India's Devyani International extends post-results drop

Devyani International

05/02/2024 07:27

** Shares of Devyani International  DEVY.NS  dropped 4.7%,
extending post-results slump 
    ** DEVY down 7.25% in two sessions after KFC India operator
posted its slowest quarterly revenue growth since listing,
during market hours on Friday
    ** "No end to the pain" for DEVY, says Jefferies, citing
macro weakness, adverse impact perception of American brands in
India due to geopolitical issues and headwinds due to currency
devaluation in Nigeria, a key market for the company
    ** Despite the presence of cricket world cup and festive
season, same store sales growth (SSSG) decelerated further says
HDFC Institutional Rresearch, flagging weak consumption demand
    ** Including Jefferies and HDFC Institutional Research, nine
brokerages have cut price target of DEVY since results - LSEG
data
    ** The mean recommendation of 17 analysts tracking DEVY is
"buy"; median PT is 192.50 rupees, down from 200 rupees ahead of
results

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))