Anand Rathi IPO report on Devyani International
Devyani international Limited are the largest franchisee of Yum Brands in India and are among the largest operators of chain quick service restaurants (“QSR”) in India, on a non-exclusive basis, and operate 655 stores across 155 cities in India, as of March 31, 2021. Yum! Brands Inc. operates brands such as KFC, Pizza Hut and Taco Bell brands and has presence globally with more than 50,000 restaurants in over 150 countries, as of December 31, 2020. In addition, they are a franchisee for the Costa Coffee brand and stores in India.
Valuation and Outlook
We believe the company remains well placed for long term growth considering the company’s portfolio of recognized global brands catering to a range of customer preferences, cross brand synergies, expansion of store network and EBITDA positive earnings; we give this IPO a "Subscribe" rating.
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