DEVYANI

** 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)

(([email protected]; +91 9769003463;))

** 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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** Kotak Institutional Equities picks Sapphire Foods SAPI.NS as its preferred stock in quick service restaurants (QSR) space

** SAPI, which rose 6.3% in 2023, marginally down at 1,446 rupees; has avg "buy" rating- LSEG data

** SAPI, a franchise of Yum Brands YUM.N, offers good growth at reasonable valuations with weaker sales trend in industry - Kotak

** Brokerage says demand weakness that hit QSR industry in November 2022 has continued due to broader slowdown in discretionary consumption

** Adds same-store sales growth remained subdued in Q3 despite a weak base, late festive season and Cricket World Cup

** Combination of aggressive store additions and demand

weakness has weighed on profitability of QSR cos in FY24- Kotak

** Cuts FY2024-26 EBITDA estimates across cos like Jubilant Industries JUBL.NS, Westlife Foodworld WEST.NS, Sapphire, Devyani International DEVY.NS, Restaurant Brands Asia RESR.NS by 5-11%

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of India-based Restaurant Brands Asia RESR.NS up 2.5% at 116.30 rupees, trimming earlier gains of 5%

** Over 1.5 mln shares of Burger King India franchisee traded in one block deal at 112.45 rupees apiece - LSEG data

** Over 8.2 mln shares traded, highest since mid-September and 3.7x the 30-day avg

** The mean rating of 10 analysts tracking RESR equivalent to "buy"; median PT is 126 rupees - LSEG data

** Among rivals, Sapphire Foods India SAPI.NS, Devyani International DEVY.NS and Westlife Foodworld WEST.NS are rated close to equivalent of "buy", while Jubilant FoodWorks JUBI.NS is rated "hold" - LSEG

** In Dec-qtr, RESR, SAPI, DEVY, WEST fell 10.3%, 2.2%, 9.6%, 12.6%, respectively, while JUBI rose 6%

(Reporting by Ashish Chandra in Bengaluru)

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** Shares of India KFC operator Devyani International DEVY.NS rise as much as 7.9% to 197.50 rupees

** Co said it will operate KFC outlets in Thailand after acquiring Restaurants Development Co in deal worth $128.9 mln

** Analysts at Jefferies raise PT on DEVY to 190 rupees, a ~4% premium to its last close

** Jefferies sees modest growth for co post announcement; see valuations of acquisition at a discount to DEVY's own valuations

** Maintains "hold" rating on DEVY

** Given muted demand trends in KFC India, macroeconomic concerns, we maintain REDUCE rating with PT of 165 rupees - Emkay

** Avg rating of 15 analysts on DEVY at "buy"; median PT is 200 rupees vs current price of 190.80 rupees - LSEG

** Stock last up 4.2%, YTD gains at 5.5%

(Reporting by Manvi Pant and Kashish Tandon in Bengaluru)

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Dec 18 (Reuters) - Devyani International Ltd DEVY.NS:

• UNIT TO ACQUIRE CONTROLLING INTEREST IN OPERATING COMPANY RESTAURANTS DEVELOPMENT CO

• DEVYANI INTERNATIONAL DMCC ENTERED INTO INVESTMENT AGREEMENT WITH CO AND CAMAS INVESTMENTS

• PURSUANT TO AGREEMENT CO AND CAMAS AGREED FOR TOTAL INVESTMENT COMMITMENT OF UP TO AED 151.5 MN, AED 145.5 MN

• POST INVESTMENT, CO AND CAMAS SHALL BE HOLDING EQUITY IN RATIO OF 51:49 RESPECTIVELY IN DEVYANI INTERNATIONAL DMCC

Source text for Eikon: ID:nBSE4RBZmj

Further company coverage: DEVY.NS

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BENGALURU, Nov 8 (Reuters) - Restaurant Brands Asia RESR.NS, the franchisee of Burger King India, reported a narrower quarterly loss on Wednesday as it added more outlets in the country and expanded its menu.

