Jubilant Foodworks To Float Subsidiary For Domino's Pizza Biz In Nepal

Jubilant Foodworks, India's leading food services firm has received approval of its board to set up a subsidiary company to run Domino's Pizza business in Nepal, the company said in a regulatory filing on Monday.

Jubilant Foodworks holds the exclusive master franchise rights of Domino’s Pizza in India, Bangladesh, Sri Lanka and Nepal. 

According to the filing, the Nepal subsidiary firm will be set up under Jubilant FoodWorks International Luxembourg.

"The Board of Directors of Jubilant FoodWorks International Luxembourg, a step down wholly owned subsidiary of the company on November 21, 2022, has inter-alia approved the incorporation of a wholly owned subsidiary company in Nepal," the filing noted.

Nepal Subsidiary will hold the exclusive right to develop and operate Domino's Pizza stores in the territory of Nepal, the filing added. 

Jubilant Foodworks, however, has not yet chosen the name of its upcoming Nepal subsidiary.

Meanwhile, Jubilant FoodWorks reported 9.8 per cent Y-o-Y growth in its consolidated profit for Q2 FY23  at Rs 131.5 crore, while revenue from operations jumped 16.6 per cent Y-o-Y to Rs 1,3014.8 crore. 

In Q2, Jubilant rolled out 76 new Domino’s stores taking its count to 1,701 stores in India. The company also entered 22 new cities during the quarter to expand its reach to 371 cities. It also opened two new stores for Popeyes and one store for Dunkin’.

Jubilant Foodworks registered system sales growth of 37 per cent in Sri Lanka during the quarter and opened 4 new stores taking the total count to 40. 

System sales grew by 42 per cent in Bangladesh during the same quarter. The company opened an outlet and it has 11 operational stores in Bangladesh.