Jubilant Foodworks 2Q Earnings Miss Forecast; Stock Declines
Net income jumped 28 percent from a year earlier to 236.7 million rupees ($4.8 million) in the three months ended Sept. 30, the company said in an exchange filing today. That’s less than the median estimate of 249 million rupees by 14 analysts, according to data compiled by Bloomberg.
Revenue rose 47 percent to 2.4 billion rupees during the quarter, while total expenses increased 46 percent to 2.06 billion rupees, led by a 48 percent jump in costs of raw material and provisions consumed.
“Rise in food costs is on account of the overall growth witnessed along with high inflation, primarily the increase in price of milk products,” the company said in the filing.
Jubilant’s stock retreated as much as 2.8 percent. The shares fell 1 percent to 823.05 rupees as of 3 p.m. in Mumbai, paring their gain this year to 32 percent. That compares with a 20 percent slide in the 271-member BSE Mid-Cap Index (BSEMDCAP) this year.
To contact the reporter on this story: Shikhar Balwani in Mumbai at email@example.com;
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org.