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DMart, Jubilant FoodWorks, Tata Power And More

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BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Avenue Supermarts Ltd. – DMart’s revenue growth stood at 15% three year compound annual growth rate (FY19-FY22) while retail expansion at 17% three year CAGR (FY19-FY22). Retail expansion has been faster due to increase in size of new stores since last three plus years to ~50,000 sq ft (versus 30,000 sq ft earlier). We expect better revenue mix from modern large size stores going forward. We forecast revenue to grow 35% two year CAGR (FY22-24E) and adjusted profit after tax to grow 44% two year CAGR (FY22-24E).

Jubilant FoodWorks Ltd. – Jubilant FoodWorks targets for 3,000 Domino’s restaurants across India in medium term (versus current 1,625 stores)  The company has introduced the iconic ‘Popeyes’ brand for chicken-loving Indian consumers with the launch of flagship restaurants in Bengaluru. In medium term company targets to open ~250-300 Popeyes stores. We forecast Jubilant FoodWorks’s revenue to grow 26% two year CAGR during FY22-24E and earnings per share to grow 42% two year CAGR during FY22-24E.

Tata Power Company Ltd. – Tata Power is aiming to triple its revenue from FY22 levels, with aiming to achieve profit after tax growth of four times. Return on equity profile is expected to improve to ~13% by FY27 from 8.5% in FY22. Debt levels are also expected to reduce with debt/Ebitda aimed at 3.5 times versus 3.92 times (FY22).

Click on the attachment for full list of IDBI Capital’s Diwali stock picks:

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