Dominos IIMC Report

ANNUAL REPORT 2018–19
VECTORS
OF
GROWTH
Contents
1
FY 2019
Standalone Financial Highlights
CORPORATE OVERVIEW
About Us 2
Business Review 4 ` 60,776.58 lakhs
Financial Highlights 8
EBITDA
Chairmen’s Message 10
36.2%
5-Pillar Strategy 12
Our Leadership Team 14
Corporate Social Responsibility 16 17.2% of revenue
EBITDA Margin
Highest in last 6 years
18
` 32,280.48 lakhs
Profit After Tax
STATUTORY REPORTS
56.4%
Management Discussion
and Analysis 18
Board Report
Corporate Governance Report
26
64
9.1% of revenue
PAT Margin
16.4%
80 Domino’s Same Store Sales
Growth (SSG)
FINANCIAL STATEMENTS
Standalone Financial Statements 80
Consolidated Financial Statements 134
y-o-y growth
Form AOC-1 188
Forward-looking Statement
This report contains forward-looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’,
‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations, projections about the future,
including but not limited to statements about the Company’s strategy for growth, product development, market position, expenditures and
financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future
events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company’s actual
results, performance or achievements could thus differ materially from those projected in any such forward-looking statements. The Company
assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments,
information or events. The Company has sourced the industry information from the publicly available resources and has not verified those
information independently.
The images used in this report are for illustration purposes only.
The growth momentum during FY 2019, in both our brands, Domino’s Pizza and
Jubilant FoodWorks Limited Dunkin’ Donuts, was very encouraging, leading to yet another year of jubilant
(JFL), part of the Jubilant results. This growth is evident in our revenue growth improving profitability
boosted by the launch of new products and expanding geographical footprint.
Bhartia Group, is among India’s
We have built our growth on the 5-pillar strategy that helped to further our
largest food service companies competitive advantages, to ensure that we stay ahead in a new-age world
and boasts of one of the dominated by consumers whose behaviour has evolved in a significant way. We
continued to innovate with new products, such as the recently launched Cricket-
most successful food delivery themed Pizzas and provide more value to our customers with Everyday Value,
models in the Country. improve customer experience by improving delivery time, rolling out a new store
design, and investing in technology and analytics. We turned around Dunkin’
Donuts and brought it to break even.
Going forward, while we continue to work with these initiatives with new vigour,
we also aspire to grow our business in a clear strategic direction. We have zeroed
in the following Vectors of Growth that direct our decision-making, inspire our
initiatives across the board and drive action to prepare the next level of growth.
A number of evolving economic, demographic, consumer and technology trends
are serving as strong tailwinds to these vectors.
High-quality products, value Improve dine-in experience Data analytics and customer
for money, strengthening and provide best-in-class relationship management
brand offline and online, delivery to elevate and best-in-class digital
and an omnipresent customer experience assets through sustained
network helping to build a technology investment to
Domino’s fortress in India transform JFL into a strong
food-tech Company
Scale up Dunkin’ Donuts, Nurture and build a strong

Hong’s Kitchen and International business in
other cuisines to build Sri Lanka, Bangladesh
brand portfolio and beyond
On the back of our Vectors of Growth, we are well poised to chart a successful future for the Company
and continue creating sustainable long-term value for our stakeholders.
1
ABOUT US
Introducing Jubilant
FoodWorks Limited
To stay ahead of Jubilant FoodWorks Limited (JFL/ Company), part of the Jubilant Bhartia Group, is one
of the largest food chain operating companies in India. JFL has exclusive rights to develop
competition, the and operate Domino’s Pizza brand in India, Sri Lanka, Bangladesh and Nepal. At present, the
Company is constantly Company operates the Domino’s Pizza brand in India and through its subsidiary companies in
Sri Lanka and Bangladesh.
working towards
The Company also has exclusive rights for developing and operating Dunkin’ Donuts brand in
transforming processes India. JFL has entered into the Chinese cuisine segment with the launch of its first indigenous
and leveraging restaurant brand, ‘Hong’s Kitchen’. With presence across 273 cities supported by a wide
network of 1,259 restaurants (cumulative for Domino’s, Dunkin’ and Hong’s Kitchen as on
technology to enhance March 31, 2019), JFL is progressing on its journey to deliver delicious food and beverages to
its capabilities and every corner of India.
simplify its operations. With a robust business model, an efficient supply chain comprising a strong network of
certified supply chain business partners, and countrywide presence, JFL is well-positioned to
capitalise on a wide array of growth opportunities in the Food Service Industry (FSI). To stay
ahead of competition, the Company is constantly working towards transforming processes
and leveraging technology to enhance its capabilities and simplify its operations.
Backed by its tech-based innovation and delivery, as well as digital-driven customer

engagement and servicing, JFL has been able to deliver higher growth rates in FY 2019, both in
terms of revenue and profitability.
273 Cities
1,259Restaurants
2
Jubilant FoodWorks Limited Annual Report 2018-19 Corporate Overview
OPERATIONAL HIGHLIGHTS FY 2019
Ventured into the Chinese

KEY DIFFERENTIATORS fast-casual segment with
its first homegrown brand,
• Driven by operational excellence and Hong’s Kitchen
best-in-class delivery
• Continuous innovation
• Robust integrated supply chain systems
• Investments in technology - Delivered a stellar performance in

Same Store Sales Growth numbers,
• Strong corporate governance mechanism while growing margins through
cost rationalisation and operating
• Consumer focus and innovative marketing leverage
- Officially launched Domino’s Pizza
in Bangladesh, which broke the
global record in the first week and
the first month of its launch
- World Pizza League - 10 new Dunkin’ Donuts exhibited
international pizzas launched, sustained performance
bringing together the best flavours momentum after reporting
from the key cricketing nations breakeven during Q3 FY 2019
- Introduced PepsiCo as the new
beverage partner for Domino’s
Pizza
- Online ordering contributed 75% of
the delivery sales in Q4 FY 2019,
driven by the all-new Domino’s
mobile app
8
Commissaries/ Supply Chain Centres (SCC)
3
Distribution centres
28,286
Dedicated employees
39.99% ROCE
`5 per share
Dividend for equity share of ₹10 each
3
BUSINESS REVIEW
Our Brands
Consumers remain loyal
to reputable brands that
are relevant, offer value,
afford convenience and are
accessible. Our aim is to create
great products that consumers
love. Therefore, our portfolio
is carefully crafted to meet our
consumers’ expectations.
DOMINO’S PIZZA – INDIA

Domino’s Pizza gives importance to delivering tasty pizzas and sides, along with
superior quality, customer service and value for money. Domino’s Pizza constantly
strives to develop products that suit the evolving tastes of our consumers and has
been successful in delighting them every time. Time and again, we have innovated
delicious new crusts, toppings, and flavours loved by our consumers. The brand
enjoys top-of-the-mind recall across all age groups and cities and towns in India.
As of March 31, 2019, Domino’s Pizza, in India had 1,227 restaurants.
By monitoring the FSI trends, identifying market opportunities, understanding the
evolving needs of the consumer and driving continuous improvement, JFL has
been successful in innovating new products and offering best-in-class services.
Some interesting facts
• Domino’s Pizza India has now become the brand’s largest market outside of
the U.S.
• Differentiated brand USP – ‘30 minutes or free’ delivery guarantee.
• Striking an emotional chord with consumers through campaigns such as
‘Hungry Kya?’, ‘Yeh Hai Rishton Ka Time’ and the latest one, ‘Khushiyon ki
Delivery Kabhi bhi Kahin bhi’.
• Robust supply chain capability, and a network of large and small commissaries
and distribution centres across India, supplying raw material to all restaurants.
4
Corporate Overview
DUNKIN’ DONUTS – INDIA

In India, Dunkin’ Donuts has a range of products catering to the Indian
palate yet retaining Dunkin’s original character and charm. As of
March 31, 2019, Dunkin’ Donuts has 31 restaurants across the Country.
In addition to donuts, the restaurants also offer a variety of hot and
cold beverages, wraps and sandwiches to cater to the taste buds of
Indian consumers. The brand occupies the sweet spot between Quick
Service Restaurant (QSR) and Cafe markets. With products, marketing
campaigns, architecture and décor that resonate with the modern-day
youth, the brand continues to make encouraging progress in winning
the hearts and minds of its consumers.
DOMINO’S PIZZA – BANGLADESH DOMINO’S PIZZA – SRI LANKA

JFL launched Domino’s Pizza in Bangladesh through a During the year, we began fine-tuning our business
joint venture with Golden Harvest QSR Limited, a part model with a strong focus on improving profitability.
of the Golden Harvest Group, Bangladesh. The menu is We have upgraded our menu, launched our 30-minute
a unique combination of some of the top international delivery guarantee and sharpened our focus on marketing
favourite pizzas along with pizzas that were developed activities, driving the everyday value proposition.
specifically for Bangladesh. We re-launched the Domino’s Pizza Mobile App to
provide our customers with improved functionalities
Domino’s Pizza Bangladesh has four prime targets: and user experience. The Company is in the process of
offer great-tasting pizzas, provide value for money, substantially enhancing its value proposition, delivery
unforgettable customer experience and finally, the use of of services and digital experience. The Company had
technology for enhanced performance across the value 22 restaurants in Sri Lanka as on March 31, 2019.
chain. Within its first week of operations, Domino’s Pizza in
Dhaka witnessed a record number of orders, which is the
highest for the brand across its network in 85 countries.
5
BUSINESS REVIEW
Foray into the Chinese

Segment – Hong’s Kitchen
JFL announced its entry into
the Chinese cuisine segment
with its first homegrown brand,
‘Hong’s Kitchen’. Hong’s is a
fast-casual Chinese restaurant
with focus on dine-in and
delivery. The brand offers great
tasting and affordably priced
Chinese food customised for
the Indian palette.
From a live and open kitchen
to sourcing quality ingredients
and separate preparation
areas for vegetarian and
non-vegetarian food, Hong’s
Kitchen perfectly embodies
JFL’s commitment to high
quality standards. This makes
Hong’s Kitchen a perfect place
to relish Chinese dishes.
6
Key features
Trustworthy sources
Sourced from the best and most trusted suppliers, we put
only the choicest ingredients on our consumers’ plates
at Hong’s Kitchen. All our supplier partners are statutory
compliant and have rich experience of the food industry.
Live and transparent kitchen

We have left no stone unturned to ensure total
transparency. We have a live and open kitchen where
consumers can watch their food being prepared.
Restaurant ambience
The restaurant has a young, international-looking and
trendy design that is inspired by the colours and hustle of
Asian street markets.
Separate preparation area

We comprehend and respect the sensibilities of
vegetarian as well non-vegetarian lovers. Hence, we
have made separate preparation areas for vegetarian and
non-vegetarian food. Hong’s Kitchen
Dine-in + delivery model • The brand gave us an entry into a large category
Hong’s Kitchen will focus on dine-in plus deliveries. – Chinese cuisine, the second largest consumed
As Hong’s Kitchen has launched its own App, the last-mile cuisine in India.
delivery will be handled by JFL.
• Further, in Chinese cuisine, there is a vast gap
between street vendors and fine-dining brands,
which JFL is looking to target.
• There is scope to leverage backend infrastructure.

Hong’s Kitchen will enjoy the benefits from
JFL’s existing supply chain, management team,
infrastructure, etc.
7
8
207,446.50
FY 2015
241,021.04
( ` in lakhs)
FY 2016
254,606.98
FY 2017
298,044.06
FY 2018
Operations
FY 2019
Revenue from
353,066.94
FINANCIAL HIGHLIGHTS
26,280.26
FY 2015
28,514.85
( ` in lakhs)
FY 2016
Profit and Loss Metrics (Standalone)
24,658.90
The metrics are on the basis of published financial statements.

EBITDA
FY 2017
44,639.20
FY 2018
FY 2019
60,776.58
and Progress
12,327.89
FY 2015
11,456.25
( ` in lakhs)
FY 2016
6,725.45
FY 2017
Net Profit
20,640.48
FY 2018
FY 2019
32,280.48
Strong Performance
(`)
18.82
FY 2015
EPS
17.44
FY 2016
10.21
FY 2017
31.29
FY 2018
FY 2019
24.46
67,111.44
FY 2015
76,806.55
( ` in lakhs)
FY 2016
85,218.78
FY 2017
104,390.67
Net Worth
FY 2018
FY 2019
132,371.71
Jubilant FoodWorks Limited
(%)
25.50
FY 2015
20.97
FY 2016
Balance Sheet Metrics (Standalone)
ROCE
11.02
FY 2017
30.99
Annual Report 2018-19
FY 2018
FY 2019
39.99
60,554.46
FY 2015
70,227.04
( ` in lakhs)
FY 2016
78,623.87
Surplus
FY 2017
97,792.22
FY 2018
Reserves &
FY 2019
119,174.81
27,122
FY 2015
27,719
(Number)
FY 2016
26,604
FY 2017
27,539
FY 2018
Employees
Social Metrics
FY 2019
28,286
9
Corporate Overview
CHAIRMEN’S MESSAGE
Sharpening Our
Strategic Focus
Dear Shareholders,
FY 2019 was a year marked by profound political and
economic changes around the world. We are pleased to
report that against this challenging backdrop, JFL’s clear
and differentiated strategy, coupled with key initiatives
that we undertook to accelerate the delivery of long-term
value to both our continuing shareholders and other key
stakeholders, yielded outstanding results. With every
passing year, we continue to add to our strengths and
implement innovative measures to enrich the lives of
our consumers. These efforts drive our consistent value
creation efforts.
Our quality offerings and best-in-class delivery services

create enriched value and experience for our patrons.
We are driving innovation in our core business to bring
greater variety and excitement to our offerings as well as to
improve our operations. By simplifying and standardising
our business processes, we continue to strengthen our
business focus.
Operational performance
For Domino’s Pizza, in India, we opened 102 new restaurants
and closed nine, thus taking our total restaurant count to
1,227 restaurants across 273 cities. We continued to delight
our consumers with new flavours and combinations, with
our ‘World Pizza League’ offering that comprised 10 new
flavours of pizza that celebrated the most popular flavours Standing:
from the world’s top cricketing nations. Launched just Mr. Hari S. Bhartia
ahead of the busy cricket season, the range generated a Co-Chairman and Director
lot of interest and attained popularity.
Sitting:
The year also witnessed the roll-out of a new store design Mr. Shyam S. Bhartia
for Domino’s to reflect a warm, contemporary personality Chairman and Director
aimed at improving the dine-in experience; going forward,
all new stores will feature the new look. Dunkin’ Donuts
reported strong top line growth in FY 2019. The sharp focus
on our core portfolio of donuts and beverages, optimising We are driving innovation in our core
costs and efficiencies, helped break even during Q3
FY 2019. Another highlight was the launch of our first own business to bring greater variety and
brand – Hong’s Kitchen - marking our entry into the large excitement to our offerings as well as to
Chinese food segment. It addresses the gap between
Chinese food street vendors and premium fine-dining improve our operations. By simplifying
restaurants. Our first restaurant under this brand opened and standardising our business
in Gurugram and has got off to a promising start.
processes, we continue to strengthen
Moreover, we made a record-breaking entry into the
Bangladesh market with Domino’s Pizza. Within its first our business focus.
week of operations, Domino’s Pizza witnessed a record
number of orders from its first restaurant, which is the
highest for the brand across its network in 85 countries.
10
Two of our most important

differentiators lending us a strong
competitive advantage are our people
and our culture. We believe the
engagement, capability and diversity
of all our people is the key to our
successful growth.
In a consumer-driven tech-first world where food-tech Our strategic focus

companies are growing, we relaunched our native app with Owing to a number of economic, demographic, consumer
improved functionalities such as advance ordering, live and technology trends that are serving as strong tailwinds,
order tracking and an improved payments interface. We we believe that the market for non-homemade food
are embracing digital transformation by using consumer will grow on a sustained basis over the upcoming years,
data to improve our products and service delivery, as consumers seek more and more convenience. In this
including a seamlessly digital consumer experience. The growing market, JFL is well placed to grow and lead.
year saw greater contribution of online ordering to overall
Our strategic focus going ahead will be to fortress
sales at 70% driven by the all new Domino’s App.
Domino’s Pizza brand through high-quality products,
Financial performance continue to offer value for money and expand our
Our FY 2019 operating revenue stood at ₹ 353,066.94 lakhs, geographical footprint. This will be augmented through
an increase of 18.5% over the last year, which came on the greater investments in technology and data science,
back of 16.4% SSG for Domino’s Pizza, the highest ever in which will help in building a great customer experience.
the last seven years. Our EBITDA was ₹ 60,776.58 lakhs, We aspire to build a portfolio of brands across cuisines,
a growth of 36.2% over the previous year, with EBITDA scale up Hong’s Kitchen and build a strong international
margin at 17.2%, up by 220 basis points. The Profit After business in Sri Lanka, Bangladesh and beyond.
Tax stood at ₹ 32,280.48 lakhs, with 56.4% growth over last
We take this opportunity to thank our partners in Domino’s
year. The Board of Directors has recommended a dividend
International and Dunkin’, all our employees, our business
of ₹ 5.00 per equity share of ₹ 10 each fully paid up for the
partners and all our other stakeholders who have been
financial year ended March 31, 2019, subject to approval of
a great partner in driving stellar results for the year. We
the shareholders in the Annual General Meeting.
thank you, our shareholders, for your continued support,
An engaged workforce trust and confidence.
Two of our most important differentiators lending us a
With warm regards,
strong competitive advantage are our people and our
culture. We believe the engagement, capability and
Shyam S. Bhartia Hari S. Bhartia
diversity of all our people is the key to our successful
Chairman & Director Co-Chairman & Director
growth. We continue to enhance our employee proposition
to ensure a highly engaged, performance-focused and
fulfilled workforce that truly reflects the diversity of the
society we live in and the communities we engage with.
102
New Restaurants opened for
1,227
Total Restaurants
18.5%
Increase in operating revenue
Domino’s Pizza in India across 273 cities (y-o-y growth)
11
5-PILL AR STR ATEGY
Acquiring Momentum for

Future Growth
Stellar sales growth in FY 2019,
achieved through the implementation
of our 5-pillar growth strategy, has
created a healthy growth momentum
for the Company.
FY 2019 STRATEGIC PILLARS
1. Product and Innovation 2. Value for Money 3. Customer Experience

We continue to refine and upgrade our We continued with the hugely successful We continue to improve customer experience
core pizza portfolio while simultaneously Everyday Value offer launched in FY 2018. It is by improving delivery time. We enhanced
providing value for money products to augmented by an online ordering platform the customer experience through railway
our customers. Domino’s Pizza enjoys as well as our countrywide presence and the ordering and all-night delivery mechanisms.
top-of-the-mind recall and continues to build launch of new combos that have garnered To elevate customer experience, we
the trust of its consumers. Further, to cater significant attention. significantly upgraded the App. We also
to our dine-in customers, we upgraded our rolled out our new store design, which has
dine-in restaurants and also took initiatives, self-ordering kiosks to improve the dine-in
such as small-town menu, to give value to experience. This has been received very
them. well by our customers. With the centralised
call centre, the restaurant team is able to
We have continued to innovate with new
provide uninterrupted service to customers.
and quality products across Domino’s Pizza
It has optimised the efforts and boosted the
and Dunkin’ Donuts to bring new excitement
capabilities of the restaurant service team,
to our customers. We also improved our
leading to better customer experience for
beverage offerings through the launch of
dine-in customers as well as those placing
Fountains with our new partner PepsiCo.
telephonic orders.
Domino’s Pizza witnessed strong SSG led by
robust consumer demand.
12
Future Strategy
We believe the key to outperform in challenging times

is to remain focused on a strategic road map with clear
plans and a strong team in place to execute it. Here are
our strategic focus areas:
• Fortress Domino’s in India by expanding

geographical footprints, drive innovation, value
for money and strengthening the brand offline
and online.
• Elevate customer experience for both dine-in and

delivery customers.
• Sustained technology investment in digital assets

and data science across the organisation to
transform JFL into a strong food-tech company.
• Scale up Dunkin’ Donuts and Hong’s Kitchen and

further build a portfolio of brands across cuisines.
• Nurture and build a strong international business

in Sri Lanka, Bangladesh and beyond.
4. Digital and Technology 5. Dunkin’ Donuts Profitability

