Jubilant FoodWorks revokes EUR 116 million corporate guarantees issued to HSBC for Dutch subsidiary JFN
Jubilant FoodWorks Limited, the master franchisee of Domino's Pizza in India and several other regions, reported a significant 76% year-on-year decline in net profit for the quarter ended March 31, 2025. The company posted a net profit of ₹49.3 crore, down from ₹208.3 crore in the same period last year. The decline was attributed to […] By Aditya Bhagchandani Published on May 14, 2025, 16:42 IST
Jubilant FoodWorks Limited, the master franchisee of Domino's Pizza in India and several other regions, reported a significant 76% year-on-year decline in net profit for the quarter ended March 31, 2025. The company posted a net profit of ₹49.3 crore, down from ₹208.3 crore in the same period last year. The decline was attributed to the absence of exceptional gains seen in Q4 FY24 and persistent cost pressures.
Despite the profit decline, revenue from operations rose 33.6% YoY to ₹2,103.1 crore in Q4 FY25 compared to ₹1,573.97 crore in Q4 FY24. Total income, including other income, stood at ₹2,113.9 crore.
However, profit before tax dropped to ₹69.5 crore, down sharply from ₹225 crore a year earlier, indicating cost escalation and margin compression. FY25 performance highlights: Revenue from operations: ₹8,141.7 crore (up 44% YoY)
Net profit: ₹217.1 crore (down 46% from ₹400 crore in FY24) Corporate Update:
The company also announced the revocation of corporate guarantees amounting to EUR 116.09 million issued in favour of HSBC Bank. These guarantees were originally provided for the repayment obligations of Jubilant Foodworks Netherlands B.V. (JFN), a wholly owned subsidiary. The company disclosed it may replace the guarantees with an alternative arrangement mutually agreed upon with HSBC Bank, without any further recourse to Jubilant FoodWorks.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
4 hours ago
- Yahoo
Novaturas Group Reports Audited Results for 2024
The tour operator Novaturas Group reported audited revenues of EUR 201 million for 2024, having served 239 thsnd. travelers across the Baltic States. Compared to 2023, this represents a 3.6% decline in revenue and an 8% decrease in traveler numbers (down from 259 thsnd. in 2023). Despite a profitable final quarter, the company ended the year with a net loss. '2024 was a volatile year. The first half was particularly challenging, as we operated in an oversupplied market, which was reflected in our January–June results, with EBITDA standing at a negative EUR 1.6 million. However, decisive actions such as optimizing our travel program, swiftly responding to demand changes, and focusing on customer experience helped reverse the trend. In the fourth quarter, we returned to profitability with an adjusted EBITDA of EUR 2.3 million. While this wasn't enough to offset the year's total loss, it confirms we're on the right track in the long-term perspective,' said Kristijonas Kaikaris, CEO of Novaturas Group. Operational results surpassed forecasts Mid-2024, following a loss-making first half, Novaturas forecasted a full-year EBITDA (earnings before interest, taxes, depreciation, and amortization) of EUR -4.1 million and a net loss of EUR 5.1 million. However, a stronger than expected autumn and winter season led to significantly better unaudited results: EBITDA of EUR -863 thsnd. and a net loss of EUR 2.5 million. Audited results revealed even more positive numbers: the adjusted annual EBITDA came in at -EUR 449 thsnd., and the operating net loss (excluding a further-mentioned one-off goodwill impairment) was EUR 1.9 million. The final audited net loss, however, reached EUR 7.6 million due to a one-off, non-cash EUR 5.7 million goodwill impairment (identified through a goodwill impairment test), primarily reflecting a more conservative outlook for the Estonian market. The test for goodwill impairment is a standard accounting procedure regularly performed to ensure a true and fair view of the company's financial reporting. The impairment of goodwill does not affect the Group's cash flows or its ability to generate value, and merely reflects a reduction in the book value of equity. Audit disclaimer removed Novaturas also announced that its 2024 audit report no longer includes the previous disclaimer related to the balance of settlements with international suppliers. This means that the company has resolved these discrepancies, reconciled and accounted for outstanding amounts with suppliers, and provided accurate reports that reflect its financial position. It is clarified that the audit reports for the year 2024 and 2023 for Novaturas were conducted by the same audit firm – UAB Ernst & Young Baltic. Strategic investor partnership begins In early 2025, Novaturas entered a new phase – 4 shareholders have signed an agreement to sell shares to a strategic investor, Turkish tourism businessman and investor Neset Kockar, who owns businesses in international aviation, real estate, tourism and other industries. At the end of April this year, the company completed the first stage of the transaction, under which Mr. Kockar acquired a 23.2% stake in Novaturas from three individual shareholders. The second and final stage of the planned transaction, after which Mr. Kockar would hold 33.19% of Novaturas shares, is expected to be completed in the autumn. According to K. Kaikaris, attracting a strategic investor with international tourism business holdings opens up new opportunities for synergy and growth for Novaturas. Mr. Kockar provided the company with a short-term loan of EUR 1 million, which was later extended and increased to EUR 2 million. Novaturas' near-term plans include a review of the company's strategy, the development of collaboration opportunities with the new shareholder's businesses in travel destinations popular among Baltic travellers, and the launch of new, more attractive offerings for travellers from Lithuania, Latvia, and Estonia, including a wider hotel selection and other services. Additionally, Novaturas has started testing a hybrid travel packaging solution that will allow clients to access a significantly wider range of hotel options and more diverse pricing. Once