Sapphire Foods closes over 2 percent down after 4.4% equity changes hands

Around 27.8 lakh shares changed hands in a large trade but the buyer and the seller were not immediately known

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KFC and Pizza Hut operator Sapphire Foods closed over 2 percent down after 4.4 percent equity, worth Rs 383 crore, changed hands in a large trade on December 5.

The seller and the buyer were not immediately known.

In the July-to-September quarter, Sapphire Foods sales were low due to increased vegetarian consumption.  “In our view, KFC should benefit more in Q3, from a low base sequentially,” Emkay said in a November 19 research report. The brokerage firm has a buy rating with a target price of Rs 1,550 a share.

Sapphire Foods’ sales from restaurants increased 14 percent year-on-year (YoY) to Rs 641 crore in the July-to-September quarter. But its net profit fell 43 percent YoY to Rs 15 crore. Earnings before interest tax depreciation and amortisation (EBITDA) increased 13 percent to Rs 116 crore in Q2FY24.

The company’s restaurant count has gone up to 381 as of September 30.

Sapphire Foods is one of the largest franchisees of Yum! Brands Inc in India. It also operates the brands KFC, Pizza Hut and Taco Bell restaurants in Sri Lanka and the Maldives.

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