As e-commerce continues to advance in all countries, investment in Dunkin’ Donuts displayed sustained performance momentum in
digital initiatives and technology is one of the key thrust areas of our FY 2019. The break even came in Q3 FY 2019 primarily driven by focus
core strategy at JFL. We have continued to invest in technology, data on the core portfolio of donuts and beverages, closure of loss-making
analytics and digital infrastructure to improve efficiency, enhance restaurants and prudent cost rationalisation. We will continue to focus
customer experience, advertise the brand broadly on digital platforms, on cost optimisation and growth efforts to gradually push Dunkin’
drive data analytics and customer relationship management, and Donuts into a profitable territory.
strengthen digital marketing efforts. During the year, Domino’s Pizza
re-launched its App. The new app offers improved performance,
including a more intuitive and user-friendly interface, lighter web pages
for faster loading of menu and quick checkout, a GPS-based restaurant
locator and also an in-built digital wallet. All the commissaries/ SCCs
use SAP, resulting in a more efficient procure-to-pay process and
improved supply chain capabilities in real time.
Online Ordering (OLO) and the share of mobile orders continued their
robust growth momentum led by strong initiatives conceptualised
and actioned by the digital team. In Q4 FY 2019, OLO’s share, as a
percentage of the total delivery orders, rose up to 75% and the share
of mobile in OLO increased to 88%. Mobile App downloads clocked
the 17.8 million mark during FY 2019.
OUR LEADERSHIP TEAM
Board of
Directors
Sitting (Left to Right)
Ms. Deepa Misra Harris Mr. Berjis Minoo Desai Mr. Shyam S. Bhartia Mr. Pratik R. Pota
Independent Director Independent Director Chairman and Director CEO and Wholetime Director
Mr. Hari S. Bhartia

Co-Chairman and Director
Standing (Left to Right)
Mr. Vikram Singh Mehta Mr. Ashwani Windlass Ms. Aashti Bhartia Mr. Shamit Bhartia
Independent Director Independent Director Non Executive Director Non Executive Director
Mr. Abhay Prabhakar Havaldar

Independent Director
14
Management
Team
Sitting (Left to Right)
Ms. Pallavi Bakshi Mr. Pratik R. Pota Mr. Rajneet Kohli Mr. Prakash C. Bisht
EVP – HR, Admin & CSR CEO and Wholetime Director EVP – Operations EVP & Chief Financial Officer
Standing (Left to Right)
Mr. Subroto Gupta Mr. Anand Thakur Mr. Kapil Grover

SVP – Innovation & Business Excellence SVP – Digital SVP – Marketing
Mr. Avinash Kant Kumar Mr. Sanjay Mohta

EVP – Integrated Supply Chain, Quality VP – International Business
Enhancement and Maintenance
15
CORPOR ATE SOCIAL RESPONSIBILIT Y
Engaging with Communities

Social commitment is anchored in our
business philosophy. Our endeavour is
to create sustainable value and bring
about a catalytic impact in the society
in which we operate. The Company
has undertaken many initiatives to
engage with the disadvantaged,
vulnerable and marginalised members NUTRITION
of our local communities. JFL has undertaken number of programmes to provide
nutrition support to the less privileged over the last few years
across the Country. In FY 2019, nutrition support in the form of
freshly cooked meals was provided to 1,045 children in shelter
SWACHH BHARAT ABHIYAN homes across Delhi-NCR and Bengaluru. As many as 88,200
freshly cooked meals were distributed over the course of the
JFL supported the Swachh Bharat Abhiyan by adopting five
project in the last fiscal.
railway stations across Delhi, Bengaluru, Mumbai and Gajraula.
The programme included conducting capacity building and
public awareness workshops to promote cleanliness, station ROAD SAFETY
beautification through traditional wall art, initiatives on plastic To promote road safety awareness, a road safety programme
waste management, etc. Regular awareness and sensitisation was initiated in Delhi, Mumbai, Bengaluru, and Kolkata. More
drive for stakeholders, including cleaning staff, porters, auto/ than 20,000 college students across these cities were trained on
taxi drivers, vendors/hawkers and passengers, were conducted road safety, first-aid, safe transportation, emergency response
at these railway stations. and trauma management. Many public awareness campaigns
focusing on road safety were also undertaken during the period.
FARMER DEVELOPMENT
JFL continued its farmer development programme in Pune, VOCATIONAL TRAINING
Maharashtra, to enhance dairy farmers’ income and empower With an aim to enhance the skills of differently-abled youth,
them socio-economically. The programme was initiated JFL supported the vocational training for 25 differently-abled
to enhance cattle productivity through improved feeding, underprivileged youth with the aim to make them more
breeding and best dairy management practices. Under the employable and independent. Skill upgradation training in
project, 828 dairy farmers from Manchar and Shirur talukas in information technology, soft skills and orientation & mobility
Pune district, were supported to adopt best practices for cattle was provided during the programme in order to make them
rearing to improve cattle productivity and promote clean, high- more confident and better equipped to get gainfully employed.
quality milk production. Post the completion of training, 60% of the students were
placed with different organisations.
18
STATUTORY REPORTS
Management Discussion and Analysis 18
Board Report 26
Corporate Governance Report 64
80
FINANCIAL STATEMENTS
Standalone Financial Statements
Independent Auditor’s Report 80
Balance Sheet 86
Statement of Profit and Loss 87
Cash Flow Statement 89
Notes Forming part of Financial Statements 91
Consolidated Financial Statements
Independent Auditor’s Report 134
Balance Sheet 140
Statement of Profit and Loss 141
Cash Flow Statement 144
Notes Forming part of Financial Statements 146
Form AOC-1 188
17
Management Discussion and Analysis
1. COMPANY OVERVIEW years. However, economic activities decelerated towards

the second half of 2018 due to the tightening of lending
Jubilant FoodWorks Limited (JFL) is India’s leading food
conditions. Consumer perceptions remained softened during
service Company. JFL holds the master franchise for Domino’s
the year over concerns about inadequate job opportunities
Pizza and Dunkin’ Donuts brands in India. It has the exclusive
and performance of the economy. Fiscal spending on
rights to develop and operate Domino’s Pizza brand in India,
infrastructure and the rural economy should continue to
Sri Lanka, Bangladesh and Nepal. At present, it operates in
support domestic activity. Going ahead, stronger measures
India, Sri Lanka [through the subsidiary, Jubilant FoodWorks
from the government to boost the investment environment
Lanka (Pvt.) Ltd.] and in Bangladesh (through Jubilant Golden
could help catapult demand growth to the next level.
Harvest Ltd., a joint venture between JFL and Golden Harvest
QSR Ltd.). It also has exclusive rights to develop and operate
Other Emerging Economies
Dunkin’ Donuts restaurants in India. During FY 2019, JFL also
Sri Lanka’s economic growth was below 3% in 2018, the
marked its entry into the Chinese cuisine segment with the
lowest since 2001 due to disruptions and policy tightening,
launch of its first home-grown brand, Hong’s Kitchen.
static fixed investment and lower net exports. On the other
hand, Bangladesh’s economy expanded by a noteworthy 7.8%
Key strengths
to US$ 275.8 billion in 2018, recording the highest growth rate
yy Strong brand equity
in the country’s history, driven by strong private consumption,
yy Large network spread across 26 states, 5 Union Territories
public investment and remittance inflows (Source: Reuters
and 273 cities in India
and Dhaka Tribune).
yy Delivery expertise
yy Deep innovation capabilities
3. INDUSTRY REVIEW
yy Strong national supply chain network
yy Growing strengths in technology, data science and Indian Food Service Industry (FSI)
digital infrastructure T he food service sector is among the fastest growing sectors
in India. The growth in Indian FSI is driven by changing
2. ECONOMY REVIEW demographics, lifestyles and economic environment.
Food service as an emerging key segment in the Indian
Global Economy
economy, with a value of US$ 61 billion, stands at the third
The first half of 2018 saw the global economy gain momentum,
position after Indian retail and insurance. It is estimated that
driven by manufacturing growth across geographies and
the overall FSI market size is ` 423,865 crores in 2018-19 and
an improvement in trade conditions. However, as the year
is expected to reach ` 599,782 crores by 2022-23 at a CAGR of
progressed, the growth momentum moderated due to
9% (Source: NRAI India Food Services Report 2019). The Indian
multiple factors such as the escalating US-China and US-Iran
FSI has experienced consistent growth over the last five years,
trade tension, credit tightening in China, and financial
fuelled by urbanisation, increasing number of nuclear families
tightening and stabilisation of the monetary policy in larger
and working women, steady growth in incomes and growing
advanced economies. The global economy is projected to
availability of a wide variety of restaurants. Digital-led online
expand by 3.3% in 2019. The International Monetary Fund
ordering, home delivery, third-party aggregator options,
(IMF) has downward revised global growth estimates due to
cashback facilities, reward points and heavy discounts
the negative effects of the US and China, increasing trade
highlight the current delights available to the consumers.
tariffs, as well as weaker momentum witnessed in Europe
during the second half of 2018. The Bank of England has
Market share of organised and unorganised segments
cautioned that the economy is on course for its weakest year
(%)
since the global financial crisis, as Brexit jitters seem to be
2018-19 2023
spreading from companies to consumers. Segment 2016
Estimated Projected
Organised 33 35 43
Indian Economy Unorganised 67 65 57
India continued to perform well in comparison with its global Source: NRAI India Food Services Report 2019
counterparts. India’s GDP growth for FY 2019 stood at 6.8%
boosted by continuing of policy reforms and a credit rebound. Quick Service Restaurants (QSRs) holds the largest share
According to the IMF’s database, India’s contribution to world in the FSI and have been a critical segment in the sector.
growth has risen from 7.6% during 2000-08 to 14.5% in 2018. The organised QSR market is estimated to be worth ` 32,880
The IMF also states that, India is less exposed to a slowdown crores in FY 2019. The chain segment contributes 55% of
in the growth of global manufacturing trade as compared the organised QSR market while the standalone segment
to other major Asian economies and emerging markets and accounts for the remaining 45%.
is poised to grow at a relatively stable pace in the coming
18
Jubilant FoodWorks Limited Annual Report 2018-19 Statutory Reports
Market Size (FY 2019) CAGR % (2015-16 to Foreign tourist arrivals (FTAs) in India have grown at 5.2%
% Share
` in crores 2018-19) y-o-y, touching 10.56 million in 2018 (Source: IBEF).
QSR 14,775 13% 17%
Source: NRAI India Food Services Report 2019 Key megatrends driving growth
The Indian FSI has progressively evolved over the last two
Demand drivers
decades – with new formats, enhanced service levels and
Changing demographics – There’s a growing population of
improved supply chain practices, among others. Key trends
young and upwardly mobile working professionals in India,
that are changing the face of the industry are listed below:
which includes an increasing number of women. Moreover, the
number of nuclear families is growing, all of which encourage
Improving business prospects – The reduction of GST on
a culture of eating out and ordering-in, resulting in the
restaurant services provided a major tailwind to the FSI.
growth of the restaurant industry. With the Indian population
This coupled with the growing disposable income due to
attaining a median age of 31 in 2030 (versus 42 in China 40
the emerging middle class and changing behaviour for food
in the U.S.) India will, over the coming years, remain one of
ordering through an online App have improved the overall
the youngest nations in the world with one of the largest
prospects of FSI.
working-age populations.
Innovation and differentiation – With so many different

Greater spending power – India’s per capita income has
products and cuisines available for purchase on a host of
grown steadily, leading to an increase in disposable incomes.
channels – from store to farmer’s markets to online and social
Also, more women joining the workforce has given rise to
media – product innovation and differentiation are playing an
double-income households, giving a boost to the purchasing
increasingly important role.
power. This is driving the growth of the FSI. According to
advanced GDP estimates, India’s per capita national income
Rapid digitalisation – The average consumer’s growing
for FY 2019 is set to show a growth of 11.1%, the fastest in the
attraction for digital platforms is forcing the industry to
last five years.
reconsider older models of reaching out to the end-user.
From using flyers then to digital menus available on your
Changing consumer lifestyle – Increasing use of technology
phones now from searching for the best option from among
in the consumer space, urbanisation, rising social media
a limited selection of deals and restaurants to being offered
activity, hectic lifestyles, etc. have led to a change in the
discounts on your smartphones, services have come a long way.
consumer’s dietary habits.
The key difference here is that the consumer’s reviews, ratings
yy Increasing preference for the convenience of ordering-in and feedback are available online. All these developments
on account of busy lifestyles have contributed to a market that is increasingly competitive
and transparent.
yy Increase in the number of on-the-go consumers;
growing demand for ready-to-eat-food
New and evolving formats – Different formats such as
yy The growing internet penetration and technology dine-in, in-mall outlets and drive-through, have provided
disruption in food delivery is leading to easier and faster the customers easy access to eating out. Fine dining, casual
availability of food-on-order dining, food trucks and cloud kitchens are fast picking up and
expanding to drive growth.
Increased exposure – With more and more Indians travelling
abroad, their exposure to global and exotic cuisines has
Large focus on value meals – From the consumer’s point
increased. Popular food and cookery shows on television such
of view, value for money will continue to be the order of
as MasterChef have also led to greater awareness of gourmet
the day in the Indian food service market. While eating
food and trends. At the same time, social media has become
out is increasingly becoming a regular practice rather
an important part of the lifestyle for India’s young and
than an occasional indulgence, affordability still drives
working population. Digital and social media have enabled
decision-making. To build loyalty and sustain the momentum,
food service brands to market their services as an experience,
the industry has introduced a range of value-added offers,
at lower costs and with greater visibility.
which include loyalty programmes and cashback offers.
Food aggregators – Food delivery applications have been

Challenges for FSI
a major success in the metros and are gaining popularity in
Certain challenges continue to act as headwinds against
other cities as well. Students and professionals, who don’t have
growth in the Industry. Availability of trained and skilled
enough time on their hands for preparing a home-cooked
manpower, high attrition rate, rising rentals, inadequate
meal, make up the vast majority of users. App-based online
supply chain, infrastructure, over-licensing, etc. are some of
aggregators and development of third-party logistics service
the key challenges faced by various players. It is, therefore,
providers have expanded the size of the FSI as a whole.
imperative for companies to focus on improving operational
efficiencies, getting their unit economics right and ensuring
India as a travel destination – With India marketing itself to
scalability of the business.
the world as a major tourist destination, opportunities have
opened up for the FSI to expand its collections and enrich
its offerings to cater to a growing international audience.
19
Enabled by the major drivers detailed above, the following seven key predictions will define the future of consumption in
India in 2030:
yy Rising incomes and the expansion of the middle class and high-income segments will reshape future consumption
yy The urban-rural divide is set to diminish significantly as large parts of sectors are pushed towards formalisation, owing to
policy-driven reforms
yy Liberalisation’s children – India’s Millennials and Generation Z – will become a major consumption pool and spend more than
their predecessors
yy Indian peculiarities will shape future opportunities for indigenous offerings, e-commerce, value-for-money brands and
digital entertainment
yy Many consumer archetypes will persist as age, education, occupation and connectedness begin to strongly influence
preferences within each income segment
yy A digitally connected India, with more than 1 billion internet users, will have significantly more well-informed and aware
consumers demanding greater transparency and accountability from brands
yy New business models enabled by technology will help monetise and organise latent consumption opportunities
Source: World Economic Forum
Outlook outlets. Moreover, a new and growing class of social media

There is a growing inclination to spend on ‘eating out’ and generation has, in its spirit of curiosity and adventure, fuelled
‘ordering-in’ for a variety of reasons, on account of which the a willingness to try out new cuisines, food experiences, etc.
average cheque value has grown; also seen is a shift from making for favourable entry conditions for Multi National
roadside eateries to the better monitored and also more Companies (MNCs) with new cuisines and concepts.
expensive quick service restaurants, cafes and fast food
4. BUSINESS REVIEW
JFL Portfolio
No. of Restaurants New Additions in Restaurants closed in Presence in No. of Cities
Particulars
as on March 31, 2019 FY 2019 FY 2019 as on March 31, 2019
India
- Domino’s Pizza 1,227 102 9 273
- Dunkin’ Donuts 31 1 7 10
- Hong’s Kitchen 1 1 0 1
Sri Lanka
- Domino’s Pizza 22 0 2 18
Bangladesh
- Domino’s Pizza 1 1 0 1
Business highlights for FY 2018-19 under the joint venture with Golden Harvest QSR Limited,
named Jubilant Golden Harvest Limited. The very first
Domino’s Pizza - India
week of operations witnessed the highest number of
yy Domino’s Pizza Everyday Value was extended to regular
orders for the brand across its network in 85 countries.
pizzas, which was received very well by the customers,
driving new customer acquisitions as well as growth in yy Domino’s Pizza for the first time co-sponsored the Indian
frequency of ordering. Premier League (IPL) cricket team Royal Challengers
Bangalore, which created a lot of excitement
yy Online sales remained strong with the share of Online
among the customers.
Orders (OLO) increasing to 70% of the delivery sales as
against 56% in the previous year. Dunkin' Donuts - India
yy Dunkin' Donuts business reached breakeven in
yy Domino’s Pizza relaunched its App with further
Q3 FY 2019 driven by focus on donuts and beverages,
user-friendly features such as advance ordering, easy
shutting off unprofitable restaurants, optimising costs
order tracking, rail ordering and one click re-order, which
and bringing efficiencies.
in turn led to higher installs and better reviews.
yy The brand also invested in digital marketing to increase
yy Officially launched Domino’s Pizza in Bangladesh with
presence and brand salience.
maiden restaurant in Dhaka. The brand will operate
20
Hong’s Kitchen Other Campaigns

