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Jubilant Foodworks, which operates Domino's Pizza and Dunkin' Donuts chains in India, on Tuesday said it has formed a wholly owned subsidiary in the Netherlands to explore business opportunities in the food service industry in the European country.
"Jubilant Foodworks Ltd has incorporated a wholly owned subsidiary company Jubilant Foodworks Netherlands B.V. on February 15, 2021. (It has been) incorporated as a wholly owned subsidiary of the company for exploring business opportunities," the company said in a regulatory filing.
Jubilant Foodworks Ltd, did not share more details about the new venture.
As on December 31, 2020, Jubilant Foodworks Ltd operated 1,314 Domino's Pizza restaurants, 27 Dunkin' Donuts restaurants.
It also owns and operates Chinese cuisine restaurant brand, ''Hong's Kitchen'', which serves 2 cities with 7 restaurants in India and 3 Ekdum! Biryani outlets. In December 2020, the company also acquired 10.76 per cent equity stake in Barbeque-Nation Hospitality Ltd for Rs 92 crore.
Earlier this month, Jubilant FoodWorks said it is awaiting relaxations in dine-in restrictions imposed by the government for the restaurant industry similar to that for multiplexes to ramp up growth.
Jubilant FoodWorks reported a 21.71 per cent increase in consolidated profit at Rs 123.91 crore in the third quarter ended December 2020.
At present, the dine-in capacity at restaurants is constrained at 50 per cent to prevent the spread of COVID-19.
"....With all COVID SOPs being followed diligently, we will see dine-in demand coming back very strongly. Recovery in dine-in business remains slow because of restrictions on seating capacity in restaurants.
"On the dine-in channel specifically, the constraint is more on supply than demand. That (restrictions) is what has held back the recovery significantly," Pratik Pota, Chief Executive Officer and Wholetime Director, Jubilant Foodworks Ltd said in an analysts call.
Earlier this month, the government allowed cinema halls across the country to operate at full capacity from February 1 with adherence to COVID-19 safety protocols.
Pota said the company opened 50 new Domino's stores in the third quarter this year, the highest-ever in a quarter.
"We turned the corner decidedly in Q3 with Domino's returning to growth, driven by strong momentum in delivery and takeaway channels," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Tue, February 16 2021. 13:53 IST