169.9 rupees after Q3 results

** Co reports about 12% decline in Q3 profit before tax as expenses marginally outpace revenue growth amid accelerated store expansion

** Revenue from operations increases 53.5%; co adds 111 net new stores

** Same-store-sales decline 4.4% and 0.8% y/y in key brands KFC and Pizza Hut, respectively, in a muted demand environment

** Q3 reported core profit margin contracts to 16.9% from 17.4% last year

** With session's decline, co trims 12-month stock price gain to 11.8%

(Reporting by Ananta Agarwal in Bengaluru)

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** Indian restaurant operator stocks jump between 3% and 10% after slew of demand-boosting measures in union budget

** Zomato ZOMT.NS and Swiggy SWIG.NS soar 6.5% and 7%, respectively

** Both were hit hard by cooling demand over last two months

** Among restaurant operators, Pizza Hut and KFC India franchisee Sapphire Foods SAPI.NS gains the most; Burger King's Indian operator Restaurant Brands Asia's RESR.NS up 3%, rising the least

** Domino's franchisee Jubilant Foodworks JUBI.NS gains 5%, Pizza Hut's other Indian operator Devyani Internatinal adds ~7%; McDonald's franchisee Westlife Foodworld WEST.NS advances 8.8%

** Finance Minister Nirmala Sitharaman says those earning up to 1.28 mln rupees ($14,791.53)/year won't have to pay any taxes

($1 = 86.5360 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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** Macquarie Equity Research anticipates uptick in demand for KFC in India, expects a turnaround for Pizza Hut, and a value-based recovery for McDonald's chains

** Devyani International DEVY.NS and Sapphire Foods SAPI.NS operate KFC and Pizza Hut chains in India, while Westlife Foodworld WEST.NS operates McDonald's

** Macquarie initiates coverage on DEVY and SAPI with "outperform" while reiterating the same on WEST

** There is near-term risk for KFC's same-store sales growth, but focus on value, strong competitive position in chicken, favorable base are expected to drive steady recovery - Macquarie

** Adds, pace of KFC store additions likely to be slower in SAPI vs DEVY due to longer gestation for chicken adoption in SAPI's KFC geographies

** Expects healthy EBITDA growth for DEVY in KFC given competitive position in chicken category

** For WEST, expects continued growth in footfalls buoyed by focus on value and launch of McCrispy chicken platform

** DEVY up 4.5% currently, while WEST up 0.2%; SAPI down 0.5%

** SAPI gained 16% in 2024, while DEVY and WEST shed 6% and 3%, respectively

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of India's McDonalds's operator Westlife Foodworld WEST.NS rise as much as 5.2% to 837.4 rupees, its highest since Sept. 27

** Goldman Sachs reiterates street high PT of 1,045 rupees, maintains "buy" rating

** Says positive impact of co's menu interventions expected to drive growth in Q3

** Co says confident of delivering positive same-store sales growth in Q3, will be better than peers, during interaction with GS

** Guest count to see decent growth in Q3, aided by soft base in year-ago quarter- GS

** More than 252,000 shares change hands, 2.2x its 30-day avg

** Rivals Domino's operator Jubilant Foodworks JUBI.NS rated "hold", KFC franchisees Devyani International DEVY.NS and Sapphire Foods SAPI.NS rated "buy" and Burger King operator Restaurant Brands Asia RESR.NS also at "buy"

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 11 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL Q2 CONSOL NET PROFIT 170,000 RUPEES; IBES PROFIT EST. 182.4 MILLION RUPEES

• DEVYANI INTERNATIONAL Q2 CONSOL REVENUE FROM OPERATIONS 12.22 BILLION RUPEES; IBES EST. 12.20 BILLION RUPEES

Source text: ID:nNSEb1W76J

Further company coverage: DEVY.NS

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Oct 23 (Reuters) - Devyani International Ltd DEVY.NS:

• DEVYANI INTERNATIONAL LTD - APPOINTS SHIVASHISH PANDEY AS CEO – YUM BRANDS

Source text for Eikon: ID:nBSE7RQW2K

Further company coverage: DEVY.NS

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** Bernstein starts coverage of supermarkets operator Dmart AVEU.NS, fashion retailer Trent TREN.NS, Jubilant FoodWorks JUBI.NS, Devyani International DEVY.NS with "Outperform"