yy Entered into Chinese fast casual segment with the (i) Khushiyon Ki Delivery, Kabhi bhi kahin bhi:
launch of the first ‘Hong’s Kitchen’ restaurant in Domino’s pioneered food delivery in India and
Gurugram. The newly launched restaurant has a young over the years, have established themselves as the
and trendy international feel and design, inspired by the ‘Delivery experts’. The campaign highlighted the
colours and the hustle of Asian street markets. Its open strength of Domino’s in this space.
kitchen makes for a transparent, lively and engaging
(ii) Winter Campaign: In the month of December,
experience for customers.
2018, marked by holidays and celebrations,
Key Focus Areas Domino’s launched a month-long marketing
The focus remains on implementing the 5-pillar growth campaign for a combo offer on two of its marquee
strategy outlined previously, which continues to shape our products: Cheese burst Pizza and Choco lava cake.
new programmes and initiatives. Under the offer, the consumer could get with every
Cheese burst Pizza, a Choco lava cake for just ` 49.
1. Product and Innovation
The campaign attracted a lot of traction, converting
yy Added ‘Multigrain Crust’ to the pizza menu, into higher sales.
thus enhancing the product portfolio: With the
2. Value for Money
growing demand for healthier food options, a new
Multigrain Crust was introduced, which has the Domino’s Pizza continued its hugely successful Everyday
power of five seed grains (whole wheat, corn, ragi, Value offer (EDV) launched in FY 2018. It is in fact
oats and barley) and four super seeds (watermelon, augmented by a strong OLO platform with a countrywide
pumpkin, flax and sunflower). This campaign was presence and the launch of new combos that have
called ‘Taste bhi Goodness bhi’ in Delhi, Mumbai, garnered significant attention.
Bengaluru and their suburbs.
3. Customer Experience
yy Pizza Add-Ons: To further improve the variety, five
yy Domino’s Pizza has in place a centralised call
Pizza Add-Ons were introduced: Taco Mexicana
centre in order to optimise the efforts and boost
(Single), Crinkle Fries, Crunchy Strips, Potato
capabilities of the restaurant service team, leading
Cheese Shots and Brownie Fantasy.
to better customer experience for restaurant visitors
yy World Pizza League: During the cricketing season,
as well as those placing telephonic orders. With this,
Domino’s Pizza unveiled five new international
the restaurant team provide uninterrupted service
flavours inspired by the top teams participating in
to customers dining in.
the tournament. Each flavour represented different
international cricket-playing countries: yy The Company rolled out the new Domino’s store
(i) South Africa – African Peri Peri Veg and design in Q4 FY 2019 with significantly improved
African Peri Peri Chicken – It has a flavour interiors and better ambiance, and self-ordering
of peri peri red chillies which are spicy, fiery digital kiosks to improve customer experience.
and hot in taste. JFL believes that this warm and contemporary
design will help improve our dining-in experience.
(ii) Australia – Aussie BBQ Veggies and
Aussie BBQ Meatballs – It has a flavour of yy Siachen delivery - Recognising the efforts and
the barbecue, a famous cooking style of sacrifices of the Indian Army soldiers in protecting
Australia. BBQ sauce is a glazed sauce that is the nation, Domino’s Pizza celebrated the Republic
sweet and spicy. Day of 2019 with the Indian Army troops in the
Siachen Glacier and delivered 4,000 pizzas to the
(iii) West Indies – Jamaican Jerk Veg and
soldiers deployed on the forward posts at almost
Jamaican Jerk Chicken – It has a flavour of
20,000 ft. above sea level.
Jamaican jerk, which is one of the hot spice
mixes used in Jamaica for cooking meat. yy All-night delivery - Matching pace with the
It gives a spicy kick that comes from a blend changing lifestyle of customers, Domino’s Pizza
of ingredients such as chilies, cinnamon, launched all-night delivery across multiple cities.
garlic and black pepper. As on March 31, 2019, this facility was available
across seven cities and 78 restaurants. This new
(iv) England – English Cheddar & Veggies and
growth route has created positive brand association
English Cheddar Chicken & Sausage – It
and stronger connect with younger audience.
has a flavour of Cheddar cheese, a British
food staple used in a variety of meals from yy Tie-up with Indian Railway Catering and Tourism
breakfast to dinner. Corporation (IRCTC) - The customers can now
order hot pizzas to be delivered on their seat in the
(v) India – Indian Tandoori Paneer and Chicken
train at the pre-selected station (161 stations as on
Tikka Masala – It has a flavour of tandoori
March 31, 2019) through the Domino’s Mobile App
masala with mint chutney.
21
and Mobile Website as well. Till last year, this facility production, material storage, movement and handling,
was available only through the IRCTC website. ensuring consistent levels of product quality, food safety and
hygiene for all our products.
4. Digital and Technology
yy Domino’s Pizza relaunched its App with features
During the year, it continued to take substantial measures for
such as advance ordering, live order tracking, and
reinforcing the quality standards through:
a better payments interface. It also optimised the
size of the app to make it lean at 5.6 MB and more yy Stringent checking of raw materials, in-process and
user-friendly. It has a better user interface, lighter finished products
web pages for faster loading of menus, and quick yy Elaborate system of frequent and regular audits of all our
checkout with an in-built digital wallet featuring restaurants, commissaries and vendors
tie-ups with all the major payment gateways. yy Strict pest control regime across all our sites
This was accompanied by the roll-out of a new yy Continual tracking and monitoring of vendor food safety
progressive web app certificates and FSSAI licences
yy Collaborative approach with vendors to continuously
yy Implementation of GPS rider tracking for live order
strive for sustainable food safety initiatives
tracking on the app
yy Maintaining systemic rigour in analysing the root
yy Launch of mobile platform for automated delivery causes for all complaints and developing/implementing
route planning, real-time tracking of supply trucks, preventive and corrective action plans
temperature monitoring, etc. yy Collaborating with FSSAI in piloting a hygiene rating
system for restaurants.
5. Dunkin’ Donuts - India
yy During the year, Dunkin’ Donuts introduced a
6. INTERNATIONAL BUSINESS
variety of beverages, including Dunkaccino coffee
in flavors Hazelnut and Caramel flavours. To increase Bangladesh Operations - In FY 2019, Domino’s Pizza forayed
the range of servings, Dunkin’ Donuts launched into the Bangladesh market via a joint venture with the Golden
Chai and Iced Tea under its beverages portfolio. Harvest QSR Limited, a part of the Golden Harvest Group.
Thick Cold Coffees were also introduced with new The joint venture under which the brand operates is named
tastes such as Choco Tiramisu, Cookie Crumble and Jubilant Golden Harvest Limited. The Bangladeshi customer
Cookie Mocha. Winter Beverages were also part has accorded Domino’s a warm welcome at its first outlet in
of the innovation with New Hot Chocolate, Hot Dhaka. The restaurant got off to a strong start and broke the
Chocolate Hazelnut, Vanilla Macchiato and Classic global Domino’s record for the highest number of orders for
Macchiato for the consumers. its first week and the first month of operations. Domino’s Pizza
Bangladesh is focusing on ensuring value for money through
yy On the food front, Dunkin’ Donuts launched
aggressively priced menu options, starting at Tk.149, aimed
co-branded Donuts such as Chocoholic, Choco
at growing the Bangladesh market by attracting new users
Crisp and Choc-o-Choc, including new signature
into the category.
Donut under the names Choco Berry Bomb, Peanut
Butter Island and Choco Villa. Signature burgers
Sri Lanka Operations - Various initiatives were taken during
such as the Farmhouse Monster Burger, Grilled
the year to drive profitability. This entailed quality and menu
Chicken Monster Burger and Chicken Keema
upgradation, launch of 30 minutes delivery guarantee,
Monster Burger were introduced for a new and
re-launch of the mobile app, and focused marketing activities
different taste.
while driving the Everyday Value promotional proposition.
5. FOOD SAFETY AND QUALITY Domino’s Pizza Sri Lanka continues to focus on cost efficiency
while enhancing consumer experience through service
JFL’s emphasis on quality assurance, complaint analysis
enhancement. The Company is in the process of substantially
and corrective action, and ongoing hygiene trainings have
enhancing its product proposition, delivery of service and
ensured a good compliance track record. Across restaurants,
digital experience. As of March 31, 2019, the Company had 22
commissaries (SCCs) and vendors, the Company has put
Domino’s Pizza restaurants in Sri Lanka.
in place quality systems to govern all areas of sourcing,
22
7. FINANCIAL REVIEW
Summarised Profit and Loss Statement
(` in lakhs)
Standalone Consolidated
Particulars Year ended Year ended Year ended Year ended
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Revenue from operations 353,066.94 298,044.06 356,314.46 301,840.01
Other Income 4,691.44 2,272.39 4,736.31 2,307.66
Total Income 357,758.38 300,316.45 361,050.77 304,147.67
Total Expenses 307,517.80 268,992.61 312,083.37 273,841.61
EBITDA 60,776.58 44,639.20 59,976.14 44,008.98
Profit After Tax 32,280.48 20,640.48 31,798.04 19,622.70
JFL reported a healthy financial performance in FY 2019. stood at 17.2% in FY 2019 as against 15.0% in the previous
It was one of the strongest year in recent times, both in terms year, witnessing the expansion of 220 bps and growth of
of growth and profitability. 36.2%. This is the highest EBITDA margin in six years (since
FY 2013). The Profit After Tax margin for FY 2019 improved
On a standalone basis, the total income for FY 2019 has grown
by 221 bps to 9.14% in the current year as against 6.93% in
by 19.1% driven by strong Same Store Sales Growth (SSG)
the previous year.
of 16.4% for Domino’s Pizza India, which was the highest
SSG in the last seven years. The total expenditure, including On a consolidated basis, the total income for FY 2019 has grown
depreciation for FY 2019, increased by 14.3%. EBITDA margin by 18.7%, EBITDA by 36.3% and Profit After Tax by 62.1%.
The Board recommended a dividend of 50% (i.e. ` 5.00/- per equity share of `10/- each) for FY 2019, subject to the approval of the
shareholders in the ensuing Annual General Meeting (“AGM”).
Key Ratios
FY 2019 FY 2018 FY 2019 FY 2018
Debtors Turnover 147.83 194.16 165.39 190.12
Inventory Turnover 12.91 12.39 12.54 12.26
(on Cost of Goods Sold)
Current Ratio* 1.49 1.07 1.49 1.07
EBITDA Margin 17.2% 15.0% 16.8% 14.6%
Operating Profit Margin^ 12.90% 9.75% 12.41% 9.28%
Net Profit Margin^ 9.14% 6.93% 8.92% 6.50%
Return on Net Worth^ 27.27% 21.77% 28.55% 22.13%
Notes:
* Improvement in current ratio is primarily due to increase in liquidity in the form of higher cash and bank balances in fixed deposits.
^ Improvement in operating profit margin, net profit margin and return on net worth is primarily driven by operating leverage in employee cost
and fixed cost.
During FY 2018 & FY 2019, the Company and its subsidiaries It is calculated by dividing the current assets by the
did not have any outstanding borrowing and interest cost. current liabilities.
Therefore, debt/equity ratio and Interest coverage ratio are
not applicable. (iv) EBITDA Margin
The EBITDA margin is an assessment of the Company’s
Explanation of ratios: operating profitability as a percentage of its total
(i) Debtors Turnover revenue. It is calculated by dividing the Earnings before
Debtors Turnover Ratio is calculated to quantify a Interest, Tax, Depreciation and Amortisation (EBITDA) by
company’s effectiveness in collecting its receivables revenue from operations.
from its customers. It is calculated by dividing turnover
by average trade receivables. (v) Operating Profit Margin
Operating Profit Margin is a profitability ratio used to
(ii) Inventory Turnover calculate the percentage of profit a company earns from
Inventory Turnover Ratio quantifies the number of times its operations. It is calculated by dividing the Earning
a company sells and replaces its inventory during the Before Interest and Tax (EBIT) by turnover.
financial year. It is calculated by dividing the Cost of
Goods Sold (COGS) by average inventory. (vi) Net Profit Margin
The Net Profit Margin is equal to how much net income
(iii) Current Ratio or profit is generated as a percentage of revenue from
Current Ratio is a liquidity ratio that measures a operations. It is calculated by dividing the profit for the
company’s ability to pay its short-term obligations. year by revenue from operations.
23
(vii) Return on Net Worth Focus on enhancing employee engagement

Return on Net Worth is a measure of profitability of JFL has always put great emphasis on driving engagement
a company expressed in percentage. It is calculated among its employees. JFL believes that every employee is its
by dividing profit for the year by average net worth ambassador. The Company’s employees take great pride in
during the year. their place of work. There are many engagement initiatives
that run from time to time that don’t just act as energizers
8. HUMAN RESOURCES but also help us gather critical feedback on what the people
think about us. Few examples include an AI-enabled Chatbot
The organisation considers its people as its biggest strength.
– Amber and MyVoice@JFL – the Employee Opinion Survey.
JFL has consistently invested in creating a work environment
Both these tools act as a feedback and suggestion mechanism
that empowers people to explore their potentials and raise
for the organisation.
the bar constantly. The Company continued to enhance
the people practices and talent landscape to support its
At JFL, we nurture thought leadership and innovation, which
growing operations while building a culture of care, connect
drives us to achieve more every day.
and transparency.
9. RISK MANAGEMENT
Developing talent
A critical part of JFL’s people strategy is to develop and enable A disciplined approach for managing risks
growth of its talent. JFL have been actively focusing on Effective management of risks forms an integral part of how
providing a holistic learning approach by investing in online JFL operates as a business. JFL’s risk management activities
modules, Management Development Programmes, class seek to identify and appropriately address any significant
room training and action learning projects. The core objective threat to the achievement of the Company’s objectives.
behind these initiatives has been to help its people learn Risk Management is a key focus area for JFL and continuous
new skills, understand their applications in their day-to-day efforts are made to identify and mitigate risks in line with
workings and assist them in finding innovative solutions. organisational targets.
Retaining talent Risk management framework

The Company has put in place a comprehensive Employee JFL has a well-defined risk management framework
Experience approach that engages with people from the supported with a comprehensive risk policy. It establishes
time they are hired and on-boarded at JFL. It strives to create the processes for risk identification, prioritisation, mitigation,
a lasting impact at every touch point. One of the biggest monitoring and management reporting. Identified risks are
critical aspects of retaining talent, whether at the restaurant rated on pre-defined methodology, risk drivers are recorded
or at the corporate and regional office, is to help them and mitigation plans are defined. Status of mitigation plans is
understand the career paths they can progress on. At JFL, periodically reviewed & reported to the management.
it has been an endeavour to help people build long-term
careers. The number of permanent employees on the rolls of
the Company as on March 31, 2019 was 28,286.
The table shared below lists the key risks and the mitigating plans to manage those risks. The table, however, is not intended to be an
exhaustive list of all the risks and uncertainties that may arise.
Risk Statement Mitigation Plans

Inability to meet the prescribed food health & safety • Stringent quality specifications and defined quality parameters
standards • Periodic quality assessment of SCCs/ Restaurants/ Business Partners
• Training sessions for employees on food handling
Hiring of employees with questionable credentials • Employee background verification
• Maintain employee database for those not meeting defined criteria
Supply chain continuity • Food safety/ quality compliance
• Material management
• Preventive machine maintenance
• Labour engagement
Changing consumer preference • eriodic customer surveys for insight on improvement needed in products and capture
P
changing preferences
• Diverse product range
• Strong consumer connect
24
Cyber Risk 11. OUTLOOK

Cyber security is one of the top priority at JFL.
With a robust business model, efficient supply chain,
JFL implemented security recommendations to safeguard
extensive network of certified partners and presence across
Company’s information as per ISO 27001:2013 and Payment
the Country, JFL is well-positioned to utilise available growth
Card Industry Data Security Standard (PCI-DSS). JFL conducts
opportunities reflected in India’s burgeoning population
cyber risk assessment as per the National Institute of
of young professionals. The Company has put together an
Standards and Technology (NIST)/ World Economic Forum
exciting strategy to grow its business over the next five years.
(WEF). JFL has implemented appropriate physical, electronic,
The strategic themes are:
and managerial procedures to safeguard and help prevent
unauthorized access to the Company’s information and to • Build a Domino’s fortress in India through high-quality
maintain data security. The third-party service providers products, continued value for money and an
with respect to payment gateway and payment processing omnipresent network
are all validated as compliant with the payment card • Scale up Hong’s Kitchen and further build a portfolio of
industry standards. brands across cuisines
• Nurture and build a strong International business in
10. INTERNAL CONTROLS AND THEIR ADEQUACY Sri Lanka, Bangladesh and beyond
• Invest in building a great customer experience, especially
JFL has a well-defined and internal control framework
in delivery, and in dine-in
commensurate with the nature of its business & the size
• Invest in technology and data science and transform JFL
and complexity of its operations. The Company follows
into a strong food-tech company
a risk-based audit approach. Annual audit calendar is
prepared and audit scopes are defined covering critical
The Company believes that this is the right strategy to
processes which are identified based on a comprehensive
drive sustainable growth in its business and create value
risk assessment exercise. Key observations identified during
for stakeholders.
audits are presented to the senior management and the Audit
Committee. Reporting of action taken on agreed action plans
12. CAUTIONARY STATEMENT
is an intrinsic part of the audit process.
Certain statements in the ‘Management Discussion and
The Company has also implemented a Control Analysis’ describing the Company’s objectives, projections,
Self-Assessment (CSA) process whereby employees provide estimates and expectations may be ‘forward-looking
declaration on the effectiveness of the controls owned by statements’ within the meaning of applicable securities
them. It enables the Company to monitor the adequacy and laws and regulations. Actual results could differ materially
effectiveness of the internal control environment and the from those expressed or implied. Important factors
status of compliance with processes, internal policies and that could influence the Company’s operations include
regulatory requirements. economic developments within the country, demand and
supply conditions in the industry, input prices, changes in
Government regulations, tax laws and other factors, such as
litigation and industrial relations.
25
Board Report
Dear Members,
Your Directors have pleasure in presenting the Twenty-fourth (24th) Annual Report, together with the Audited Standalone and Consolidated
Financial Statements for the financial year ended March 31, 2019 (’FY 2019‘).
FINANCIAL HIGHLIGHTS
A summary of the Company’s financial performance in FY 2019 is as follows:
(` in lakhs)
Particulars
FY 2019 FY 2018 FY 2019 FY 2018
Revenue from Operations 353,066.94 298,044.06 356,314.46 301,840.01
Add: Other Income 4,691.44 2,272.39 4,736.31 2,307.66
Total Income 357,758.38 300,316.45 361,050.77 304,147.67
Profit before Depreciation & Amortisation, Exceptional items & Tax 65,468.02 46,911.59 64,712.45 46,316.64
Expense
Less: Depreciation & Amortisation Expense 15,227.44 15,587.75 15,745.05 16,010.58
Profit before Exceptional items & Tax Expense 50,240.58 31,323.84 48,967.40 30,306.06
Less: Exceptional items 793.00 - - -
Profit before Tax Expense 49,447.58 31,323.84 48,967.40 30,306.06
Less: Taxation Expense 17,167.10 10,683.36 17,169.36 10,683.36
Profit for the year 32,280.48 20,640.48 31,798.04 19,622.70
Other Comprehensive Income/ (Loss) (499.67) 186.75 (753.28) 134.11
Total Comprehensive Income for the year 31,780.81 20,827.23 31,044.76 19,756.81
Retained Earnings
Balance at the beginning of FY 85,795.21 66,200.32 80,565.08 61,642.04
Add: Profit for the FY 32,280.48 20,640.48 31,978.93 19,622.70
Add: Exercise/ Lapsed of share options 127.63 939.77 127.63 939.76
Add: Exercise/ Sale of shares held by ESOP Trust (Net of Tax) - - 866.18 336.42
Less: Dividend paid on Equity Shares 3,299.23 1,649.55 3,299.23 1,649.55
Less Dividend Distribution Tax 678.17 335.81 678.17 335.81
Add: Dividend on shares held by ESOP Trust - - 9.77 9.52
Balance at the end of FY 114,225.92 85,795.21 109,570.19 80,565.08
RESULTS OF OPERATIONS AND THE STATE OF the date of this Report, which affect the financial position of the
COMPANY’S AFFAIRS Company. During the year, there was no change in the nature of the
The highlights of the Company’s performance for FY 2019 vis-à-vis business of the Company.
FY 2018 are as under:
The Indian food service industry continues to evolve and there is a
a) Revenue from operations increased by 18.5% to
clear positive momentum. Reduction of GST has also played a role in
` 353,066.94 Lakhs
driving affordability and now the convenience in ordering outside
b) EBITDA increased by 36.2% to ` 60,776.58 Lakhs
food is changing the demand landscape. During the year, the
c) Profit before Tax increased by 57.9% to ` 49,447.58 Lakhs
Company’s focus remained on implementing the five pillar strategy
d) Net Profit increased by 56.4% to ` 32,280.48 Lakhs
which the Company crafted last year i.e. Product and Innovation,
Value for Money, Customer Experience, Digital & Technology and
The Company has not transferred any amount to the general
Cost Management.
reserve during FY 2019.
The Company has two strong international brands Dominos’ Pizza

On March 30, 2019, The Ministry of Corporate Affairs (’MCA‘)
and Dunkin’ Donuts in its portfolio addressing to different food
notified the IND AS 116, Leases and amendment to IND AS 12,
market segments. Further, during the year, Company launched
Income Taxes. These amendments are applicable to the Company
its first indigenous restaurant brand, ‘Hong’s Kitchen’. With Hong’s
from April 1, 2019. For details, refer Note 45 to the Standalone
Kitchen, Company entered into the Chinese cuisine segment, a
Financial Statements forming integral part of the Annual Report.
large and fast growing segment in the Indian food market.
Other than stated elsewhere in this report, no material changes and
commitments have occurred after the close of the financial year till
26
DOMINO’S PIZZA - INDIA HONG’S KITCHEN

