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Income Tax Notice to Jubilant FoodWorks: IT Department serves tax demand notice to Jubilant FoodWorks; stock down 4%
Source: Business Standard
“The company has received a final assessment order for FY 2016-17, raising tax demand of Rs. 70.79 crores on account of certain Transfer Pricing Adjustments. Impugned assessment order shall be appealed before the Income Tax Appellate Tribunal (‘ITAT’). The company expects to get relief from ITAT. The Company does not anticipate any material financial implications,” Jubilant FoodWorks said in an exchange filing on Tuesday.
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Jubilant FoodWorks Limited (JFL), part of the Jubilant Bhartia Group, is India’s largest food service company, operating brands like Domino’s Pizza, Dunkin’ Donuts, and Hong’s Kitchen. Recently, it expanded its portfolio by launching Ekdum, which features Indian cuisines such as biryani, kebabs, and Indian breads, with three restaurants opened in Gurugram.
Jubilant FoodWorks share price history
Jubilant FoodWorks shares have gained 44.91 per cent in the last six months against the rise of 13.77 by BSE Sensex, while in the last one year the stock price has jumped 23.63 per cent compared with Sensex’s rise of 27.9 per cent.
Its shares are trading at price to earnings valuation of 213.77 times, while having an earning per share of Rs 3.19. The company has a total market capitalization of Rs 20,588.73 crore.
At 12:46 PM, the stock price of the company was up 3.24 per cent to Rs 659 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.16 per cent at 84,164.36 level.
Financial pulse Q1
Jubilant FoodWorks reported a standalone net profit of Rs 51.5 crore for the quarter ending June 30, 2024, down 31.4 per cent from Rs 75.1 crore in the same period last year. However, revenue from operations rose 9.9 per cent year-on-year to Rs 1,439.6 crore, up from Rs 1,309.6 crore, primarily driven by an 8.5 per cent growth in Domino’s India.
First Published: Oct 01 2024 | 1:03 PM IST