** Says Dmart has "clear value positioning"; Trent benefiting from private label portfolio

** Dominos India franchisee Jubilant and KFC India operator Devyani to see boost from revival in fast food demand, menu innovation, expansion

** Consumers beyond the top 10% of income pyramid and outside the top 40 cities to boost retail, restaurant sectors: Bernstein

** Brokerage however rates fashion retailer Aditya Birla Fashion & Retail ADIA.NS and McDonald's operator Westlife Foodworld WEST.NS "Underperform"

** Rigid cost structure to weigh on WEST profitability; debt overhang and weak growth in legacy brands to hurt ADIA - brokerage

** Starts Pizza Hut operator Sapphire Foods SAPI.NS with "Marketperform", citing high valuations

** FMCG index .NIFTYFMCG is up 10.14% in 2024, underperforming the 15.3% rise in Nifty 50 .NSEI

** TREN up 6%, DEVY up 1.2% while AVEU is trading 0.2% lower; ADIA, JUBI, WEST, SAPI down 0.3%-1.6% - Exchange data

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Devyani International DEVY.NS rise ~2.1% to 185.20 rupees

** 4.59 million shares of the quick-service restaurants chain operator traded in block deals at a premium of 1.27%-3% over last close - LSEG data

** Stock up ~9% this week after losing 4.28% in last two weeks

** Over 11 mln shares traded in stock's busiest session since Aug. 5

** Avg rating of 19 analysts is "buy"; median TP is 187.50 rupees - LSEG data

** Stock down 4.4% YTD, underperforming Nifty 500 index .NIFTY500, which is up 21% in the same period

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of India's largest multiplex operator PVR Inox PVRL.NS fall as much as 2.6%, last down 1.4% at 1,297.3 rupees

** PVRL posts Q4 consol net loss of 1.3 bln rupees ($15.6 mln) vs analysts avg estimate of 835.9 mln rupees loss, per LSEG data

** Co announced strategic partnership with Devyani International DEVY.NS for operating food courts in shopping malls in India

** Shares of PVRL down in the last three weeks, losing ~10% during the period

** Stock trading below its 50-day, 100-day, and 200-day SMAs since January, indicating bearish sentiment

** Trading vol is 2.7x the 30-day daily avg, logging most active session since Aug. 14, 2023

** Avg rating of 22 analysts is "buy", median PT is 1,885 rupees, ~45% higher than current price - LSEG data

** Stock down ~22% YTD

($1 = 83.4870 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

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Adds details

BENGALURU, May 10 (Reuters) - Sapphire Foods India SAPI.NS, which operates the Pizza Hut and KFC chains of restaurants, posted its biggest profit fall since listing and missed estimates on Friday, as inflation-weary customers continued to cut back on dining out and ordering in.

The Yum Brands YUM.N franchisee's consolidated net profit fell 98% to 23.9 million Indian rupees ($286,271.4) for the quarter ended March 31, marking its fourth straight quarterly profit fall.

Analysts, on average, had expected a profit of 44.5 million rupees, according to LSEG data.

Shares of the company, which went public in November 2021, fell as much as 3.3% after the results.

India's quick-service restaurants struggled throughout the fiscal year to lure in customers, who cut back spending due to sticky inflation. The country's food inflation, which accounts for nearly half of the overall consumer price basket, has remained high so far this year.

Sapphire Foods's restaurants launched new items at lower prices, as well as valued-added meals such as Pizza Hut's launch of a cheesy pizza-sandwich meal called Melts priced at 259 rupees and above, but customers could not be swayed.

Expenses rose 15% as raw material prices climbed 9.4%. Revenue climbed 12.7% to 6.2 billion rupees.

Rival McDonald's India franchisee Westlife WEST.NS also posted a 96% slide in fourth-quarter profit on frail demand.

Devyani International DEVY.NS, which also operates KFC outlets in the country, and Domino's India-franchisee Jubilant FoodWorks JUBI.NS are yet to report results.