For the FY 2019, Domino’s Pizza delivered strong growth on the After Domino’s and Dunkin’ Donuts, Jubilant FoodWorks has
back of a superior product, Value for money delivery and growing launched its first home-grown brand 'Hong’s Kitchen'. Hong’s serves
digital and technology contribution. especially curated menu that features the best of Chinese food
inspired from the streets of Asia, made even better by taking
With the focus on increasing the digital revenue, investment in inspiration from local ingredients for a more flavorful experience.
technology and digital space remained priority for the Company.
Domino’s Pizza rolled out ’All New Domino’s Pizza App‘ with new Hong’s Kitchen offers a wide range of Chinese cuisine including
features like advance order, train ordering, easy location selection, mouth watering Momos and Spring Rolls, Crispy Sides alongwith
easy order tracking and hassle free payments, one-click reorder Soups and Beverages, Noodles and Rice with Main Dishes, Combos
among others, garnering strong user ratings. The Company also and Deserts. During FY 2019, the Company launched its first Hong’s
witnessed healthy traction in online ordering due to launch of Kitchen Restaurant in Gurugram, Haryana.
new Domino’s App.
Further, detailed business highlights are also provided in
With the intent of enlarging its product portfolio and adding choice Management Discussion and Analysis Report.
for the customers, Domino’s Pizza launched ’Multigrain Crust‘ Pizza
in the third quarter of the last financial year. In addition to this, four BONUS ISSUE
new side dishes ’Potato Cheese Shots‘, ’Crunchy Strips‘, ’Crinkle The Board of Directors at their meeting held on May 8, 2018,
Fries‘ and ’Brownie Fantasy‘ were also introduced. recommended issue of bonus equity shares, in the proportion of
1 (one) equity share of ` 10/- each fully paid-up for every 1 (one)
Further, in March, 2019, Domino’s Pizza successfully introduced 5 equity share of ` 10/- each fully paid-up held by the Shareholders
new Pizza’s representing different flavours of the World like ’English as on the Record Date. The said bonus issue was approved by the
Cheddar‘, ’African Peri Peri‘, ’Aussie Barbecue‘, ’Jamaican Jerk‘ and Members of the Company vide resolution dated June 13, 2018
’Indi Tandoori‘ with both veg and non-veg options. This campaign passed through postal ballot/e-voting, subsequent to which
was given a tagline ’World Pizza League‘ fulfilling demands of 65,984,520 bonus shares were allotted on June 26, 2018 to the
customers expecting pizzas in international flavours too. shareholders whose names appeared on the register of members
as on June 23, 2018, being the record date fixed for this purpose.
Extension of Every Day Value offer (’EDV‘) on Regular Pizzas received Consequently, the paid-up Equity Share Capital of the Company
a good response from the customers which was supported increased to ` 1,319,690,400 divided into 131,969,040 Equity Shares
aggressively during the IPL T20 cricket seasons. The EDV offer of ` 10/- each, fully paid-up. The said bonus shares were issued by
helped in increasing new customer acquisition as well as existing capitalisation of a part of the Securities Premium Account.
customer frequency.
DIVIDEND
The Company also launched ’Domino’s Pizza in Bangladesh‘ with Based on the Company’s performance and Dividend Distribution
the opening of first restaurant through Joint Venture Company, Policy of the Company, the Directors are pleased to recommend
M/s. Jubilant Golden Harvest Limited (’JGHL‘), incorporated in dividend of ` 5/- (i.e. 50%) per equity share of the face value of
Bangladesh. JGHL is a joint venture between Jubilant FoodWorks ` 10/- each for FY 2019 amounting to ` 6,598.45 Lakhs (excluding
Limited and Golden Harvest QSR Limited, part of Golden Harvest Dividend Distribution Tax of ` 1,356.33 Lakhs), subject to approval
Group, Bangladesh. of the members at the ensuing Annual General Meeting (’AGM‘)
of the Company.
The Company successfully added 102 Domino’s restaurants in India
during the year. Domino’s Pizza's network spanned across 273 cities SHARE CAPITAL
as on March 31, 2019, as against 266 cities as on March 31, 2018. During the FY 2019, the Authorised Share Capital of the Company
Nine (9) restaurants were closed during the year. As of March 31, was increased to ` 1,500,000,000/- (Rupees One Hundred Fifty
2019, the Domino’s Pizza network comprised 1,227 restaurants as Crore Only) divided into 150,000,000 (Fifteen Crore) equity shares
against 1,134 restaurants as on March 31, 2018. of ` 10/- each by creation of additional 70,000,000 (Seven Crore)
equity shares of ` 10/- each ranking pari passu in all respects
DUNKIN’ DONUTS - INDIA with the existing equity shares of the Company. The increase in
During the year, Dunkin’ Donuts delivered break-even in third Authorised Share Capital led to consequential amendment in the
Quarter which continued in fourth Quarter as well. Dunkin’ Donuts Capital Clause of the Memorandum of Association of the Company.
sustained its performance momentum and made good progress
towards profitability on the back of focus on the core portfolio of (Amount in `)
Equity Share
Donuts and Beverages and disciplined cost management alongwith Issued, Subscribed and Paid up Share Capital
Capital
shutting down of unprofitable restaurants. At the beginning of the year i.e. as on April 1, 2018 659,845,200
65,984,520 equity shares of ` 10/- each fully paid up
During the year, Dunkin’ Donuts introduced variety of Donuts and Issue of Bonus Shares 659,845,200
Beverages including Chai and Iced tea. During FY 2019, one (1) 65,984,520 equity shares of ` 10/- each fully paid up
new restaurant opened while seven (7) restaurants were closed. At the end of the year i.e. as on March 31, 2019 1,319,690,400
131,969,040 equity shares of ` 10/- each fully paid up
The total number of Dunkin’ Donuts restaurants stood at 31 as on
March 31, 2019 as against 37 as on March 31, 2018.
27
Board Report
QSR Ltd. (Golden Harvest), part of Golden Harvest group of

EMPLOYEES STOCK OPTION SCHEMES
Bangladesh to operate Domino’s Pizza restaurants in Bangladesh.
The Company has two Employees Stock Option Schemes namely
For this purpose, during the year under review, the Company made
JFL Employees Stock Option Scheme, 2011 ('ESOP 2011') and JFL
investment in Jubilant Golden Harvest Limited, a private limited
Employees Stock Option Scheme, 2016 ('ESOP 2016'). During the
Company incorporated in Bangladesh. Consequently, JGHL became
year, there was no material change in ESOP 2011 & ESOP 2016
subsidiary of the Company.
and both the schemes are in compliance with the SEBI (Share
Based Employee Benefits) Regulations, 2014 ('ESOP Regulations').
During FY 2019, JGHL launched its first Domino’s Pizza Restaurant
In view of the Bonus shares issued by the Company during FY
in Dhaka, Bangladesh. The restaurant got off to a strong start and
2019, adjustment was made to stock options granted under
broke the global Domino’s record for the highest number of orders
ESOP 2011 and ESOP 2016 before June 23, 2018 (being record
for its first week and the first month of operations.
date for Bonus shares). These options are entitled to one Bonus
share on exercise of one stock option under the respective ESOP
A report on the performance and the financial position of JFLPL,
Scheme. During FY 2019, 26,530 options were granted under ESOP
JGHL and ESOP Trust, as per Companies Act, 2013 and Rules made
2011 to the employees of the Company. Further, 37,513 options
thereunder (the ’Act‘) is provided in Form AOC-1 attached to the
were exercised by the eligible option holders during the year.
Consolidated Financial Statements forming integral part of the
During FY 2019, 18,377 options were granted under ESOP 2016 to
Annual Report. Pursuant to the provisions of Section 136 of the Act,
the employees of the Company.
separate audited accounts of the subsidiaries, are available on the
website of the Company at www.jubilantfoodworks.com.
JFL Employees Welfare Trust ('ESOP Trust'): For the purpose of
implementation of ESOP 2011 and ESOP 2016, ESOP Trust acquired
EXTRACT OF ANNUAL RETURN
equity shares of the Company from the secondary market in
The extract of Annual Return of the Company as on the financial
June 2017. During FY 2019, ESOP Trust transferred 47,963 equity
year ended on March 31, 2019 as required under the Act in Form
shares to the employees of the Company pursuant to exercise of
No. MGT-9 is annexed herewith as Annexure ’A‘ forming integral
stock options.
part of this Report.
No dilution in paid up share capital of the Company is expected due

As per Section 134(3)(a) of the Act, the Annual Return referred
to exercise of options as it is envisaged to transfer the equity shares
to in Section 92(3) is available on the website of the Company at
held by ESOP Trust to the employees on exercise of options under
www.jubilantfoodworks.com.
the ESOP Schemes of the Company. The applicable disclosure
under SEBI (Share Based Employee Benefits) Regulations, 2014 (the
DIRECTORS AND KEY MANAGERIAL PERSONNEL
'ESOP Regulations') as at March 31, 2019 is uploaded on the website
The Members of the Company at their 23rd Annual General Meeting
of the Company (web link: http://www.jubilantfoodworks.com/
('AGM') held on September 27, 2018 approved appointment
investors/financial-information/). Certificate from Deloitte Haskins
of Mr. Ashwani Windlass and Mr. Abhay Prabhakar Havaldar as
& Sells LLP, Chartered Accountants, Statutory Auditors, with respect
Non-Executive Independent Director(s) for a term of five (5) years
to the implementation of ESOP Schemes would be placed before
w.e.f. July 25, 2018.
the members at the ensuing AGM and a copy of the same shall be
available for inspection at the Registered Office & Corporate Office
Mr. Arun Seth and Ms. Ramni Nirula, Independent Directors resigned
of the Company.
from the directorship of the Company w.e.f. January 31, 2019 and
March 30, 2019 respectively due to pre-occupation and personal
SUBSIDIARY AND JOINT VENTURE
commitments. Both the Independent Directors had confirmed that
Jubilant FoodWorks Lanka (Private) Limited (’JFLPL‘): As on
there were no other material reasons for their resignation other
March 31, 2019, JFLPL the wholly owned subsidiary Company has
than those mentioned above. Further, on completion of tenure,
22 Domino’s Pizza Restaurant. JFLPL continued its focus on cost
Mr. Phiroz Vandrevala and Mr. Vishal Marwaha, Independent
efficiency whilst enhancing consumer experience. With the focus on
Directors ceased to be the Directors of the Company w.e.f. April 1,
improving profitability, the business model change began during
2019. The Board places on record its deep sense of appreciation for
the year. This entailed products quality and menu upgradation,
the assistance, guidance and direction provided by above Directors
launch of 30 minutes delivery guarantee, focused marketing
during their tenure as Independent Directors of the Company.
activities and food cost reduction & driving the everyday value
promotional proposition. The Domino’s Pizza Mobile app was also
Based on the recommendations of the Nomination, Remuneration
relaunched during the year, providing customers with improved
and Compensation Committee, the Board in their meeting held
functionalities and better user interface.
on January 30, 2019 appointed Mr. Vikram Singh Mehta as an
Additional Director in the category of Non-Executive Independent
Jubilant Golden Harvest Limited (’JGHL‘): During FY 2018,
Director w.e.f. February 1, 2019. The Board of Directors recommend
the Company announced its joint venture with Golden Harvest
28
his appointment for the consideration of the members of the adverse remark or disclaimers. During the year under review, the
Company at the ensuing AGM. Statutory Auditors have not reported any matter under Section 143
(12) of the Act, therefore no detail is required to be disclosed under
In terms of Articles of Association of the Company and provisions Section 134 (3)(ca) of the Act.
of the Act, Mr. Shyam S. Bhartia, Director of the Company, is liable
to retire by rotation at the ensuing AGM and being eligible, offer Secretarial Auditors
himself for re-appointment. The Board of Directors recommend The Secretarial Audit Report for the financial year ended
his re-appointment for the consideration of the members of the March 31, 2019 received from M/s. Chandrasekaran Associates,
Company at the ensuing AGM. Secretarial Auditors of the Company is annexed herewith as
Annexure ’C‘ forming integral part of this report. The said
A brief profile, expertise of Directors and other details as required report is self-explanatory and does not contain any qualification,
under the Act, Secretarial Standard-2 and SEBI (Listing Obligations reservation, adverse remark or disclaimers.
and Disclosure Requirements) Regulations, 2015 (’Listing
Regulations‘) relating to the directors proposed to be appointed or RECOMMENDATIONS OF AUDIT COMMITTEE OF THE
re-appointed is annexed to the notice convening the AGM. BOARD
All the recommendations made by the Audit Committee were
PARTICULARS OF EMPLOYEES, DIRECTORS & KEY accepted by the Board of Directors of the Company.
MANAGERIAL PERSONNEL
The details of Employees, Directors and Key Managerial Personnel RISK MANAGEMENT
as required under Section 197 of the Act read with the Companies The Company has in place Risk Management Policy. The detailed
(Appointment and Remuneration) Rules, 2014 is annexed herewith Risk Review and Management is provided in the Management
as Annexure ’B‘ forming integral part of this Report. Discussion & Analysis Report forming integral part of
the Annual Report.
LOANS, GUARANTEES AND INVESTMENTS
Particulars of loans, guarantees and investments made under the INTERNAL FINANCIAL CONTROL
provisions of Section 186 of the Act have been disclosed in Note 4 The Company has in place adequate internal financial controls
and 5 to the Standalone Financial Statements forming integral part with reference to Financial Statements and such controls were
of the Annual Report. operating effectively as at March 31, 2019. During the year, such
controls were tested and no reportable weaknesses in the design
RELATED PARTY TRANSACTIONS or operations were observed.
All contracts, arrangements and transactions entered by the
Company during FY 2019 with related parties were in the ordinary MANAGEMENT DISCUSSION AND ANALYSIS REPORT
course of business and on arm’s length basis and were approved The Management Discussion and Analysis Report for the year
by the Audit Committee. During the year, the Company had not under review, in terms of Regulation 34 of the Listing Regulations
entered into any materially significant transaction with related is presented in a separate Section, forming integral part of
parties as defined in the Company’s Policy on materiality and the Annual Report.
dealing with related party transactions. Accordingly, the disclosure
of Related Party Transactions under Section 188(1) of the Act BUSINESS RESPONSIBILITY REPORT
in Form AOC 2 is not applicable. Related Party disclosures have Regulation 34 of Listing Regulations mandates inclusion of the
been disclosed in Note 33 to the Standalone Financial Statements Business Responsibility Report as part of the Annual Report for top
forming integral part of the Annual Report. five hundred (500) listed entities based on market capitalisation as
on March 31 of every financial year.
AUDITORS AND AUDITOR’S REPORT
The Business Responsibility Report is annexed as Annexure ’D‘
Statutory Auditors
forming integral part of this Report.
Deloitte Haskins & Sells LLP, Chartered Accountants (ICAI Regn.
No. 117366W/W-100018) ('Deloitte'), were appointed as Statutory
CORPORATE SOCIAL RESPONSIBILITY ('CSR')
Auditors of the Company to hold office from the conclusion of 22nd
The Annual Report on CSR is annexed as Annexure ’E‘ forming
AGM until the conclusion of 27th AGM of the Company, subject
integral part of this Report.
to the ratification by members at every AGM. Further, at the 23rd
AGM held on September 27, 2018, members approved ratification
CORPORATE GOVERNANCE
of the appointment of Statutory Auditors to hold office from
The Corporate Governance philosophy of the Company is driven
the conclusion of 23rd AGM until the conclusion of 27th AGM of
by the interest of stakeholders, focus on fairness, transparency
the Company to be held in the year 2022, without any further
and business needs of the organisation. The Company continues
requirement of ratification at every intervening AGM.
to be compliant with the requirements of Corporate Governance
as enshrined in Listing Regulations. In terms of Regulation 27 of
The Auditors’ Report read together with Annexure referred to in
Listing Regulations, the Corporate Governance Report is annexed
the Auditors’ Report do not contain any qualification, reservation,
as Annexure ’F‘ forming integral part of this Report.
29
Board Report
The Corporate Governance Report, inter alia, contains the focus on technologies, processes and improvements that
following disclosures: matters for the environment.
a) Details of Board & Committee Meetings.

Accordingly, the Company undertook some cost-effective
b) Composition of Committees including Audit Committee,
energy-efficiency initiatives across its Restaurants and Supply
Nomination, Remuneration and Compensation Committee,
Chain Centres (’SCC‘).
Stakeholders Relationship Committee, Sustainability &
Corporate Social Responsibility Committee, Regulatory i)
The steps taken or impact on conservation of
and Finance Committee, Capital Issue Committee and Risk energy
Management Committee. yy Installation of 1,333 Invertor AC at the restaurants
c) Disclosure relating to declaration submitted by the to reduce energy consumption.
Independent Directors confirming their Independence in yy Installation of Automatic Mains Failure (‘AMF’)
terms of the Act and Listing Regulations. panels at restaurants.
d) Disclosure relating to affirmation submitted by the yy Introduction of energy saving ovens from US.
Directors and Senior Management Personnel confirming yy Installation of Solar Power plant at Greater
compliance of the Code of Conduct for Directors and Senior Noida SCC and Solar water heaters at Nagpur
Management Personnel. & Hyderabad SCC.
e) Details pertaining to ‘Appointment and Remuneration Policy’ yy Installation of Energy Management System
of the Company. at the Mumbai & Bengaluru SCC and in all
f ) Details of Whistle-Blower Policy (Vigil Mechanism). Domino’s restaurants.
g) Dividend Distribution Policy. yy Installation of energy efficient LED Lights in
h) Details of Corporate Social Responsibility Policy. all restaurants and SCC. Installation of 2,308
i) Details of Credit Rating. Energy Saving Sensors in the AC System of 388
j) Details of Unpaid and Unclaimed Dividend Account. (approx.) restaurants.
k) Manner and criteria of Annual Performance Evaluation of the ii)
The steps taken by the Company for utilising
Board, its Committees & individual Directors. alternate sources of energy
yy Introduction of 360 E-bikes for restaurants.
PREVENTION OF SEXUAL HARASSMENT yy Completed conversion of LPG into PNG at
The Company is committed towards promoting the work Greater Noida SCC.
environment that ensures every employee is treated with dignity
iii) The capital investment on energy conservation
and respect and afforded equitable treatment irrespective of their
equipment
gender, race, social class, caste, creed, religion, place of origin,
Capital investment on energy conservation equipment
sexual orientation, disability or economic status. Pursuant to the
during FY 2019 was ` 1,701.36 Lakhs approx.
provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 ('POSH Act'), the
(B) Technology Absorption
Company has adopted a Policy on prevention of sexual harassment
The Company believes in leveraging technology to transform
at workplace (POSH Policy). Periodic sessions were also conducted
every dimension of its business. Investments in technology
to apprise employees and build awareness on the subject matter.
infrastructure continue to be central to Company’s
commitment to delivering seamless customer experience.
As per the requirement of the POSH Act and Rules made
Further, steps taken towards Energy Conservation are the
thereunder, the Company has constituted Internal Complaints
result of technology absorption. However, there is no other
Committee. During the financial year, two (2) complaints were
specific information to be furnished in this regard.
received which were suitably addressed.
(C) Foreign Exchange Earnings & Outgo

CONSERVATION OF ENERGY, TECHNOLOGY (` in lakhs)
ABSORPTION, FOREIGN EXCHANGE EARNINGS Particulars FY 2019 FY 2018
AND OUTGO Foreign Exchange earned in terms of 72.31 -
A) Conservation of Energy actual inflows (FOB Basis)
The Company is committed to take effective measures to Foreign Exchange outgo in terms of 10,693.77 8,469.84
conserve energy and drive energy efficiency in its operations actual outflows (FOB Basis)
and also continuously making efforts on increasing use of
renewable energy and enhancing waste management to
reduce the carbon footprint. The Company also strives to
30
d) No Sweat Equity shares were issued.

