Devyani International Ltd

- Manish Dawar mentioned that for the Thailand acquisition, DIL borrowed roughly Rs. 340 crore locally from Indian banks, while Temasek invested about Rs. 325-330 crore at Dubai level. - The existing local debt in Thailand was replaced by lower-cost debt as part of the deal. - The Thailand acquisition will result in external debt on DIL's books, which will be consolidated from the next quarter. - Despite this, the company's gearing ratio remains comfortable. - Regarding future expansions and funding, the Thailand business is expected to be self-funded through its own cash flows. - Nigeria and Nepal expansions are largely self-funding or paused due to currency issues; future funding requirements will depend on local conditions. - There was no explicit mention of any new fundraising through equity in the current or near future.

- The company is actively investing in store expansion, targeting about 250 to 275 new outlets in the current fiscal year. - Plans for FY25 store openings are maintained, with a broad target of 250-300 stores, including roughly 120-130 for KFC, 70-80 for Pizza Hut, and 50-60 for Costa Coffee. - There has been a strategic acquisition of the KFC operations in Thailand, valued at approximately Rs. 1,060 crore, funded by a mix of local borrowings (Rs. 340 crore by DIL), Temasek investment (~Rs. 325-330 crore), and replaced lower-cost local debt in Thailand. - Future capital investments will continue to follow a dynamic store addition strategy, balancing growth across brands while considering market conditions. - The Thailand expansion is expected to be self-funded, including repayment of existing debt, with no immediate plans for further international acquisitions. - Overall, the focus remains on long-term growth, with continued investment in India and consolidation of Thailand operations.

- The company aims to reach about 2,000 stores by 2026, a significant expansion signaling strong growth potential in the Indian QSR market. - For FY25, they plan to open 250 to 300 new stores, including 120-130 KFCs, 70-80 Pizza Huts, and 50-60 Costa Coffee outlets. - They expect recovery and growth over coming quarters despite current subdued consumer sentiment and geopolitical challenges. - Off-premise sales for Pizza Hut remain steady as a percentage of brand sales, supporting growth via multiple channels. - Innovation, product mix optimization, and targeted value propositions (e.g., lunch offerings at KFC) aim to improve footfalls and sales volumes gradually. - The Thailand acquisition and international operations are expected to be self-funding and contribute positively to growth. - Long-term confidence in India's market underlines continuous investments despite current short-term challenges.

- Devyani International Limited (DIL) is committed to ambitious long-term growth in the Indian QSR market, targeting 2,000 stores by 2026, now confident to achieve this by end of 2024 after Thailand acquisition. - Store additions (250-275 new outlets in the current fiscal year) and portfolio expansion across KFC, Pizza Hut, and Costa Coffee are driving revenue growth. - Despite current subdued consumer sentiment and macroeconomic headwinds, management is optimistic about a recovery over the next few quarters. - Operating EBITDA margin showed some pressure due to transaction deleverage and foreign exchange impact (notably Nigerian Naira), but margins at brand contribution level, especially for KFC, remain robust. - Thailand acquisition expected to contribute positively via self-funding growth and margin improvement post-tourism recovery. - Continued focus on operational efficiencies, menu pricing optimization, and cost control to enhance profitability. - Overall, earnings and operating profits expected to grow with expansion and operational improvements, tempered by short-term macro challenges.

- Devyani International Limited is targeting an overall store count of approximately 250 to 300 new stores in FY25. - The broad breakdown of store openings expected: - KFC: 120 to 130 new stores - Pizza Hut: 70 to 80 new stores - Costa Coffee: 50 to 60 new stores - The rollout plan for these store additions is being maintained with regular quarterly reviews. - The company is confident in expanding store presence despite macroeconomic challenges, indicating a solid pipeline of expansion projects. - No specific mention of other pending orderbooks or capital expenditure orders was detailed in this call transcript.