the testing phase – currently being conducted internally on selected routes – is completed, the company plans to roll out this solution to travel agencies, enabling them to conveniently and quickly create more tailored travel packages with Novaturas for their clients. Travel trends, destinations, and operational efficiency In 2024, the company successfully leveraged its broadest portfolio of destinations and increased traveller numbers to routes that ensured higher operational efficiency. By closely monitoring customer preferences, the company adjusted volumes throughout the year to better meet the needs of its travellers. Among the fastest-growing destinations last year were trips to Spain – the number of travellers to Malaga, Barcelona, and Mallorca increased by 149% compared to 2023. The company also successfully increased long-haul travel sales by 8%. The number of travellers to Vietnam grew by 367%, to Phuket in Thailand by 23%, and to Zanzibar in Tanzania by 21%. In the group travel segment, sports and activity-based trips gained popularity, with Turkey, Greece (Heraklion), Montenegro, Egypt, Cyprus, and Portugal (Faro) being the most favoured destinations. For ski holidays, Italy (Bergamo) was the top choice. Last year, Novaturas together with partners organised a record-breaking workation travel – flying 2,500 employees of Tesonet Accelerator companies to Turkey. This trip required a total of 12 planes and 48 buses. In the fourth quarter of last year (compared to the same period in 2023), Novaturas successfully reduced the share of last-minute bookings in total sales – a segment that typically impacts overall financial performance negatively. Moreover, the company's aircraft load factor increased to 98.9% in the fourth quarter, compared to 96.7% during the same period in 2023. Audited results of Novaturas Group for the year 2024 (EUR 000's): Financial indicators 2024 2023 2022 Revenue 200,878 208,331 196,676 Gross profit 20,742 26,227 18,127 EBITDA (6,132) 5,241 415 Adjusted EBITDA (449) 5,241 415 Net profit (loss) (7,604) 3,372 (1,683)The Novaturas Group is a tour operator offering the widest range of travel destinations from the Baltic States. It has been operating in the region for more than 25 years. The company offers summer and winter recreational, sightseeing, exotic, skiing, workation and group trips to many destinations worldwide. According to audited data, in 2024, Novaturas Group recorded revenues of EUR 201 mln. and served 239 thsnd. passengers in Lithuania, Latvia and Estonia. For more information:Darius UndzėnasCFO+370 678 05749Attachments abnovaturas-2024-12-31-en Novaturas AB - Opinion 24(IFRS, SA, Conso, ESEF) EN esigned 20250609Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
4 hours ago
- Business Upturn
Now you can add digital ID to Apple Wallet: big update for iPhone users
By Aditya Bhagchandani Published on June 9, 2025, 23:08 IST Apple is rolling out a significant upgrade to the Wallet app this fall, allowing users to add a digital ID based on their passport directly to their iPhone. This update, announced at WWDC 2025, brings added convenience for travelers and sets the stage for smoother identity verification at airports. Apple Wallet to support digital ID for travel With this new feature, iPhone users will be able to store their passport-based digital ID in Apple Wallet, which can then be used at participating airports, including TSA checkpoints and other secure travel points. The aim is to eliminate the need for physical ID cards or paper documents, streamlining airport security and check-in processes. Why this matters: relevance to Digi Yatra in India This move comes at a time when India is also pushing for digital transformation at airports through the Digi Yatra initiative. Digi Yatra enables paperless and contactless air travel using biometric and facial recognition technologies. The introduction of digital ID in Apple Wallet complements such efforts, potentially allowing iPhone users in India to integrate their passport or verified identity for Digi Yatra-based check-ins in the future, subject to official integration and approvals. As both Apple and Indian aviation authorities move toward secure digital identity systems, this update could accelerate the adoption of digital boarding experiences in India and globally. Privacy-focused and secure Apple ensures that the digital ID feature is encrypted, stored on-device, and not shared without user permission. This aligns with the company's ongoing commitment to user privacy and data security. The digital ID in Wallet will begin rolling out this fall, starting with select regions and expanding over time in collaboration with government and airport partners. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
4 hours ago
- Business Upturn
Major updates in Live Translation: feature works without iPhone, API support for developers
By Aditya Bhagchandani Published on June 9, 2025, 23:07 IST Apple has announced a significant leap in real-time language support with the introduction of Live Translation in iOS 26 — and the big news is: it works even when the other person doesn't have an iPhone. Apple WWDC 2025 live: Live Translation breaks the iPhone-only barrier With Live Translation, users can now have real-time conversations across languages, even when the other person is using a non-Apple device. This update removes a long-standing limitation, making the feature more inclusive and globally useful. The tool uses on-device intelligence and works seamlessly with AirPods, allowing users to listen and understand foreign languages on the go — from travel to casual conversations. Apple WWDC 2025 live: API support opens door for developers Apple also introduced a new Live Translation API, allowing third-party developers to integrate translation features into their apps. This gives travel, education, customer service, and messaging apps access to Apple's real-time translation engine with privacy and performance benefits of on-device processing. This is part of Apple's broader push under Apple Intelligence to expand its language and accessibility tools across the entire ecosystem. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