DIRECTORS RESPONSIBILITY STATEMENT
e) The Wholetime Director of the Company doesn’t receive any
Your Directors state that:
remuneration or commission from its subsidiary companies.
a) in the preparation of the annual accounts, the applicable
f ) No significant and material orders were passed by the
accounting standards had been followed along with proper
Regulators/ Courts/ Tribunals which impact the going concern
explanation relating to material departures;
status and Company’s operations in future.
b) they have selected such accounting policies and applied
them consistently and made judgements and estimates that
The Company has complied with the applicable Secretarial
are reasonable and prudent so as to give a true and fair view of
Standards on Meetings of the Board of Directors and on General
the state of affairs of the Company at the end of the financial
Meetings issued by the Institute of Company Secretaries of India.
year and of the profit of the Company for that period;
c) they have had taken proper and sufficient care for the
ACKNOWLEDGEMENTS
maintenance of adequate accounting records in accordance
Your Directors take this opportunity to thank and acknowledge
with the provisions of this Act for safeguarding the assets of
with gratitude, the contribution, cooperation and assistance
the Company and for preventing and detecting fraud and
received from Domino’s International, Dunkin’ Donuts International,
other irregularities;
Government and Regulatory Authorities, Business Partners, Bankers,
d) they have prepared the annual accounts on a
Members and other Stakeholders. Also, the Board places on record
going concern basis;
its deep appreciation for the enthusiasm, co-operation, hard work,
e) they have laid down internal financial controls to be followed
dedication and commitment of the employees at all levels.
by the Company and that such internal financial controls are
adequate and were operating effectively; and
Your Directors would also like to appreciate the confidence and
f ) they have devised proper systems to ensure compliance with
loyalty displayed by the guests, whom the Company always strive
the provisions of all applicable laws and that such systems
to serve better.
were adequate and operating effectively.
For and on behalf of the Board of Directors

OTHER STATUTORY DISCLOSURES
During the year under review:
Sd/- Sd/-
a) No deposits have been accepted by the Company from the Shyam S. Bhartia Hari S. Bhartia
public. The Company had no outstanding, unpaid or unclaimed Chairman & Director Co-Chairman & Director
public deposits at the beginning and end of FY 2019. DIN: 00010484 DIN: 00010499
b) Maintenance of cost records under sub-section (1) of Section
148 of the Act is not applicable to the Company. Place: Noida
c) No equity shares were issued with differential rights as to Date: May 15, 2019
dividend, voting or otherwise. (Figures have been rounded off for the purpose of reporting)
31
Board Report
ANNEXURE A
FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN
As on the financial year ended on March 31, 2019
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS

1) Corporate Identification Number L74899UP1995PLC043677
2) Registration Date March 16, 1995
3) Name of the Company Jubilant FoodWorks Limited
4) Category/Sub-Category of the Company Public Company Limited by Shares/Indian Non-Government Company
5) Address of Registered Office and Contact Details Plot No. 1A, Sector 16A, Gautam Buddha Nagar,
Noida – 201 301, U.P., India
Tel: +91 120 4090500
Fax: +91 120 4090599
E-mail: [email protected]
6) Whether Listed Company Yes
7) Name, address and Contact details of Registrar and Transfer Agent Link Intime India Pvt. Limited
(Unit: Jubilant FoodWorks Limited)
Noble Heights, 1st Floor, Plot No. NH-2,
C-1 Block, LSC, Near Savitri Market,
Janakpuri, New Delhi - 110058
Tel: +91 011 41410592/93/94
Fax: +91 011 41410591
E-mail: [email protected]
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company shall be stated:-
Sr. No. Name and Description of main Products/Services NIC Code of the Product/Service % to total turnover of the Company
1. Food & Beverage 56 99.83
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Holding/
% of shares
S. No Name and Address of the Company CIN / GLN Subsidiary/ Applicable Section
held
Associate
1. Jubilant FoodWorks Lanka (Private) Limited PV-74295 Subsidiary 100 2 (87)
No.164, Galle Road, Dehiwala, Sri Lanka
2. Jubilant Golden Harvest Limited C-142100 Subsidiary 51 2(87)
Shanta Western Tower, Level-5, 501 & 502,
186 Gulshan-Tejgaon Link Road, Tejgaon,
I/A, Dhaka - 1208, Bangladesh
32
IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding
Category Category of No. of shares held at the beginning of the year No. of shares held at the end of the year# % of
code Shareholder (As on April 1, 2018) (As on March 31, 2019) Change
% of Total % of Total during
(I) (II) Demat Physical Total Demat Physical Total
Shares Shares the year
(A) SHAREHOLDING OF
PROMOTER AND
PROMOTER GROUP^
(1) Indian
(a) Individuals/ HUF 3 0 3 0.00 6 0 6 0.00 0.00
(b) Central/State Governments 0 0 0 0.00 0 0 0 0.00 0.00
(c) Bodies Corporate 29,652,780 0 29,652,780 44.94 55,346,489 0 55,346,489 41.94 (3.00)*
(d) Bank/FI 0 0 0 0.00 0 0 0 0.00 0.00
(e) Any Others (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total(A)(1) 29,652,783 0 29,652,783 44.94 55,346,495 0 55,346,495 41.94 (3.00)
(2) Foreign
(a) NRIs – Individual 1 0 1 0.00 2 0 2 0.00 0.00
(b) Other – Individuals 0 0 0 0.00 0 0 0 0.00 0.00
(c) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
(d) Bank/FI 0 0 0 0.00 0 0 0 0.00 0.00
(e) Any Others (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-Total(A)(2) 1 0 1 0.00 2 0 2 0.00 0.00

Total Shareholding of 29,652,784 0 29,652,784 44.94 55,346,497 0 55,346,497 41.94 (3.00)
Promoter and Promoter
Group (A) = (A)(1)+(A)(2)
(B) PUBLIC SHAREHOLDING
(1) Institutions
(a) Mutual Funds 5,834,839 0 5,834,839 8.84 12,852,419 0 12,852,419 9.74 0.90
(b) Bank/FI 89,448 0 89,448 0.14 170,905 0 170,905 0.13 (0.01)
(c) Central/State Governments 74,197 0 74,197 0.11 402,075 0 402,075 0.30 0.19
(d) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
(e) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00
(f) FII (including foreign 24,376,187 0 24,376,187 36.94 51,232,165 0 51,232,165 38.82 1.88
portfolio investors)
(g) Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
(h) Any Other (specify)
Alternate Investment Fund 52,980 0 52,980 0.08 164,145 0 164,145 0.12 0.04
Sub-Total (B)(1) 30,427,651 0 30,427,651 46.11 64,821,709 0 64,821,709 49.12 3.01

(2) Non-institutions
(a) Bodies Corporate i) Indian 3,130,487 0 3,130,487 4.74 4,635,115 0 4,635,115 3.51 (1.23)
ii) Overseas 0 0 0 0.00 0 0 0.00 0.00 0.00
(b) Individuals
I Resident Individuals holding 1,630,011 81 1,630,092 2.47 4,050,677 318 4,050,995 3.07 0.60
nominal share capital up to
` 1 lakh
II Resident Individuals holding 212,586 0 212,586 0.32 615,870 0 615,870 0.47 0.14
nominal share capital in excess
of ` 1 lakh
(c) Others (Specify)
(c-i) NBFCs registered with RBI 0 0 0 0.00 12,540 0 12,540 0.01 0.01
(c-ii) Trust 527,772 0 527,772 0.80 1,126,227 0 1,126,227 0.85 0.05
(c-iii) Non-Resident Indians 142,408 0 142,408 0.22 408,647 0 408,647 0.31 0.09
(c-iv) Clearing Members 208,778 0 208,778 0.32 837,347 0 837,347 0.63 0.32
(c-v) HUF 51,562 0 51,562 0.08 113,293 0 113,293 0.09 0.01
(c-vi) Foreign Portfolio investor 400 0 400 0.00 800 0 800 0.00 0.00
(Individual)
Sub-Total (B)(2) 5,904,004 81 5,904,085 8.95 11,800,516 318 11,800,834 8.94 (0.01)
(B) Total Public Shareholding 36,331,655 81 36,331,736 55.06 76,622,225 318 76,622,543 58.06 3.00
(B)= (B)(1)+(B)(2)
(C) SHARES HELD 0 0 0.00 0.00 0 0 0.00 0.00 0.00
BY CUSTODIAN
FOR GDR'S & ADR'S
GRAND TOTAL (A)+(B)+(C) 65,984,439 81 65,984,520 100 131,968,722 318 131,969,040 100.00 0.00
33
Board Report
(ii) Shareholding of Promoters including Promoter Group^

Shareholding at the beginning of the year Shareholding at the end of the year
As on April 1, 2018 As on March 31, 2019
% change in
% of Shares % of Shares
Sr. shareholding
Shareholders Name % of total Pledged/ % of total Pledged/
No. No. of during the
No. of Shares Shares of the encumbered Shares of the encumbered
Shares# year
Company to total Company to total
shares shares
Jubilant Consumer Private
1 29,652,777 44.94 5.34 55,346,483 41.94 5.29 (3.00)*
Limited
2 Shyam S. Bhartia 1 0.00 0.00 2 0.00 0.00 0.00
3 Hari S. Bhartia 1 0.00 0.00 2 0.00 0.00 0.00
4 Jubilant Capital Pvt. Ltd. 1 0.00 0.00 2 0.00 0.00 0.00
5 Jubilant Securities Pvt. Ltd. 2 0.00 0.00 4 0.00 0.00 0.00
6 Shobhana Bhartia 1 0.00 0.00 2 0.00 0.00 0.00
7 Kavita Bhartia 1 0.00 0.00 2 0.00 0.00 0.00
TOTAL 29,652,784 44.94 5.34 55,346,497 41.94 5.29 (3.00)
Notes for IV (i) and (ii):
# On June 26, 2018, the Company allotted 65,984,520 equity shares of ` 10/- each as fully paid-up Bonus Shares in the ratio of one Bonus Share for every one
existing equity share of the Company held by the Shareholders as on the Record Date i.e. June 23, 2018.
* Change in Shareholding due to Sale of 3,959,071 equity shares in the month of March, 2019 by Jubilant Consumer Private Limited, Promoter of the Company.
^ JE Energy Ventures Private Limited is also a promoter of the Company with nil shareholding.
(iii) Change in Promoter's Shareholding including Promoter Group

Increase/(Decrease) Cumulative Shareholding
Shareholding at the in during the year /
beginning of the year Shareholding shareholding
Sr.
Name during the year Reasons at end of the year
No.
% of total % of total
Increase (+)/
No. of Shares shares of the Date No. of Shares shares of the
Decrease (-)
Company Company
1 Jubilant Consumer 29,652,777 44.94 1-Apr-18
Private Limited 26-Jun-18 29,652,777 Issue of Bonus equity 59,305,554 44.94
shares
14-Mar-19 (3,959,071) Sale of equity shares 55,346,483 41.94
31-Mar-19 55,346,483 41.94
2 Shyam S. Bhartia 1 0.00 1-Apr-18
26-Jun-18 1 Issue of Bonus equity 2 0.00
share
31-Mar-19 2 0.00
3 Hari S. Bhartia 1 0.00 1-Apr-18
share
31-Mar-19 2 0.00
4 Jubilant Capital 1 0.00 1-Apr-18
Pvt. Ltd. 26-Jun-18 1 Issue of Bonus equity 2 0.00
share
31-Mar-19 2 0.00
5 Jubilant Securities 2 0.00 1-Apr-18
Pvt. Ltd. 26-Jun-18 2 Issue of Bonus equity 4 0.00
shares
31-Mar-19 4 0.00
6 Shobhana Bhartia 1 0.00 1-Apr-18
share
31-Mar-19 2 0.00
7 Kavita Bhartia 1 0.00 1-Apr-18
share
31-Mar-19 2 0.00
Total as on 29,652,784 44.94 Total as on 55,346,497 41.94
April 1, 2018 March 31, 2019
34
(iv) Shareholding Pattern of Top 10 Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs)
Cumulative Shareholding during
Increase/Decrease in
Shareholding the year (April 1, 2018 to
the Shareholding
March 31, 2019)
Sr. No. of Shares at
Name
No the beginning Purchase (+)/ % of Total
% of Total Share As on benpos
(April 1, 2018)/ Sale (-) during No. of Shares Share of the
of the Company date
end of the year the year Company#3
(March 31, 2019)
1 MORGAN STANLEY (FRANCE) S.A.#2 1,445,349 2.19 1-Apr-18
6-Apr-18 43,118 1,488,467 2.26
13-Apr-18 6,426 1,494,893 2.27
20-Apr-18 61,998 1,556,891 2.36
27-Apr-18 -43,030 1,513,861 2.29
4-May-18 52,729 1,566,590 2.37
11-May-19 -13,338 1,553,252 2.35
18-May-19 -88,599 1,464,653 2.22
25-May-18 -30,672 1,433,981 2.17
1-Jun-18 -41,818 1,392,163 2.11
8-Jun-18 15,274 1,407,437 2.13
15-Jun-18 -571,609 835,828 1.27
22-Jun-18 -554,643 281,185 0.43
29-Jun-18 -77,713 203,472 0.31
6-Jul-18 259,123 462,595 0.35
13-Jul-18 33,576 496,171 0.38
20-Jul-18 52,382 548,553 0.42
27-Jul-18 5,722 554,275 0.42
3-Aug-18 -6,962 547,313 0.41
10-Aug-18 -12,155 535,158 0.41
17-Aug-18 -9,424 525,734 0.40
24-Aug-18 500 526,234 0.40
31-Aug-18 13,713 539,947 0.41
7-Sep-18 31,065 571,012 0.43
14-Sep-18 -42,313 528,699 0.40
21-Sep-18 -39,283 489,416 0.37
28-Sep-18 -22,546 466,870 0.35
5-Oct-18 -401 466,469 0.35
12-Oct-18 -20,352 446,117 0.34
19-Oct-18 -531 445,586 0.34
26-Oct-18 6,661 452,247 0.34
2-Nov-18 -52,072 400,175 0.30
9-Nov-18 -134,539 265,636 0.20
16-Nov-18 -62,748 202,888 0.15
23-Nov-18 22,074 224,962 0.17
30-Nov-18 43,952 268,914 0.20
7-Dec-18 -19,473 249,441 0.19
14-Dec-18 19,295 268,736 0.20
21-Dec-18 3,679 272,415 0.21
28-Dec-18 22,103 294,518 0.22
4-Jan-19 -110,487 184,031 0.14
11-Jan-19 -57,940 126,091 0.10
18-Jan-19 9,168 135,259 0.10
25-Jan-19 226,486 361,745 0.27
1-Feb-19 92,615 454,360 0.34
8-Feb-19 -389,416 64,944 0.05
15-Feb-19 52,057 117,001 0.09
22-Feb-19 -36,086 80,915 0.06
1-Mar-19 32,309 113,224 0.09
8-Mar-19 6,619 119,843 0.09
15-Mar-19 72,597 192,440 0.15
22-Mar-19 517,015 709,455 0.54
29-Mar-19 -391,126 318,329 0.24
318,329 0.24 31-Mar-19 - 318,329 0.24
35
Board Report

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
2 JP MORGAN INDIAN INVESTMENT 908,063 1.38 1-Apr-18
COMPANY (MAURITIUS) LIMITED 27-Apr-18 -50,000 858,063 1.30
18-May-18 -70,000 788,063 1.19
25-May-18 -24,739 763,324 1.16
29-Jun-18 -140,000 623,324 0.94
6-Jul-18 763,324 1,386,648 1.05
1,386,648 1.05 31-Mar-19 - 1,386,648 1.05
3 KOTAK FUNDS - INDIA MIDCAP FUND 810,081 1.23 1-Apr-18
27-Apr-18 7,196 817,277 1.24
4-May-18 26,405 843,682 1.28
11-May-18 4,435 848,117 1.29
25-May-18 32,793 880,910 1.34
6-Jul-18 880,910 1,761,820 1.34
27-Jul-18 -66,820 1,695,000 1.28
28-Sep-18 17,360 1,712,360 1.30
26-Oct-18 -62,360 1,650,000 1.25
1-Feb-19 -60,000 1,590,000 1.20
1,590,000 1.20 31-Mar-19 - 1,590,000 1.20
4 JPMORGAN SICAV INVESTMENT 763,343 1.16 1-Apr-18
COMPANY (MAURITIUS) LIMITED#2 6-Jul-18 763,343 1,526,686 1.16
28-Dec-18 -300,000 1,226,686 0.93
1,226,686 0.93 31-Mar-19 - 1,226,686 0.93
5 ABU DHABI INVESTMENT 1,261,505 1.91 1-Apr-18
AUTHORITY - JHELUM#2 4-May-18 -194,653 1,066,852 1.62
11-May-18 -45,071 1,021,781 1.55
18-May-18 -35,000 986,781 1.50
29-Jun-18 -269,776 717,005 1.09
6-Jul-18 881,933 1,598,938 1.21
13-Jul-18 -164,928 1,434,010 1.09
28-Dec-18 -180,000 1,254,010 0.95
29-Mar-19 -686,278 567,732 0.43
567,732 0.43 31-Mar-19 - 567,732 0.43
6 ONTARIO TEACHERS' PENSION PLAN 731,155 1.11 1-Apr-18
BOARD MANAGED BY AROHI ASSET 6-Jul-18 582,468 1,313,623 1.00
MANAGEMENT PTE LTD-NP9Q#2 20-Jul-18 -66,500 1,247,123 0.95
3-Aug-18 -64,000 1,183,123 0.90
1,183,123 0.90 31-Mar-19 - 1,183,123 0.90
7 DERIVE TRADING AND RESORTS 724,760 1.10 1-Apr-18
PRIVATE LIMITED 6-Jul-18 724,760 1,449,520 1.10
27-Jul-18 -4,900 1,444,620 1.09
3-Aug-18 4,900 1,449,520 1.10
10-Aug-18 -2,780 1,446,740 1.10
7-Sep-18 2,780 1,449,520 1.10
22-Feb-19 -140,000 1,309,520 0.99
1,309,520 0.99 31-Mar-19 - 1,309,520 0.99
36

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
8 CAUSEWAY EMERGING MARKETS 630,054 0.95 1-Apr-18
FUND#2 6-Apr-18 29,490 659,544 1.00
6-Jul-18 659,544 1,319,088 1.00
28-Dec-18 -19,786 1,299,302 0.98
8-Feb-19 -421,242 878,060 0.67
29-Mar-19 101,352 979,412 0.74
979,412 0.74 31-Mar-19 - 979,412 0.74
9 VANGUARD EMERGING MARKETS 599,938 0.91 1-Apr-18
STOCK INDEX FUND, A SERIES OF 4-May-18 -1,440 598,498 0.91
VANGUARD INTERNATIONAL EQUITY 11-May-18 -1,368 597,130 0.90
INDEX FUNDS#2
1-Jun-18 -1,080 596,050 0.90
15-Jun-18 -1,080 594,970 0.90
22-Jun-18 -2,296 592,674 0.90
29-Jun-18 -7,392 585,282 0.89
6-Jul-18 589,650 1,174,932 0.89
13-Jul-18 -4,816 1,170,116 0.89
16-Nov-18 1,875 1,171,991 0.89
23-Nov-18 4,875 1,176,866 0.89
7-Dec-18 2,375 1,179,241 0.89
21-Dec-18 6,750 1,185,991 0.90
1-Feb-19 7,134 1,193,125 0.90
8-Feb-19 22,755 1,215,880 0.92
22-Mar-19 -54,325 1,161,555 0.88
29-Mar-19 2,829 1,164,384 0.88
1,164,384 0.88 31-Mar-19 - 1,164,384 0.88
10 AZIM PREMJI TRUST#2 6,02,217 0.91 01-Apr-18
06-Jul-18 602,217 1,204,434 0.91
28-Sep-18 -436,363 768,071 0.58
19-Oct-18 -110,254 657,817 0.50
26-Oct-18 -657,817 0 0.00
0 0.00 31-Mar-19 - 0 0.00
11 AROHI EMERGING ASIA MASTER 570,969 0.87 1-Apr-18
FUND#1 6-Jul-18 537,656 1,108,625 0.84
3-Aug-18 64,000 1,172,625 0.89
28-Sep-18 127,000 1,299,625 0.98
2-Nov-18 76,500 1,376,125 1.04
9-Nov-18 162,231 1,538,356 1.17
30-Nov-18 79,800 1,618,156 1.23
8-Feb-19 25,167 1,643,323 1.25
1,643,323 1.25 31-Mar-19 - 1,643,323 1.25
12 GAOLING FUND, L.P.#1 0 0.00 1-Apr-18
22-Jun-18 1,451,374 1,451,374 2.20
6-Jul-18 1,451,374 2,902,748 2.20
2-Nov-18 -44,947 2,857,801 2.17
30-Nov-18 -17,182 2,840,619 2.15
7-Dec-18 -140,055 2,700,564 2.05
15-Feb-19 -273,784 2,426,780 1.84
2,426,780 1.84 31-Mar-19 - 2,426,780 1.84
37
Board Report