($1 = 83.4872 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Janane Venkatraman)

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By Navamya Ganesh Acharya and Praveen Paramasivam

BENGALURU/CHENNAI, April 24 (Reuters) - Top fast-food franchisees in India are likely to report a slump in quarterly earnings as cash-strapped consumers continued to cut back on dining out and ordering in, analysts said, spurning the hundreds of new restaurants that operators opened in 2023.

Pizza franchisees such as Jubilant Foodworks JUBI.NS, Devyani International DEVY.NS and Sapphire Foods India SAPI.NS struggled throughout 2023 due to heightened competition, with burger chains also joining the struggle later in the year due to inflation.

Even new affordable menu items, such as Burger King's 99-rupee combination of burger, beverage, and fries, introduced last year, failed to lure customers as India's monthly inflation rate remained above the target rate so far this year.

"Earlier you might be visiting (fast-food chains) three or four times monthly. Now everyone is restricting to once or twice," said Kranthi Bathini, equity strategist at WealthMills Securities.

Analysts polled by LSEG estimate net income slumping between 54% and 97% in the March quarter for Devyani and Sapphire, which run the Pizza Hut chain of restaurants, and McDonald's operator Westlife Foodworld WEST.NS.

They expect a net loss at Burger King operator Restaurant Brands Asia RESR.NS to widen sequentially, also marking at least a 12th consecutive quarterly loss.

Same-store sales are also likely to fall across the board, analysts say, with the decline expected to be more pronounced at Pizza Hut stores at more than 10%.

However, this has not deterred franchisees - including Sapphire and Devyani, which also run KFC stores, - from opening new restaurants nationwide, from Kalimpong hill town in West Bengal to Shoolagiri village in Tamil Nadu.

While restaurant operators and analysts expect the aggressive store opening plans to drive long-term growth, it has not immediately translated to earnings growth, also squeezed by stiff competition from local rivals.

Local pizzerias such as La Pino'z are mounting pressure on international counterparts, while Restaurant Brands and Westlife face competition from regional players such as Jumboking and Biggies Burger.

Westlife kicks off restaurant earnings on May 8 in India, while others are expected to report in the following days.

Like consumer goods analysts, restaurant experts also expect a rebound in demand in the second half of the financial year - roughly from October onwards - on rising expectations of the cost of living easing.

(Reporting by Navamya Ganesh Acharya in Bengaluru and Praveen Paramasivam in Chennai; Editing by Janane Venkatraman )

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** Shares of Westlife Foodworld WEST.NS, McDonald's MCD.N India operator, up 0.4%; rose as much as 2.5% to session high of 829.90 rupees

** Investec Equities says demand stabilized in Q4 - expects same store sales growth (SSSG) to improve sequentially in quarter

** Gross margins to expand by 22bps Q/Q, aided by benign commodity costs - Investec

** Co's SSSG declined to 9% from 20% Y/Y in Q3, EBITDA margins fell to 16% from 18%

** Investec keeps "buy", PT of 923 rupees

** Stock set for fourth consecutive session of gains; eyes third straight week of gains

** WEST down 0.74% YTD; peers Jubilant FoodWorks JUBI.NS and Devyani International DEVY.NS have fallen 18.8% and 19.2%, respectively, while Sapphire Foods SAPI.NS is up 7.7%

(Reporting by Ashna Teresa Britto and Navamya Ganesh Acharya in Bengaluru)

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** Premiumization and indulgence are reshaping India's food and beverage preferences analysts at UBS say

** Premium staples, carbonated and alcoholic drinks and Quick Service Restaurants (QSR) are outpacing traditional FMCG categories - UBS

** UBS begins covering United Breweries UBBW.NS, Devyani International DEVY.NS, Sapphire Foods India SAPI.NS with a "buy", while Tata Consumer Products TACN.NS and Varun Beverages VARB.NS get "neutral" rating

** Average recommendation for DEVY, TACN, VARB, and SAPI is "buy," while UBBW is a "hold" as per LSEG data

** Despite challenges like competition and inflation, QSR operators remain confident in long-term growth potential, shown by continued store expansion, UBS says

** Adds rising per capita income is driving discretionary spending, fuelling demand for premium offerings

** "Expanding distribution reach is crucial for near-term growth, especially for premium packaged staples and alcobevs"

** Expects UBBW to achieve a volume CAGR of ~9% from FY24-28; EBITDA margin expected to trend towards pre-COVID-19 levels, reaching ~15% by FY28

