Devyani International hits record high; rises 19% in two days

Devyani International jumped 9.45% to Rs 176, extending its winning run to second consecutive trading session.

Shares of Devyani International have surged 19% in two trading sessions from its previous closing low of Rs 147.80 posted on 6 December 2021. The counter hit a record high of Rs 183.70 intraday today. The stock has zoomed 63.4% from its 52-week low of Rs 107.7 recorded on 23 August 2021.

In last one month, the stock moved 17.5% higher as compared to a 3.3% fall in Nifty 50 index.

Devyani International is the largest franchisee of Yum! Brands Inc. (which operates brands such as KFC, Pizza Hut and Taco Bell) in India and are among the largest operators of chain quick service restaurants (QSR) in India, on a non-exclusive basis, and operate 803 stores across more than 175 cities in India, Nigeria, and Nepal, as of September 30, 2021. In addition, DIL is a franchisee for the Costa Coffee brand and stores in India.

On a consolidated basis, the company reported a net profit of Rs 45.70 crore in Q2 FY22 as against a net loss of Rs 66.70 crore in Q2 FY21. Revenue from operations in the second quarter increased by 124% to Rs 516.1 crore from Rs 229.9 crore reported in the same period last year.

Shares of Devyani International were listed on 16 August 2021. The scrip was listed at Rs 141 per share, at a premium of 56.67% to the initial public offer (IPO) price of Rs 90 per share.

The IPO of Devyani International was subscribed 116.71 times. The issue opened for bidding on 4 August 2021 and closed on 6 August 2021. The price band of the IPO was fixed at Rs 86-90 per share.

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