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
13 TOUCHSTONE STRATEGIC TRUST 570,636 0.86 1-Apr-18
- TOUCHSTONE SANDS CAPITAL 6-Apr-18 11,200 581,836 0.88
EMERGING MARKETS GROWTH 13-Apr-18 12,300 594,136 0.90
FUND
27-Apr-18 3,500 597,636 0.91
4-May-18 -17,711 579,925 0.88
18-May-18 2,700 582,625 0.88
25-May-18 3,850 586,475 0.89
1-Jun-18 5,700 592,175 0.90
8-Jun-18 2,900 595,075 0.90
15-Jun-18 7,900 602,975 0.91
22-Jun-18 5,700 608,675 0.92
29-Jun-18 67,800 676,475 1.03
6-Jul-18 618,375 1,294,850 0.98
20-Jul-18 29,000 1,323,850 1.00
27-Jul-18 11,400 1,335,250 1.01
3-Aug-18 8,200 1,343,450 1.02
10-Aug-18 13,800 1,357,250 1.03
17-Aug-18 15,000 1,372,250 1.04
24-Aug-18 11,000 1,383,250 1.05
31-Aug-18 18,000 1,401,250 1.06
7-Sep-18 12,900 1,414,150 1.07
14-Sep-18 -62,585 1,351,565 1.02
21-Sep-18 -90,615 1,260,950 0.96
28-Sep-18 33,700 1,294,650 0.98
5-Oct-18 49,600 1,344,250 1.02
12-Oct-18 9,500 1,353,750 1.03
19-Oct-18 7,050 1,360,800 1.03
26-Oct-18 14,000 1,374,800 1.04
9-Nov-18 -32,400 1,342,400 1.02
16-Nov-18 10,900 1,353,300 1.03
30-Nov-18 31,100 1,384,400 1.05
7-Dec-18 -12,000 1,372,400 1.04
14-Dec-18 -19,000 1,353,400 1.03
21-Dec-18 -65,006 1,288,394 0.98
28-Dec-18 -12,900 1,275,494 0.97
11-Jan-19 12,400 1,287,894 0.98
18-Jan-19 10,400 1,298,294 0.98
25-Jan-19 -193,100 1,105,194 0.84
1-Feb-19 10,300 1,115,494 0.85
8-Feb-19 9,700 1,125,194 0.85
15-Feb-19 13,450 1,138,644 0.86
22-Feb-19 11,700 1,150,344 0.87
1-Mar-19 7,700 1,158,044 0.88
8-Mar-19 -89,000 1,069,044 0.81
15-Mar-19 13,300 1,082,344 0.82
22-Mar-19 5,700 1,088,044 0.82
29-Mar-19 8,400 1,096,444 0.83
1,096,444 0.83 31-Mar-19 - 1,096,444 0.83
38

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
14 ARISAIG ASIA CONSUMER FUND 0 0.00 1-Apr-18
LIMITED#1 8-Feb-19 715,000 715,000 0.54
15-Feb-19 310,787 1,025,787 0.78
22-Feb-19 155,000 1,180,787 0.89
1-Mar-19 220,000 1,400,787 1.06
8-Mar-19 155,000 1,555,787 1.18
1,555,787 1.18 31-Mar-19 - 1,555,787 1.18
15 CITIGROUP GLB MKT I P L 0 0.00 1-Apr-18
15-Mar-19 3,959,071 3,959,071 3.00
22-Mar-19 -3,959,071 0 0.00
0 0.00 31-Mar-19 - 0 0.00
16 UTI-UNIT LINKED INSURANCE PLAN 1,523,674 2.31 1-Apr-18
6-Apr-18 2,808 1,526,482 2.31
13-Apr-18 -3,985 1,522,497 2.31
20-Apr-18 -10,000 1,512,497 2.29
18-May-18 10,000 1,522,497 2.31
25-May-18 -24,761 1,497,736 2.27
1-Jun-18 768 1,498,504 2.27
8-Jun-18 -19,239 1,479,265 2.24
6-Jul-18 1,477,265 2,956,530 2.24
13-Jul-18 -10,000 2,946,530 2.23
27-Jul-18 -16,498 2,930,032 2.22
3-Aug-18 10,590 2,940,622 2.23
17-Aug-18 1,386 2,942,008 2.23
24-Aug-18 1,500 2,943,508 2.23
31-Aug-18 -78,261 2,865,247 2.17
14-Sep-18 51,500 2,916,747 2.21
5-Oct-18 56,167 2,972,914 2.25
12-Oct-18 56,751 3,029,665 2.30
19-Oct-18 -58,214 2,971,451 2.25
26-Oct-18 -23,000 2,948,451 2.23
2-Nov-18 21,013 2,969,464 2.25
23-Nov-18 -10,000 2,959,464 2.24
7-Dec-18 -40,000 2,919,464 2.21
14-Dec-18 -49,000 2,870,464 2.18
21-Dec-18 -8,500 2,861,964 2.17
28-Dec-18 16,000 2,877,964 2.18
11-Jan-19 1,000 2,878,964 2.18
18-Jan-19 5,000 2,883,964 2.19
25-Jan-19 41,500 2,925,464 2.22
8-Feb-19 -75,500 2,849,964 2.16
15-Mar-19 1,000 2,850,964 2.16
29-Mar-19 -7,500 2,843,464 2.15
2,843,464 2.15 31-Mar-19 - 2,843,464 2.15
39
Board Report

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
17 SBI ARBITRAGE OPPORTUNITIES 990,071 1.50 1-Apr-18
FUND#2 11-May-18 26,500 1,016,571 1.54
18-May-18 -115,150 901,421 1.37
8-Jun-18 39,500 940,921 1.43
6-Jul-18 940,921 1,881,842 1.43
20-Jul-18 20,000 1,901,842 1.44
27-Jul-18 -979,700 922,142 0.70
12-Oct-18 95,000 1,017,142 0.77
2-Nov-18 -154,500 862,642 0.65
16-Nov-18 -75,000 787,642 0.60
7-Dec-18 35,500 823,142 0.62
28-Dec-18 74,858 898,000 0.68
8-Feb-19 33,699 931,699 0.71
22-Feb-19 50,080 981,779 0.74
981,779 0.74 31-Mar-19 - 981,779 0.74
18 KOTAK DEBT HYBRID#1 654,345 0.99 1-Apr-18
6-Apr-18 20,000 674,345 1.02
13-Apr-18 -1,000 673,345 1.02
20-Apr-18 12,500 685,845 1.04
27-Apr-18 6,000 691,845 1.05
11-May-18 11,000 702,845 1.07
18-May-18 117,000 819,845 1.24
25-May-18 51,250 871,095 1.32
1-Jun-18 -100,000 771,095 1.17
8-Jun-18 -40,644 730,451 1.11
15-Jun-18 -50,856 679,595 1.03
22-Jun-18 -37,495 642,100 0.97
29-Jun-18 -44,600 597,500 0.91
6-Jul-18 735,324 1,332,824 1.01
13-Jul-18 52,560 1,385,384 1.05
20-Jul-18 123,200 1,508,584 1.14
27-Jul-18 -74,200 1,434,384 1.09
3-Aug-18 49,000 1,483,384 1.12
10-Aug-18 -161,000 1,322,384 1.00
17-Aug-18 5,500 1,327,884 1.01
24-Aug-18 99,500 1,427,384 1.08
31-Aug-18 3,500 1,430,884 1.08
7-Sep-18 294,000 1,724,884 1.31
14-Sep-18 215,842 1,940,726 1.47
21-Sep-18 10,658 1,951,384 1.48
28-Sep-18 -83,000 1,868,384 1.42
5-Oct-18 -83,500 1,784,884 1.35
12-Oct-18 -52,756 1,732,128 1.31
19-Oct-18 -83,500 1,648,628 1.25
26-Oct-18 -445,000 1,203,628 0.91
2-Nov-18 203,800 1,407,428 1.07
16-Nov-18 -76,693 1,330,735 1.01
23-Nov-18 -62,307 1,268,428 0.96
40

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
30-Nov-18 -106,500 1,161,928 0.88
7-Dec-18 19,500 1,181,428 0.90
14-Dec-18 132,000 1,313,428 1.00
21-Dec-18 -6,000 1,307,428 0.99
28-Dec-18 76,500 1,383,928 1.05
4-Jan-19 15,000 1,398,928 1.06
11-Jan-19 69,115 1,468,043 1.11
18-Jan-19 21,885 1,489,928 1.13
25-Jan-19 50,500 1,540,428 1.17
1-Feb-19 38,000 1,578,428 1.20
8-Feb-19 -273,339 1,305,089 0.99
15-Feb-19 -62,161 1,242,928 0.94
22-Feb-19 -44,000 1,198,928 0.91
8-Mar-19 213,073 1,412,001 1.07
15-Mar-19 8,027 1,420,028 1.08
22-Mar-19 806,500 2,226,528 1.69
29-Mar-19 -7,000 2,219,528 1.68
2,219,528 1.68 31-Mar-19 - 2,219,528 1.68
19 ARISAIG GLOBAL EMERGING 0 0.00 1-Apr-18
MARKETS CONSUMER FUND 10-Aug-18 607,708 607,708 0.46
(SINGAPORE) PTE. LTD.#1 17-Aug-18 42,550 650,258 0.49
24-Aug-18 150,950 801,208 0.61
14-Sep-18 193,800 995,008 0.75
21-Sep-18 319,200 1,314,208 1.00
28-Sep-18 180,216 1,494,424 1.13
5-Oct-18 60,072 1,554,496 1.18
12-Oct-18 128,000 1,682,496 1.27
26-Oct-18 58,500 1,740,996 1.32
2-Nov-18 152,500 1,893,496 1.43
9-Nov-18 102,000 1,995,496 1.51
16-Nov-18 49,200 2,044,696 1.55
15-Mar-19 212,613 2,257,309 1.71
2,257,309 1.71 31-Mar-19 - 2,257,309 1.71
20 TATA YOUNG CITIZENS FUND#1 394,450 0.60 1-Apr-18
11-May-18 -650 393,800 0.60
8-Jun-18 4,000 397,800 0.60
29-Jun-18 42,000 439,800 0.67
6-Jul-18 465,800 905,600 0.69
13-Jul-18 -272,400 633,200 0.48
27-Jul-18 200,000 833,200 0.63
3-Aug-18 25,000 858,200 0.65
5-Oct-18 21,598 879,798 0.67
12-Oct-18 25,000 904,798 0.69
19-Oct-18 8,000 912,798 0.69
2-Nov-18 65,000 977,798 0.74
16-Nov-18 138,000 1,115,798 0.85
23-Nov-18 37,000 1,152,798 0.87
30-Nov-18 40,000 1,192,798 0.90
7-Dec-18 10,000 1,202,798 0.91
4-Jan-19 -11,400 1,191,398 0.90
25-Jan-19 20,000 1,211,398 0.92
1-Feb-19 -208,489 1,002,909 0.76
8-Feb-19 75,000 1,077,909 0.82
41
Board Report

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
1-Mar-19 110,000 1,187,909 0.90
8-Mar-19 60,000 1,247,909 0.95
15-Mar-19 51,100 1,299,009 0.98
22-Mar-19 600,000 1,899,009 1.44
1,899,009 1.44 31-Mar-19 - 1,899,009 1.44
21 DSP MIDCAP FUND 514,856 0.78 1-Apr-18
6-Apr-18 46,000 560,856 0.85
13-Apr-18 -76,869 483,987 0.73
20-Apr-18 -21,645 462,342 0.70
27-Apr-18 4,000 466,342 0.71
11-May-18 -57,281 409,061 0.62
25-May-18 19,029 428,090 0.65
1-Jun-18 -30,750 397,340 0.60
15-Jun-18 -1,250 396,090 0.60
22-Jun-18 1,000 397,090 0.60
29-Jun-18 -7,500 389,590 0.59
6-Jul-18 431,590 821,180 0.62
20-Jul-18 -103,154 718,026 0.54
27-Jul-18 -198,200 519,826 0.39
3-Aug-18 -134,350 385,476 0.29
10-Aug-18 -67,954 317,522 0.24
17-Aug-18 -200,504 117,018 0.09
24-Aug-18 -116,518 500 0.00
7-Sep-18 1,500 2,000 0.00
28-Sep-18 -1,000 1,000 0.00
5-Oct-18 5,000 6,000 0.00
12-Oct-18 120,506 126,506 0.10
19-Oct-18 98,280 224,786 0.17
26-Oct-18 297,881 522,667 0.40
2-Nov-18 467,479 990,146 0.75
9-Nov-18 48,349 1,038,495 0.79
16-Nov-18 139,262 1,177,757 0.89
30-Nov-18 160,215 1,337,972 1.01
7-Dec-18 -61,230 1,276,742 0.97
14-Dec-18 94,555 1,371,297 1.04
28-Dec-18 -344,198 1,027,099 0.78
4-Jan-19 -102,964 924,135 0.70
25-Jan-19 -122,429 801,706 0.61
1-Feb-19 18,000 819,706 0.62
8-Feb-19 3,959 823,665 0.62
15-Feb-19 -68,500 755,165 0.57
22-Mar-19 17,000 772,165 0.59
772,165 0.59 31-Mar-19 - 772,165 0.59
42

the Shareholding
March 31, 2019)
Name
of the Company date
(March 31, 2019)
22 AXIS EMERGING OPPORTUNITIES 789,525 1.20 1-Apr-18
FUND - SERIE S 1 (1400 DAYS)#2 6-Apr-18 -127,304 662,221 1.00
20-Apr-18 -174,375 487,846 0.74
27-Apr-18 -15,500 472,346 0.72
1-Jun-18 -113,096 359,250 0.54
8-Jun-18 -329,750 29,500 0.04
15-Jun-18 -29,500 0 0.00
6-Jul-18 22,000 22,000 0.02
5-Oct-18 -22,000 0 0.00
7-Dec-18 10,000 10,000 0.01
28-Dec-18 -500 9,500 0.01
8-Feb-19 134,834 144,334 0.11
144,334 0.11 31-Mar-19 - 144,334 0.11
Notes:
Shareholding details clubbed on the basis of PAN. For April 1, 2018, Top Ten Shareholders also include top ten sharesholders as on March 31, 2018 as shown in
previous year MGT-9.
#1 Not in the list of Top 10 Shareholders as on April 1, 2018. However, the same has been reflected above since the Shareholder was in the Top 10 as on
March 31, 2019.
#2 Ceased to be in the list of Top 10 Shareholders as on March 31, 2019. The same has been reflected above since the shareholder was in the Top 10 as on
April 1, 2018.
#3 Percentage of Cumulative shareholding from April 1, 2018 to June 29, 2018 calculated on the basis of Paid-up Share Capital as on March 31, 2018. Further,
consequent to Bonus issue, percentage of Cumulative shareholding on June 29, 2018 onwards calculated on the basis of Paid-up Share Capital as on
March 31, 2019.
(v) Shareholding of Directors and Key Managerial Personnel

Cumulative Shareholding
Shareholding at the Increase/(Decrease) in
Reason during the year /
beginning of year Shareholding
Sr. Shareholding at end of year
Name
No. % of total % of total
Purchase (+)/
Sale (-)
Company Company#6
A. Directors
1 Shyam S. Bhartia 1 0.00 1-Apr-18 0
26-Jun-18 1 Issue of Bonus 2 0.00
equity shares
31-Mar-19 2 0.00
2 Hari S. Bhartia 1 0.00 1-Apr-18 0
equity shares
31-Mar-19 2 0.00
3 Aashti Bhartia 0 0.00 1-Apr-18 0 Nil Movement
31-Mar-19 0 0.00
4 Abhay Prabhakar Havaldar#1 0 0.00 25-Jul-18 0 Nil Movement
31-Mar-19 0 0.00
5 Arun Seth#2 4,500 0.01 1-Apr-18
26-Jun-18 4,500 Issue of Bonus 9,000 0.01
equity shares
30-Jan-19 9,000 0.01
6 Ashwani Windlass#1 0 0.00 25-Jul-18 0 Nil Movement
31-Mar-19 0 0.00
7 Berjis Minoo Desai 0 0.00 1-Apr-18 0 Nil Movement
31-Mar-19 0 0.00
8 Phiroz Vandrevala#3 7,500 0.01 1-Apr-18
equity shares
30-Jul-18 (7,500) Sale 7,500 0.01
31-Mar-19 7,500 0.01
43
Board Report
Cumulative Shareholding
Shareholding at the Increase/(Decrease) in
Reason during the year /
beginning of year Shareholding
Sr. Shareholding at end of year
Name
No. % of total % of total
Purchase (+)/
Sale (-)
Company Company#6
9 Pratik R. Pota 5,360 0.01 1-Apr-18 0
equity shares
31-Mar-19 10,720 0.01
10 Ramni Nirula#4 1,500 0.00 1-Apr-18
equity shares
29-Mar-19 3,000 0.00
11 Shamit Bhartia 0 0.00 1-Apr-18 0 Nil Movement
31-Mar-19 0 0.00
12 Vikram Singh Mehta#5 0 0.00 1-Feb-19 0 Nil Movement
31-Mar-19 0 0.00
13 Vishal Marwaha#3 7,500 0.01 1-Apr-18
20-Jun-18 (3,000) Sale 4,500 0.01
equity shares
31-Mar-19 9,000 0.01
B. Key Managerial Personnel (’KMP‘)
1 Prakash C. Bisht, EVP & CFO 205 0.00 1-Apr-18
equity shares
31-Mar-19 410 0.00
2 Mona Aggarwal, 3,220 0.00 1-Apr-18
Company Secretary
21-May-18 400 ESOP Allotment 3,620 0.01
equity shares
31-Mar-19 7,240 0.01
Notes:
#1 Appointed as an Independent Director w.e.f July 25, 2018.
#2 Resigned as an Independent Director w.e.f January 31, 2019.
#3 On completion of tenure, ceased to be Independent Directors w.e.f April 1, 2019.
#4 Resigned as an Independent Director w.e.f March 30, 2019.
#5 Appointed as an Independent Director w.e.f February 01, 2019.
#6 Percentage of Cumulative shareholding from April 1, 2018 to June 29, 2018 calculated on the basis of Paid-up Share Capital as on March 31, 2018.
Further, consequent to Bonus issue, percentage of Cumulative shareholding on June 29, 2018 onwards calculated on the basis of Paid-up Share Capital as on
March 31, 2019.
V. INDEBTEDNESS
The Company had no indebtedness with respect to secured or unsecured Loans or Deposits during the financial year 2018-19.
44
VI . REMUNERATION TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Directors, Wholetime Directors and/or Managers
(` in lakhs)
Pratik R. Pota,
Sr.
Particulars of Remuneration CEO and Wholetime
No.
Director
1 Gross Salary
(a) Salary as per provisions contained in u/s 17(1) of the Income-tax Act, 1961 364.77
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 -

