02 April 2018 | News
A pickup in the economy and growing demand from the planet's largest youth population are boosting fast-food sales in India.
Singapore – Even as McDonald’s tries to woo Indian stomachs with such menu items as the McAloo Tikki, a legal dispute with a key franchisee partner, Connaught has put it on the back foot. Shares of India's Domino's Pizza operator Jubilant Foodworks Ltd. have more than doubled in the past year as the country's biggest quick-service outlet benefits from a surge in online orders for home pizza delivery.
A pickup in the economy and growing demand from the planet's largest youth population are boosting fast-food sales in India. Researcher Euromonitor International predicts the market will expand 5.8 per cent to US$21.2 billion (S$27.7 billion) this year - a 50 per cent jump since 2008. Domino's and Subway have gained share, eroding McDonald's hold, Euromonitor data show.
Jubilant's profit more than tripled to 660 million rupees (S$13.2 million) in the quarter ended Dec 31 from a year earlier, helped by the Indian government's introduction of a goods and services tax for restaurants in July.