** DEVY, SAPI, and VARB up between 0.2%-2%, while UBBW and TACN are down between 0.4%-1.9%

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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** Shares of Westlife Foodworld WEST.NS, the McDonald's MCD.N India operator, were down 4.6% at 764 rupees

** India's Maharashtra state to inspect restaurant operators to check if they use cheese alternatives in products while promoting them as real cheese after McDonald's crackdown, Reuters reports

** Shares of Domino's DPZ.N operator Jubilant Foodworks JUBI.NS down ~1% and KFC operator Devyani International DEVY.NS down ~4%

** DEVY was already down on the day on a block deal

** Sapphire Foods SAPI.NS and Restaurant Brands Asia, RESR.NS operators of Pizza Hut and Burger King's, respectively, rose

** WEST set for worst day since Oct. 27, the day after it reported a surprise Q2 profit drop

** All restaurant operators rated "buy" on avg, except for JUBI, which is rated "hold" - LSEG data

(Reporting by Varun Vyas in Bengaluru)

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** Shares of Devyani International DEVY.NS dropped 4.7%, extending post-results slump

** DEVY down 7.25% in two sessions after KFC India operator posted its slowest quarterly revenue growth since listing, during market hours on Friday

** "No end to the pain" for DEVY, says Jefferies, citing macro weakness, adverse impact perception of American brands in India due to geopolitical issues and headwinds due to currency devaluation in Nigeria, a key market for the company

** Despite the presence of cricket world cup and festive season, same store sales growth (SSSG) decelerated further says HDFC Institutional Rresearch, flagging weak consumption demand

** Including Jefferies and HDFC Institutional Research, nine brokerages have cut price target of DEVY since results - LSEG data

** The mean recommendation of 17 analysts tracking DEVY is "buy"; median PT is 192.50 rupees, down from 200 rupees ahead of results

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Devyani International DEVY.NS fall 2.7% to 173.1 rupees

** Operator of KFC restaurants in India posts its slowest revenue growth since listing in Sept. 2021, misses revenue estimates

** Consol profit down nearly 87%

** More than 2.9 mln shares change hands, 1.5x the 30-day avg

** 17 analysts covering the stock on avg have a "buy" rating

** Stock currently trading at ~16% discount to median PT of 205 rupees - LSEG data

** Stock down 3.1% so far this week; on track for five consecutive weekly fall, if trend holds

(Reporting by Ashna Teresa Britto in Bengaluru)

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BENGALURU, Jan 29 (Reuters) - Restaurant Brands Asia RESR.NS, which operates Burger King and Popeyes chains in India and Indonesia, reported a narrower third-quarter loss on Monday, boosted by strong sales in the festive season.

The company's consolidated net loss narrowed to 361.8 million rupees ($4.4 million) in the three months ended Dec. 31, from 504.2 million rupees a year earlier.

Nonetheless, this is the company's seventeenth consecutive quarterly loss, hurt this time around by a nearly 10% jump in total expenses.

The company, which runs quick service chains owned by Restaurant Brands International QSR.TO, said prices of ingredients including chicken, cheese, tomatoes and onions rose 12.6%.

However, revenue increased about 15% during the quarter, helped by consumers stepping out during the Diwali festival in India and the Christmas holiday period more broadly.

Sales also got a boost in India, which accounts for about 74% of total sales, as some vegetarian-centric religious periods fell in September this year, instead of October.

During the October-December quarter, Restaurant Brands Asia's same-store sales growth at Indian Burger King restaurants slowed to 2.6% from 28% in the year-ago quarter.

Rival fast food chain operators such as KFC-operator Devyani International DEVY.NS, Pizza Hut-operator Sapphire Foods SAPI.NS, McDonald's-operator Westlife Foodworld WEST.NS and Domino's India-franchisee Jubilant FoodWorks JUBI.NS are yet to report results.

Restaurant Brands Asia's shares closed down at 2.9% ahead of results on Monday.

($1 = 83.1300 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Sherry Jacob-Phillips and Savio D'Souza)

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