(c) Profits in lieu of salary u/s 17(3) Income-tax Act, 1961 -
2 Stock Options -
3 Sweat Equity -
4 Commission
- as % of Profit -
- Others -
5 Others (Mediclaim, Provident Fund) 12.91
TOTAL (A) 377.68
Ceiling as per the Act ` 2,486.28 Lakhs (being
5% of Net Profits of the
Company calculated as
per Section 198 of the
Companies Act, 2013)
B. REMUNERATION TO OTHER DIRECTORS

(` In Lakhs)
Name of the Directors
Non-Executive
Sr. Particulars of Independent Directors Total
Non-Independent Directors
No. Remuneration Berjis Amount
Shyam S. Hari S. Shamit Aashti Abhay P. Arun Ashwani Phiroz Ramni Vikram Vishal
Minoo
Bhartia** Bhartia Bhartia Bhartia Havaldar Seth Windlass Vandrevala Nirula S. Mehta Marwaha
Desai
1 Fees For 0.00 5.45 3.55 2.80 1.75 6.80 1.75 4.30 3.20 7.10 0.50 7.00 44.20
attending Board/
Committee
Meetings
2 Commission 0.00 10.00 10.00 10.00 6.82 8.36 6.82 10.00 10.00 10.00 1.59 10.00 93.59
payable
3 Others 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total B 0.00 15.45 13.55 12.80 8.57 15.16 8.57 14.30 13.20 17.10 2.09 17.00 137.79
Total 515.47
Managerial
Remuneration*
(A + B)
Overall Ceiling as ` 2,983.54 Lakhs (being 6% of Net Profits of the Company calculated as per Section 198 of the Companies Act, 2013)
per the Act
* Total remuneration to Wholetime Director & other Directors (being the total of A and B)
**Mr. Shyam S. Bhartia has opted not to take sitting fees and commission.
45
Board Report
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MANAGING DIRECTOR/MANAGER/WHOLETIME

DIRECTOR
(` in lakhs)
Key Managerial Personnel Total
Sr.
Particulars of Remuneration Pratik R. Pota, Prakash C. Bisht, Mona Aggarwal,
No.
CEO & WTD EVP & CFO CS
1 Gross Salary
(a) Salary as per provisions contained in u/s 17(1) of 154.88 54.03 208.91
the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax - - -
Act, 1961
(c) Profits in lieu of salary u/s 17(3) Income-tax - - -
Act, 1961
Refer note below*
2 Stock Options - 7.12 7.12
3 Sweat Equity - - -
4 Commission -
- as % of Profit - - -
- Others - - -
5 Others (Mediclaim, Provident Fund) 5.76 2.09 7.85
Total 160.64 63.24 223.88
*Remuneration is disclosed in VI (A) above
Total Remuneration comprises basic salary, allowances, perquisites/ taxable value of perquisites (including ESOP perquiste, if any), provident
fund contribution, performance linked incentive paid in FY 2019.
VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES:

There were no penalties/ punishment/ compounding of offences for breach of any Section of Companies Act against the Company
or its Directors or other officers in default, if any, during the financial year 2018-19.
46
ANNEXURE- B
Details under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014
A
I The ratio of remuneration of the Directors to the median remuneration of employees of the Company and percentage
increase in the remuneration of Directors and KMPs
% increase in remuneration in FY
Ratio of Remuneration to Median
Name Designation 2019 as compared
Remuneration
to FY 2018
Shyam S. Bhartia Chairman & Director - -
Hari S. Bhartia Co-Chairman & Director 10.75 9.39
Aashti Bhartia Non-Executive Director 11.30 7.78
Abhay P. Havaldar#1 Independent Director N.A. 5.21
Arun Seth#2 Independent Director N.A. 9.21
Ashwani Windlass#1 Independent Director N.A. 5.21
Berjis M. Desai Independent Director 30.00 8.69
Phiroz Vandrevala#3 Independent Director -59.16 8.02
Pratik R. Pota CEO and Wholetime Director 32.94 229.47
Ramni Nirula#4 Independent Director 7.89 10.39
Shamit Bhartia Non-Executive Director 17.83 8.23
Vikram S. Mehta#5 Independent Director N.A. 1.27
Vishal Marwaha Independent Director 11.48 10.33
Prakash C. Bisht#6 EVP & Chief Financial Officer N.A. N.A.
Mona Aggarwal#7 Company Secretary 45.80 N.A.
#1 Appointed as Independent Directors of the Company w.e.f. July 25, 2018. Hence % increase in the remuneration is not applicable.
#2 Resigned as Independent Director of the Company w.e.f. January 31, 2019. Hence % increase in the remuneration is not applicable.
#3 Remuneration of Mr. Phiroz Vandrevala for FY 2018 includes ESOP perquisites of ` 19.12 Lakhs.
#4 Resigned as Independent Director of the Company w.e.f. March 30, 2019.
#5 Appointed as Independent Director of the Company w.e.f. February 1, 2019. Hence % increase in the remuneration is not applicable.
#6 Appointed as EVP & CFO w.e.f. Jan 19, 2018. Hence % increase in remuneration in FY 2019 is not comparable.
#7 Remuneration of Ms. Mona Aggarwal for FY2019 includes ESOP perquisites of ` 7.12 Lakhs.
B The percentage increase in the median remuneration of the employees

13.15%
during the financial year (excluding Remuneration of WTD)
C No. of Permanent Employees on the rolls of the Company
28,286
(as on March 31, 2019)
D Average percentile increase already made in the salaries of employees Avg. increase in fixed salaries of employees other than managerial
other than the managerial personnel in the last financial year and its personnel in last financial year was 10.8%. Details of remuneration
comparison with the percentile increase in the managerial remuneration paid to the Managerial Personnel is given in the table above. The
and justification thereof and point out if there are any exceptional remuneration paid to managerial personnel is basis prevailing
circumstances for increase in the managerial remuneration. market trends, performance indicators and is in line with the
resolutions approved by the Board of Directors and Shareholders.
E Affirmation that the remuneration is as per the remuneration policy of the The Company affirms that remuneration paid is as per Appointment
Company and Remuneration Policy of the Company.
Notes:
1. Remuneration comprises basic salary, allowances, perquisites/taxable value of perquisites (including ESOP perquiste,if any), provident fund contribution, performance
linked incentive paid in FY 2019.
2. Mr. Shyam S. Bhartia has opted not to take sitting fee and commission.
3. Remuneration of NEDs includes sitting fees and commission paid/payable for FY 2019.
47
Board Report
F Statement of particulars of employees pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended March 31, 2019.
Sr. Designation & Nature of Age Exp Date of Remuneration Last

Employee Name Qualification
No. Duties (Yrs) (Yrs) Joining (` in lakhs) Employment
1 Pratik R. Pota CEO and Wholetime B.E., PGDBM - IIM 50 26 27-Feb-17 377.68 PepsiCo
Director Kolkata
2 Shivam Puri Senior Vice President - B.Tech (IIT), PGDM-IIM 40 16 8-May-17 225.09 Hindustan Unilever
Dunkin' Donuts Lucknow Limited
3 Rajneet Kohli* Executive Vice President - MBA, University of 44 22 2-Jul-18 210.34 Coca-Cola
Operations Wales, UK
4 Avinash Kant Kumar Executive Vice President - B.Tech (IIT), PGDIE 48 26 9-Feb-15 161.13 McCain Foods
Supply Chain from NITIE
5 Prakash C. Bisht Executive Vice President B. Com, CA 54 32 19-Jan-18 160.64 Jubilant Life Sciences
& CFO Ltd.
6 Anand Thakur Senior Vice President - B.Tech 38 15 1-Dec-17 150.04 Koovs

Digital
7 Subroto Gupta Senior Vice President - MBA 46 22 1-Jun-16 141.57 Genpact

Business Excellence and
Innovation
8 Naveen Kapoor Assistant Vice President - Bachelors in 40 19 15-May-00 131.63 First Company
Operations Support Hotel Mgt.
9 Amit Gupta Vice President - Finance & B.Com, CA, CS 38 17 25-Aug-17 120.71 Hindustan Coca-Cola
Accounts Beverages Pvt. Ltd.
10 Biplob Banerjee* Executive Vice President - B.E. (Mech.), MBA, XLRI 50 24 20-May-15 108.76 GlaxoSmithKline
HR, Admin & CSR Jamshedpur Pharmaceuticals
11 Pallavi Bakshi* Executive Vice President - BHM, PGDHRM 43 22 1-Mar-19 67.82 Tata Communications
HR, Admin & CSR Ltd.
*employed for part of the year
Any employee if employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in
G
the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the Managing Director or
Wholetime Director or Manager and holds by himself or along with his spouse and dependent children, not less than two (2) N.A.
percent of the equity shares of the Company.
Notes:
1. Remuneration comprises basic salary, allowances, perquisites/taxable value of perquisites (including ESOP perquiste,if any), provident fund contribution,
performance linked incentive paid in FY 2019.
2. None of the above employee is related to any Director of the Company.
3. All the above employees are/were in full time employment of the Company.
4. Employment of the above named employees are governed by the rules and regulations of the Company from time to time.
5. Above list includes top ten employees of the Company in terms of remuneration drawn during FY 2019.
48
ANNEXURE-C
SECRETARIAL AUDIT REPORT

for the financial year ended March 31, 2019
To, (b) The Securities and Exchange Board of India (Prohibition

The Members, of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of
Plot No. 1A, Sector-16A,
Capital and Disclosure Requirements) Regulations, 2018
Gautam Buddha Nagar,
to the extent applicable;
Noida – 201 301,
Uttar Pradesh (d) The Securities and Exchange Board of India (Share
Based Employee Benefits) Regulations, 2014 to the
We have conducted the Secretarial Audit of the compliance extent applicable;
of applicable statutory provisions and the adherence to good
(e) The Securities and Exchange Board of India
corporate governance practices by Jubilant FoodWorks Limited
(Issue and Listing of Debt Securities) Regulations,
(hereinafter called the ’Company‘). Secretarial Audit was conducted
2008; Not Applicable
in a manner that provided us a reasonable basis for evaluating the
corporate conducts/statutory compliances and expressing our (f ) The Securities and Exchange Board of India (Registrars
opinion thereon. to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client to
Based on our verification of the Company’s books, papers, minute
the extent of securities issued;
books, forms and returns filed and other records maintained by
the Company and also the information provided by the Company, (g) The Securities and Exchange Board of India (Delisting of
its officers, agents and authorised representatives during the Equity Shares) Regulations, 2009; Not Applicable
conduct of Secretarial Audit, we hereby report that in our opinion,
(h) The Securities and Exchange Board of India (Buyback of
the Company has, during the audit period covering the financial
Securities) Regulations, 2018; Not Applicable
year ended on March 31, 2019 complied with the statutory
provisions listed hereunder and also that the Company has proper (vi) The Management has identified and confirmed the following
Board-processes and compliance-mechanism in place to the extent, Laws as being specifically applicable to the Company:
in the manner and subject to the reporting made hereinafter.
1. Food Safety & Standards Act, 2006
We have examined the books, papers, minute books, forms and
2. The Food Safety & Standard Rules, 2011.
returns filed and other records maintained by the Company
for the financial year ended on March 31, 2019 according to We have also examined compliance with the applicable clauses/
the provisions of: Regulations of the following:
(i) The Companies Act, 2013 (the ’Act‘) and the Rules (i) Secretarial Standards issued by The Institute of Company
made thereunder; Secretaries of India.
(ii) The Securities Contracts (Regulation) Act, 1956 (’SCRA’) and (ii) SEBI (Listing Obligations and Disclosure Requirements)
the Rules made thereunder; Regulations, 2015.
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws During the period under review, the Company has complied
framed thereunder to the extent of Regulation 76 of Securities with the provisions of the Act, Rules, Regulations, Guidelines,
and Exchange Board of India (Depositories and Participants) Standards, etc. mentioned above. No major action having a bearing
Regulations, 2018; on the Company’s affairs in pursuance of the above referred
Laws, Rules, Regulations, Guidelines, Standards, etc. above have
(iv) Foreign Exchange Management Act, 1999 and the Rules
been taken place.
and Regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External We further report that:
Commercial Borrowings, to the extant applicable;
The Board of Directors of the Company is duly constituted with
(v) The following Regulations and Guidelines prescribed proper balance of Executive Directors, Non-Executive Directors
under the Securities and Exchange Board of India Act, and Independent Directors. The changes, if any, in the composition
1992 (’SEBI Act‘):- of the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of the Act.
(a) The Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011; Adequate notice is given to all directors to schedule the Board/
Committee Meetings. Agenda and detailed notes on agenda
49
Board Report
were sent in advance (and at a shorter notice for which necessary have major bearing on the Company’s affairs in pursuance of the
approvals obtained, if any) and a system exists for seeking and above referred Laws, Rules, Regulations, Guidelines, Standards, etc.
obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation For Chandrasekaran Associates
at the meeting. Company Secretaries
All decisions at Board Meetings and Committee Meetings are

Sd/-
carried out unanimously or with requisite majority as recorded in
Rupesh Agarwal
the minutes of the meetings of the Board of Directors or Committee
Managing Partner
of the Board, as the case may be.
Membership No. A16302
We further report that there are adequate systems and processes Certificate of Practice No. 5673
in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable Laws, Place: Delhi
Rules, Regulations and Guidelines. Date: April 30, 2019
We further report that during the audit period, Company has allotted
Note: This report is to be read with our letter of even date which is
65,984,520 bonus equity shares of ` 10/- each fully paid up to the
annexed as Annexure A and forms an integral part of this report.
equity shareholders of the Company and the said event deemed to
ANNEXURE A TO SECRETARIAL AUDIT REPORT
To,
The Members
Noida – 201301,
Uttar Pradesh
1. Maintenance of secretarial record is the responsibility of the Management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the
contents of the Secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected in
secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Account of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of Corporate and other applicable Laws, Rules, Regulations, Standards is the responsibility of
Management. Our examination was limited to the verification of procedures on random test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the Management has conducted the affairs of the Company.
For Chandrasekaran Associates

Company Secretaries
Sd/-
Rupesh Agarwal
Managing Partner
Place: Delhi Membership No. A16302
Date: April 30, 2019 Certificate of Practice No. 5673
50
ANNEXURE-D
BUSINESS RESPONSIBILITY REPORT
The Jubilant FoodWorks Business Responsibility Report 2018-19 follows the National Voluntary Guidelines on Social, Environmental
and Economic Responsibilities of Business, as notified by the Ministry of Corporate Affairs (MCA), Government of India. Our Business
Responsibility Report includes our responses to questions on our practices and performance on key principles defined by Regulation
34(2)(f ) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, covering topics across environment, governance, and
stakeholder relationships.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

Corporate Identity Number (CIN) of the Company L74899UP1995PLC043677
Name of the Company Jubilant FoodWorks Limited (JFL)
Registered address Plot No. 1A, Sector 16-A, Noida – 201301, U.P., India
Website www.jubilantfoodworks.com
www.dominos.co.in
www.dunkinindia.com
www.hongskitchen.in
E-mail ID [email protected];
Financial Year reported 2018-19
Sector(s) that the Company is engaged in (industrial activity code-wise) Group Class Sub-Class Description
561 5610 56101 Restaurants without
56102 bars Cafeterias, fast-food
restaurants and other food
preparation in market
stalls
563 5630 56302 Tea/coffee shops
List three key products/services that the Company manufactures/provides The three key products manufactured/ traded by JFL are Pizza, Beverages
(as in balance sheet) and Others*
* For various Brands of the Company.
Total number of locations where business activity is undertaken by the (a) JFL operates through its subsidiaries in the following Countries:
Company (i) Sri Lanka
(a) Number of International Locations (Provide details of major 5) Managed through its Wholly Owned Subsidiary, Jubilant FoodWorks
(b) Number of National Locations Lanka (Pvt.) Ltd. (’JFLPL‘), a private limited Company incorporated
in Sri Lanka.
The number of Domino’s Pizza Restaurants as on March 31, 2019 was 22.
(ii) Bangladesh
Managed through its Subsidiary, Jubilant Golden Harvest Limited (JGHL),
a private limited Company incorporated in Bangladesh. JGHL operates
Domino’s brand in Bangladesh.
JGHL started its operations in March, 2019 with the first Domino’s Pizza
Restaurant in Dhaka, Bangladesh.
(b) Details of the JFL business operations as on March 31, 2019 at National
locations are as follows:
a) 1,227 Domino’s Pizza restaurants across 273 cities.
b) 31 Dunkin’ Donuts restaurants across 10 cities.
c) 1 Hong’s Kitchen restaurant.
d) 8 Commissaries/Supply Chain Centres (SCC) and 3 Distribution
Centres, for the manufacture, storage and distribution of ingredients
required at the Restaurants.
Markets served by the Company-Local/ State/ National/ International JFL serves the national market in India and operates in the international
market through its subsidiaries in Sri Lanka and Bangladesh as
mentioned above.
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Board Report
SECTION B: FINANCIAL DETAILS

Paid up Capital (INR) ` 6,598.45 Lakhs
Total Turnover (INR) for the Year ended March 31, 2019 ` 13,196.90 Lakhs
Total profit after taxes (INR) for the Year ended March 31, 2019 ` 298,044.06 Lakhs
Total Spending on Corporate Social Responsibility (CSR) as percentage of In line with Section 135 of the Companies Act, 2013, JFL has spent
profit after tax (%) ` 380.19 Lakhs on its CSR activities including administrative expense, which
constitutes 2% of the average net profit for the three (3) preceding years.
List of activities in which expenditure mentioned above has been incurred: - Following CSR activities were undertaken by JFL in FY 2019:
• Swachh Bharat Abhiyan
• Farmer’s Development Programme
• Hunger Relief Programme
• Road Safety Programme
• Inclusivity Programme
• Rural Development
SECTION C: OTHER DETAILS

Does the Company have any Subsidiary Company/Companies?
Yes, the Company has 2 Subsidiary Companies as on March 31, 2019.
Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent Company? If yes, then indicate the
number of such Subsidiary Companies.
JFL is committed to integrating sustainability related best practices across its operations and aims to include its subsidiary in future.
Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR
initiatives of the Company? If yes, then indicate the percentage of such entity/entities. [Less than 30%, 30-60%, More than
60%]
JFL engages with all its key stakeholders (e.g. suppliers, employees, investors, community etc.) and communicates its business responsibility
policies to the concerned stakeholders from time to time. Some of the key principles of business responsibility that the Company
stands for are even included in the agreements signed with suppliers/vendors. Company’s policies on business responsibility are also
communicated to various stakeholders through multiple channels such as the supplier's meet, through its website etc. The percentage of
such stakeholders is < 30%.
SECTION D: BR INFORMATION
Director/Directors responsible for BR
a) Details of the Director/Directors responsible for implementation of the BR policy/ policies.
The Sustainability and Corporate Social Responsibility Committee (SCSR Committee) is responsible for implementation of the BR
policies and it comprises of the following members:
Name of the Member(s) Category Designation

Hari S. Bhartia Non-Executive Director Chairman
Shyam S. Bhartia Non-Executive Director Member
Aashti Bhartia Non-Executive Director Member
Arun Seth#1 Independent Director Member
Berjis Minoo Desai Independent Director Member
Shamit Bhartia Non-Executive Director Member
Phiroz Vandrevala#2 Independent Director Member
Pratik R. Pota Executive Director Member
Ashwani Windlass#3 Independent Director Member
#1 Resigned as Director w.e.f. Jan 31, 2019.
#2 On completion of tenure, ceased to be Director w.e.f. April 1, 2019.
#3 Appointed as member w.e.f. April 1, 2019.
52
b) Details of the BR head

