Jubilant FoodWorks CEO confident Turkey ops unaffected by tensions with India
'I will not worry too much about macroeconomic factors or any geopolitical risk impacting Turkey," Sameer Khetarpal, CEO and MD of Jubilant FoodWorks, said during the company's post-earnings call on Wednesday.
Jubilant FoodWorks holds the master franchisee rights for Domino's Pizza in Turkey through its subsidiary DP Eurasia NV. DP Eurasia is the exclusive master franchisee for Domino's Pizza in Turkey, Russia, Azerbaijan, and Georgia.
Also read: Mumbai: Pizza delivery boy harassed by couple for not speaking Marathi
As of the March quarter, Jubilant FoodWorks operated 906 stores in Turkey, including 746 for Domino's pizza chain and 160 for Coffy—a Turkish coffee chain. Overall, the company operates 3,316 stores, with 2,304 outlets in India alone.
'If you go to Turkey, they are oblivious to any political changes, whether it's for the brand Domino's and Coffy, which is actually a Turkish brand. They're not concerned about any geopolitical risk, whether it's tariffs or Russia-Ukraine or anything which is happening on the India-Pakistan border. The momentum in the food market and the consumer business in Turkey continues," Khetarpal told analysts.
Despite fluctuations in dollar terms, Turkey's real GDP (adjusted for inflation) has consistently grown by 3% to 4%. In the past two-and-a-half years, inflation has eased, leading to lower interest rates This indicates improving macroeconomic conditions, Khetarpal added.
'I feel good about the macroeconomic situation in Turkey, and the core thesis that we had—it's the largest consumer base outside of Russia in Europe, and the youngest population, with almost three-and-a-half, four times per capita GDP versus India. Those things are all intact; and therefore you see very solid performance of both Domino's and Coffy in Turkey," he said.
Also read: Pizza party or warning? Bankers working 110-hour weeks asked to 'do better'
The comments follow India's recent conflict with Pakistan that saw countries such as China and Turkey openly come out and support Pakistan, while condemning India for the attacks on terror sites in the neighboring country.
Consequently, there have been widespread calls to boycott Turkish goods and halt travel to Turkey. Online travel portals are reporting a surge in cancellations, and advisories have been issued warning travellers to avoid the country.
Meanwhile, for the quarter ended 31 March 2025, the company's consolidated revenue grew 33% year-on-year to ₹2,103.2 crore. Profit for the period fell 76% to ₹49.33 crore on account of higher expenses as well as investments in overseas subsidiaries. Expenses during the quarter grew 32.3% to ₹2,044.9 crore.
Its revenue from the international segment comprising Turkey, Azerbaijan and Georgia touched ₹480.2 crore during the quarter.
Also read: Is quick commerce eating into the food delivery market?
For the full year, JFL's revenue from operations grew 44% to ₹8,141.7 crore. It added 325 stores in the past twelve months.
Jubilant FoodWorks Limited operates 3,316 stores across six markets—India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. The group has franchise rights for three global brands—Domino's, Popeyes and Dunkin', and two own-brands, Hong's Kitchen, and a Coffy in Turkey.
The promoters of HT Media Ltd, which publishes Mint, and Jubilant Foodworks are closely related. There are, however, no promoter cross-holdings.
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