Consolidated net loss narrowed to 460.3 million rupees ($5.5 million) in the three months to Sept. 30, from a loss of 499.5 million rupees a year earlier.

Burger King India expanded its menu during the quarter to include more chicken items and also offered promotions on certain meals, helping increase footfall at its restaurants and accrue higher average bill values, analysts said.

Restaurant Brands, which added 10 Burger King outlets during the period, also benefitted from more people visiting malls, where it has a bigger presence than other fast food chains, they added.

Its revenue from operations rose 16% to 6.25 billion rupees.

Even so, same-store sales growth, a barometer of customer retention, at Indian Burger King restaurants slowed to 3.5% from 27% a year earlier.

The company's expenses rose 15%, led by an over 20% spike in the cost of ingredients.

Several fast food chains, including Burger King, removed ingredients such as tomatoes and cheese from their menus to cut back spending during the quarter.

Rival fast food chain operators such as KFC operator Devyani International DEVY.NS, Pizza Hut operator Sapphire Foods India SAPI.NS, McDonald's operator Westlife Foodworld WEST.NS, and Domino's India franchisee Jubilant FoodWorks JUBI.NS all reported a decline in quarterly profit.

Shares of Restaurant Brands fell as much as 2.1% after the results, before reversing course to rise as much as 3.3%.

They have risen 6.5% so far this year. Devyani and Westlife have each risen 2% and 3% this year, while Sapphire and Jubilant have fallen 4% and 0.5%, respectively.

($1 = 83.2560 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Sonia Cheema)

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Nov 7 (Reuters) - Devyani International Ltd DEVY.NS:

• INDIA'S DEVYANI INTERNATIONAL SEPT-QUARTER CONSOL NET PROFIT 333.5 MILLION RUPEES VERSUS PROFIT 587.6 MILLION RUPEES

• DEVYANI INTERNATIONAL SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 8.19 BILLION RUPEES VERSUS 7.47 BILLION RUPEES

• EXECUTION OF JOINT VENTURE AGREEMENT AND INCORPORATION OF A JOINT VENTURE COMPANY

• EXECUTION OF JV AGREEMENT FOR SETTING-UP FOOD COURTS AT RAILWAY STATIONS

Source text for Eikon: ID:nBSEwPfKl

Further company coverage: DEVY.NS

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** The cricket World Cup campaign beginning on Oct. 5 in India will boost sectors like quick service restaurants (QSR), food delivery, beverages, hotels and airlines, Jefferies said in a note

** Jefferies expects companies to run World-Cup specific promotions on match days to tap consumption boost

** Says, consumption spurt is evident in flight and hotel bookings; fares have shot up on India match days

** Adds, expect a surge in media activity in coming weeks; Nifty media index .NIFTYMED up 1.7%

** There should be negative impact on footfalls for movie theatres, theme parks, and offline brick-and-mortar retailers - Jefferies

** QSR stocks like Restaurant Brands Asia RESR.NS, Devyani International are up 4% and 1.2%, respectively, food delivery co Zomato ZOMT.NS up 2.5% on Thursday

(Reporting by Sethuraman NR in Bengaluru)

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** Shares of KFC's Indian franchisee Devyani International Ltd DEVY.NS rise as much as 4.3% to 215.80 rupees

** Nearly 1.1 mln shares change hands in a block deal at 211.15 rupees apiece - LSEG data

** Ten of the 17 analysts tracking DEVY rate it "buy" or higher, four "sell" and three "hold;" median TP is 200 rupees -data shows

** More than 3.3 mln shares traded by 12:30 p.m. IST, 1.3x their 30-day avg

** Stock last up 1.8%, taking YTD gains to ~16.5%

(Reporting by Nishit Navin in Bengaluru)

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By Navamya Ganesh Acharya and Praveen Paramasivam

BENGALURU/CHENNAI, Aug 4 (Reuters) - India's Devyani International DEVY.NS reported an 84% slump in its quarterly profit on Friday as the domestic operator of Pizza Hut and KFC restaurants was swamped by higher expenses and tepid currency in key market Nigeria.

