Jubilant FoodWorks - Impressive delivery continues… Accumulate: Emkay

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Jubilant FoodWorks

Impressive delivery continues… Accumulate

ACCUMULATE

CMP: Rs852                                        Target Price: Rs900

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n     Sales growth of 60% yoy to Rs 2.2 bn is driven by strong 37% same store growth. PAT growth of 52% yoy to Rs 232 mn is marginally higher than our expectations

n     Impressed with the continued momentum of strong same -store sales growth (SSG) of 30%+ for last six consecutive quarters

n     Upgrade our FY12E and FY13E earnings by 23% and 24.6% to Rs 19.8/share and Rs 29.1/share, respectively driven by higher SSG at 27% and 20% for FY12E/13E

n     Continue to remain positive on its robust business model with high operating cash flows – Re-iterate our ACCUMULATE rating with a target price of Rs 900/share