Devyani International trades lower on weak operational performance in Q3

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February 10, 2023
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Brokerage firms Motilal Oswal Financial Services and Jefferies have cut their price targets for Devyani International but have retained ‘buy’ call on the stock

Devyani International’s shares price fell around 3 percent on February 10, as investors were disappointed by the company’s weak operational performance in the December quarter.

At 1.46 pm, Devyani International was trading at Rs 155 on the National Stock Exchange, down 2.79 percent from the previous close.

Weak demand environment on the back of high inflation and higher raw material costs weighed on the KFC chain operator’s operational performance in the October-December period.

EBIDTA margin contracted 170 basis points on year to 22 percent in the December quarter, the company said on February 9. One basis point is one-hundredth of a percent.

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