Consolidated net profit fell to 117.6 million rupees ($1.42 million) for the first quarter ended June 30, from 738.5 million rupees in the year-ago period, according to an exchange filing.

Devyani said it took a one-off hit of 473.3 million rupees during the reported quarter due to the impact of weak currency in Nigeria, where it operates 38 of its 1,290 stores.

Devyani, the Indian franchisee for Costa Coffee, said its total expenses jumped nearly 25% from a year earlier, as prices of raw materials including cheese and vegetables soared.

Restaurant chains including Domino's Pizza DPZ.N - run by Jubilant FoodWorks JUBI.NS - KFC and Pizza Hut launched lower-priced menu items to gain more traction among consumers, although sales were lacklustre with people cutting their discretionary spending.

For Devyani, same-store sales dropped 1% at its KFC business in India, while its Pizza Hut India division posted a steeper 5.3% decline for the quarter.

"(Devyani faces) challenges from a difficult macro environment and depressed consumer spending," Chairman Ravi Kant Jaipuria said in a statement.

Still, revenue from operations surged 20% to 8.47 billion rupees, underpinned by the company's decision to roll out more stores.

Shares of Devyani dropped as much as 2.5% to 188.85 rupees after the earnings.

"The currency hit in Nigeria was a surprise and while Pizza Hut decline was expected, KFC decline is disappointing," said Centrum Broking research analyst Shirish Pardeshi.

Devyani's profit slump chimed with lacklustre performances of rivals Yum Brands franchisee Sapphire Foods India SAPI.NS and McDonald's operator Westlife Foodworld WEST.NS, both underscoring the slowdown in consumer spending and demand.

($1 = 82.7850 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru, Praveen Paramasivam in Chennai; Editing by Sherry Jacob-Phillips)

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** Indian retailers' revenue for Q1FY24 likely to slow to 12% from 26% in previous quarter, say analysts from Nuvama in a note

** Retailers "up against odds" on weak consumer demand and strong performance in the comparable quarter a year earlier - Nuvama

** Brokerage cites persisting weak demand in fast-food industry and struggles of Jockey brand-parent Page Industries PAGE.NS

** Sees same-store sales for fast-food players such as Domino's operator Jubilant Foodworks JUBI.NS and Pizza Hut, run by Sapphire Foods SAPI.NS and Devyani International DEVY.NS in India, remaining muted

** Adds, demand for apparel and innerwear remains weak across city towns and categories; tempers growth expectations for online retailer Nykaa FSNE.NS

** Brokerage still expects jewelry chain Titan TITN.NS and Westside-owner Trent TREN.NS to outperform the space

(Reporting by Praveen Paramasivam)

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** Shares of KFC-operator Devyani International DEVY.NS rise as much as 5.51% to 183.90 rupees

** The company, which manages fried chicken seller KFC and Pizza Hut chains, reported a 21% fall in fourth-qtr profit on Wednesday

CONCERNS ABOUT COSTS, COMPETITION AND PERFORMANCE

** Centrum ("reduce," PT: 160 rupees) says weak demand, competition in chicken portfolio and rising raw material prices are key short-term risks

** Emkay Research ("hold," PT: 175 rupees) says dairy inflation should continue impacting Pizza Hut atleast until H1FY24

** Jefferies (downgrades to "hold" from "buy," PT: 195 rupees) says downside catalysts include higher discounting in competitive quick service restaurant industry, execution risk in store expansion

** Antique Stock Broking ("buy," upgrades PT to 200 rupees from 185 rupees) is positive on co saying it will continue to outperform peers by aggressive store addition and superior execution

(Reporting by Hritam Mukherjee in Bengaluru)

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