Sr. No. Particulars Details
1 DIN Number N/A
2 Name Ms. Pallavi Bakshi
3 Designation Executive Vice President - HR, CSR & Administration
4 Telephone number 0120-4090500
5 E-mail ID corporate_csr@jublfood. com
PRINCIPLE-WISE (AS PER NVGs) BR POLICY / POLICIES

Details of compliance (Reply in Y/N)
The nine (9) principles outlined in the National Voluntary Guidelines are as follows:
P1- Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
P2- Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
P3- Businesses should promote the well-being of all employees
P4- Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalised
P5- Businesses should respect and promote human rights
P6- Businesses should respect, protect and make efforts to restore the environment
P7- Businesses when engaged in influencing public and regulatory policy, should do so in a responsible manner
P8- Businesses should support inclusive growth and equitable development
P9- Businesses should engage with and provide value to their customers and consumers in a responsible manner
Sr. No.Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a policy/policies for: Y Y Y Y Y Y Y Y Y

2. Has the policy being formulated in consultation with the relevant Y* Y* Y* Y* Y* Y* Y* Y* Y*
stakeholders? *The relevant policies have been developed basis inputs from the concerned
internal stakeholders. Further, the Company shall engage with the key
external stakeholders and their feedback shall be noted and discussed
internally which shall help in shaping these policies.
3. Does the policy conform to any national / international standards? If Y** Y** Y** Y** Y** Y** Y** Y** Y**
yes, specify? (50 words) **The Company policy/practice conforms to the National Voluntary
Guidelines (NVGs) issued by the Ministry of Corporate Affairs, Government of
India, July 2011.
4. Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/ CEO/ appropriate Board
Director?
5. Does the Company have a specified committee of the Board/ Y Y Y Y Y Y Y Y Y
Director/Official to oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed online? All the policies are uploaded on Company’s Intranet. Policy documents can
be furnished on special request of stakeholders.
7. Has the policy been formally communicated to all relevant internal Y Y Y Y Y Y Y Y Y
and external stakeholders?
8. Does the Company have in-house structure to implement the policy/ Y Y Y Y Y Y Y Y Y
policies.
9. Does the Company have a grievance redressal mechanism related to Y Y Y Y Y Y Y Y Y
the policy/policies to address stakeholders’ grievances related to the
policy/policies?
10. Has the Company carried out independent audit/evaluation of the N N N N N N N N N
working of this policy by an internal or external agency?
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Board Report
conduct of its business. No employee shall make, authorise, abet or

GOVERNANCE RELATED TO BR
collude in an improper payment, unlawful commission or bribing.
Indicate the frequency with which the Board of Directors,
Committee of the Board or CEO to assess the BR performance Code of Conduct for Senior Management
of the Company. (Within 3 months, 3-6 months, Annually, The Company has adopted a Code of Conduct for the Board of
More than 1 year) Directors and Senior Management to guide them for ensuring
The BR performance of the Company is the responsibility of the highest ethical standards in managing the affairs of the Company.
Sustainability and Corporate Social Responsibility Committee ‘SCSR
Committee’ which in turn reports to the Board of Directors of the Code of Conduct for Suppliers
Company. SCSR Committee of the Board reviews the Sustainability The Company has developed a Supplier Code of Conduct to
and CSR performance of the Company as and when required. convey its expectations to its suppliers regarding compliance with
The performance for FY 18-19 was reviewed and approved by the laws, ethical business practices and fair treatment of people and
SCSR Committee and the Board in their respective meetings held surroundings. Some of the key principles included in the Supplier
on May 15, 2019. code of conduct are:
(a) Act in compliance with laws

Does the Company publish a BR or a Sustainability
(b) Do business ethically and without money laundering
Report? What is the hyperlink for viewing this report? How
(c) Prohibition of inappropriate gifts, meals and entertainment
frequently it is published?
(d) Demonstrate respect for people
The Company publishes its Business Responsibility Report (BRR)
(e) Respect fundamental human rights
annually which can be accessed on the Company’s website
(f ) Provide a safe working environment
(www.jubilantfoodworks.com).
(g) Comply with environmental regulations
(h) Whistle-Blower Policy. Supplier Code of Conduct forms
SECTION E: PRINCIPLE-WISE PERFORMANCE
the part of the MoU with all suppliers regardless of the
Principle 1: Businesses should conduct and govern themselves
nature of engagement.
with Ethics, Transparency and Accountability
How many stakeholder complaints have been received in the

Does the policy relating to ethics, bribery and corruption
past financial year and what percentage was satisfactorily
cover only the Company? Yes/ No. Does it extend to the
resolved by the management? If so, provide details thereof, in
Group/ Joint Ventures/ Suppliers/ Contractors/ NGOs/
about 50 words or so.
Others?
The Company has put in place a policy on ethics, transparency and
Complaints Complaints Complaints
accountability that applies to all its internal stakeholders (full time Stakeholder
Reported resolved* pending
and part time employees) and suppliers. Shareholders/Investors 01 01 0
Employees 01 01 0
Employees’ Code of Conduct Customers 07 07 0
The Company has employees’ code of conduct and reinforces it at Vendors & Suppliers 30 28 2
various platforms. The Employees’ Code of Conduct, applicable to Government 55 53 2
all its employees, enunciates principles for ethical business conduct Local Community 01 01 0
and acceptable employee behaviour. The Code mirrors Company’s *Submitted the information pertaining to legal notices received from Customers/
core values and covers aspects related to but not limited to ethics, third parties, against which response was duly issued by the Company.
bribery and corruption. The code has been made available as a part
of the Employees’ Handbook.
Principle 2: Businesses should provide goods and services that are
safe and contribute to sustainability throughout their life cycle
Committed to developing a culture of having high ethical, moral &
legal standards of business conduct, the Company has put in place
List up to 3 of your products or services whose design has
a Whistle-Blower Policy which provides a neutral and unbiased
incorporated social or environmental concerns, risks and/or
forum for the Directors, employees, Business Partners and its
opportunities.
subsidiaries (both Indian and foreign) to voice their concerns in a
The Company in its continuous endeavour to enhance
responsible and effective manner.
environmental sustainability and social responsibility has
undertaken several new initiatives during the fiscal which
As per the Code of Conduct, JFL and its employees shall neither
are aligned with its sustainability by design approach.
receive nor offer or make, directly or indirectly, any illegal payments,
Key amongst these include:
remuneration, gifts, donations or comparable benefits that are
intended, or perceived, to obtain uncompetitive favours for the
54
yy Sustainable Mobility through use of electric bikes: capability of local and small vendors?
The Company has incorporated 360 e-bikes across multiple The Company has been working closely with its vegetable suppliers
cities in its fleet of motorbikes used for food delivery. This is to move towards sourcing directly from farmers after requisite
a small step to contribute to solving the growing air pollution quality checks. Currently, ten percent of tomatoes and capsicum are
problem in large Indian cities, especially in the northern sourced directly from the farmers and processed as per Company’s
region. Going forward the firm will continue to increase its requirements and meeting the highest standards of food safety
fleet of e-bikes and thereby also reduce its carbon footprint and hygiene. The Company is working towards increasing its
arising from vehicular emissions. procurement directly from farmers and helping them follow best
practices for vegetable production.
yy The Company has switched to non-plastic alternatives like
wood or plant derived materials including PLA to meet the
The Company is also supporting 828 dairy farmers in Maharashtra
requirements of single use items such as straws, cutlery, cup
who directly supply milk to dairies from which the Company
lids in its restaurants across many states and has discontinued
procures cheese. These farmers are encouraged to adopt best
the use of plastic stools in India.
management practices for dairy farming to improve cattle
yy For safe, responsible and sustainable sourcing of poultry JFL productivity and quality of milk.
has defined the antibiotic use in poultry sourced and farm
practices that restrict the use of antibiotics for therapeutic The Company also engages with more than 100 different MSME
use only, while eliminating the non-therapeutic use of vendors for supply of various goods and services and helps in
antibiotics for growth promotion and for group-level disease their capacity building through different modes like quality audits,
prophylaxis. The Company ensures that raw chicken is sourced vendor meets etc.
only from authorised farms where permitted antibiotics are
administered only for disease treatment under a veterinarian
defined health care program. Proper withdrawal period is
also ensured so that any antibiotic residue left in raw chicken
is below detectable limits as defined in 40th session of Codex
(CAC/MRL 2-2017). The Company sources 100% antibiotic -
free chicken from sustainable sources. The Company is now
Total number of
in Phase 2 of the sustainable poultry sourcing program and
permanent women
is now moving to eliminate the usage of Highest Priority
employees:
Critically Important Antimicrobials (’HPCIA‘) as defined by
WHO; and continuously improve on the vaccination program
5,679
to prevent disease.
Employees hired on Number of permanent
Does the Company have procedures in place for sustainable temporary/ contractual/ employees with
sourcing (including transportation)? If yes, what percentage casual basis: disabilities:
of your inputs was sourced sustainably? 2,004 208
The Company continues to strive towards building an ecosystem
for safe, responsible and sustainable sourcing of all our ingredients.
It’s Green Supply Chain Policy lays down its commitment towards
environment protection and stewardship to meet the Company’s
Total No. of Permanent
sustainability objectives while providing maximum value to its
Employees:
employees, customers and shareholders. Through the policy, the
Company aims to maintain and expand its green supply chain by
28,286
ensuring that everyone in its value chain (designers, producers,
customers, recyclers) is aware of their responsibility towards the Does the Company have a mechanism to recycle products
environment and promote safe usage and disposal of their products. and waste? If yes what is the percentage of recycling of
products and waste (separately as <5%, 5-10%, >10%).
The Company is moving towards meeting almost its entire Also, provide details thereof, in about 50 words or so
requirement of chillies from those chillies which have been grown The Company has an Environment Policy that strives for
using Integrated Pest Management (IPM) practices. environmental efficiency and utilisation of natural and man-made
resources in an optimal and responsible manner to ensure
The firm is continuously making concerted efforts to source sustainability through reducing, reusing, recycling and managing
majority of its raw materials sustainably in future. It has partnered waste. The Company has also initiated measures to reduce
with CII-FACE (Food and Agriculture Centre of Excellence) as the waste generation.
knowledge expert for sustainable sourcing initiatives.
Greater Noida Supply Chain Centre, our largest manufacturing
Has the Company taken any steps to procure goods facility in the country is a Zero waste discharge facility and treated
and services from local & small producers, including water is re-used for purposes such as gardening and maintaining
communities surrounding their place of work? If yes, the green cover inside the facility. This facility has also taken a
what steps have been taken to improve their capacity and membership with the Treatment, Storage, and Disposal Facility
(TSDFs) in the state.
55
Board Report
The non-hazardous waste (primarily including food waste and The courses were mostly based on behavioural competencies
packaging material such as cardboard) are disposed off through required for the role.
authorised vendors and recyclers.
Last year the Company conducted its first ever Campus
The Company also ensures that any e-waste that is generated Hiring Process by visiting the most premier B-schools in India.
within it’s premises is collected and recycled responsibly through All the Management Trainees are currently undergoing a year
a licensed vendor. long program in the organisation. The program involves them to
work rotationally in various department where each stint lasts
Principle 3: Businesses should promote the well-being for 2-3 months. The idea behind this is to help them develop an
of all employees all-round view of the organisation and assess the inter linkages
between functions. The Management Trainees are also undergoing
Do you have an employee association that is recognised by leadership coaching which is helping them grasp not only business
management? knowledge but also develop critical leadership skills.
Jubilant supports the idea of freedom of association.
However, there is no Employee association as on date. SAFETY TRAINING
Safety is a key focus area for the firm
What percentage of your permanent employees is members
yy Safety is a key part of the induction program and station
of this recognised employee association?
observation checklist (a training and promotion tool for team
N/A
members). It is made available to all restaurant staff.
Please indicate the Number of complaints relating to yy Food Safety training, was conducted at all restaurants in the
child labour, forced labour, involuntary labour, sexual fiscal year. 1271 GDMs were trained in advanced catering as
harassment in the last financial year and pending, as on the per FSSAI’s Food Safety Training and Certification (FOSTAC)
end of the financial year. initiative in the fiscal year. All restaurants have a Food Safety
Sr. No. of complaints
No. of complaints Supervisor (FSS) who undergo refresher trainings at regular
Category pending at the
No. filed during the FY intervals as per FSSAI guidelines.
end of FY
1 Child labour/ forced N.A.* N.A.* yy Multiple training modules related to new products, processes
labour/ involuntary labour etc are continuously made available through the Learning
2 Sexual harassment 3 0
Management Software (LMS). During the fiscal the LMS was
3 Discriminatory 0 0
also made available on mobile phones.
employment
* JFL employs skilled manpower for the production and distribution of its products. yy Fire safety training was also done at all restaurants.
There is no involvement of Child labour in the process.
yy An internal safety committee is constituted in all SCCs (supply
chain centres) of JFL. The committee members conduct
What percentage of your under mentioned employees were
monthly meetings to identify and address unsafe acts,
given safety & skill up-gradation training in the last year?
conditions and hazards in the centres.
(a) Permanent Employees
(b) Permanent Women Employees yy Awareness activities promoting road safety were also
(c) Casual/ Temporary/ Contractual Employees conducted for operations team (specially the teams involved
(d) Employees with Disabilities in delivery) focussing on specific measures to be adopted to
enhance driver safety.
SKILL-UPGRADATION TRAINING
yy Total training person-hours were 570,696 hours in FY 2018-19.
Every team member is continuously upgraded on the
skill set required for the job through on the job training.
Principle 4: Businesses should respect the interests of, and be
Training is conducted based on needs (such as, Behavioural,
responsive towards all stakeholders, especially those who are
Functional, Leadership) identified by the Company through the
disadvantaged, vulnerable and marginalised.
performance management system, one-on-one discussions,
Individual Development Plans for key resources of the organisation
Has the Company mapped its internal and external
and organisational mandates.
stakeholders? Yes/No
The Company in consultation with a third party has undertaken a
As part of management skills-upgradation training, the Company
thorough stakeholder mapping exercise to identify its internal and
had conducted specialised learning programs for District Managers
external stakeholders. The key stakeholders identified include:
& Zonal Managers in the fiscal year. These learning journeys lasted
yy Employees
8-9 months and had a mix of online courses to be undertaken.
yy Shareholders/Investors
56
yy Government Principle 5: Businesses should respect and promote human rights

yy Customers
yy Suppliers/Vendors Does the policy of the Company on human rights cover
yy Local Community only the Company or extend to the Group/ Joint Ventures/
Suppliers/ Contractors/ NGOs/ Others?
Out of the above, has the Company identified the The Company is committed to developing an organisational
disadvantaged, vulnerable & marginalised stakeholders? culture that recognises the importance of Human Rights and has
JFL has identified the following as disadvantaged, vulnerable and adopted some of the best practices. It seeks to promote fulfilment
marginalised stakeholders: of Human Rights by improving economic, environmental and social
yy Employees with speech and hearing impairment conditions and by serving as a positive influence in communities in
yy Small and marginalised farmers which it operates.
yy Street Food vendors
The Company’s Human Rights policy is applicable to all its internal
Are there any special initiatives taken by the Company
and some of its external stakeholders. Key components of the
to engage with the disadvantaged, vulnerable and
Human Rights policy are shared with our vendors and integrated in
marginalised stakeholders? If so, provide details thereof, in
agreements to ensure no human rights violations are undertaken
about 50 words or so.
by suppliers. The policy urges the suppliers to ensure that the
JFL has undertaken the following initiatives to engage with the
products and materials they sell or the services they render to the
disadvantaged, vulnerable and marginalised members in its
firm are not created by using child labour, forced labour or through
local communities:
the victims of human trafficking and shall take reasonable steps to
eliminate such practices in their supply chains.
yy Farmers Development Programme
The Company has partnered with BAIF Institute for Sustainable
The Company nurtures an internal working environment which
Livelihoods & Development (BISLD) (a reputed National
respects human rights without prejudice. Likewise, it expects its
NGO) to implement a Farmers Livelihood Enhancement
business partners to establish a human rights compliant business
program in Manchar and Shirur Taluka, situated close to
environment at the workplace. The Company has also put in place
Pune. The program aims to enhance cattle productivity
a structured mechanism by which complaints and violations of this
through improved feeding, breeding and management
policy can be raised and addressed. As part of its Stakeholder and
practices along with providing veterinary health care support.
business partner engagement meetings, the Company continues
The key objective is to help increase income of the farmers
to share its best practices with its supply chain.
and transform their livelihood by empowering them both
socially as well as financially.
How many stakeholder complaints have been received in
the past financial year and what percent was satisfactorily
yy Employing people with speech and hearing disabilities:
resolved by the management?
The Company employs 208 persons with speech and hearing
No legal complaints related to Human Rights were received
impairment and 2 persons with Down’s syndrome.
during FY 2019. The Company has in place a very robust internal
mechanism to address the employee grievances and implements
The HR team organises awareness programs for all its
it effectively.
employees sensitising them on working with employees with
disability. The team also conducts career guidance sessions
Principle 6: Business should respect, protect, and make efforts to
for employees with speech and hearing-impairment.
restore the environment
yy Skill development and capacity building of

Does the policy related to Principle 6 cover only the
street food vendors
Company or extends to the Group/ Joint Ventures/
The Company has taken up the responsibility to ensure safe
Suppliers/ Contractors/ NGOs/ Others?
and nutritious food across the country under FSSAI’s ’Safe
Company’s Environment Policy has been instituted to demonstrate
and Nutritious Food – A shared responsibility‘. As small food
its commitment towards environment protection and stewardship
vendors form an integral part of our society, there is a strong
and assist the Company in meeting its sustainability objectives
need to create awareness about the importance of hygiene
while providing maximum value to its employees, customers,
and the best practices related to it amongst these vendors.
supplier and shareholders. As per the policy, the Company commits
This partnership will positively impact the small scale food
to engage and involve customers, vendors and contractors in its
vendors community and will serve as a strong base towards
environmental sustainability mission and shares its expectations to
promoting safe and nutritious food while eating out. In this
collaboratively achieve environmental objectives.
fiscal, the Company has supported the training of more than
1000 street food vendors under this project across 16 major
The Supplier Code of Conduct specifically includes a fundamental
cities; handed over the hygiene kits as well as supported
principle urging suppliers to conduct their business in a manner
them for FSSAI Registration of their business. The Company
compliant with applicable environmental laws, regulations and
also partnered with FSSAI under the ‘Clean Street Food Hub’
industry standards and support the firm’s efforts to operate
and adopted SBR Social, Ahmedabad under the program.
sustainably, going beyond the letter of the Law.
The food hub has around 39 street food vendors and caters to
approximately 72 lakh people every year.
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Board Report
Does the Company have strategies/ initiatives to address yy Energy Management System
global environmental issues such as climate change, global Energy Management System (EMS) was installed at
warming, etc.? Y/N. If yes, please give hyperlink for webpage 1,185 Restaurants, which enabled a saving of 5.60%
etc. on unit consumption of electricity at restaurant level.
Guided by its Environment Policy and Green Supply Chain Policy, Energy Management Systems were also installed in three
the Company continuously strives to reduce the environmental manufacturing facilities, namely those in Greater Noida,
impact of its operations and lower its carbon footprint. It focusses Mumbai and Bengalurue for real time remote monitoring of
on improving energy efficiency, increasing the use of renewable electricity consumption at load level and providing actionable
energy and improving waste management to reduce the information for optimising energy usage.
carbon footprint.
yy Efficient HVAC
The Company has undertaken multiple specific initiatives to
Energy Saving sensors were installed in 2,308 Air Conditioning
improve the sustainability of its operations to address global
Systems in restaurants across the country, which saved more
environment issues including:
than 2% in unit electricity consumption.
yy Switching to HFC refrigerants with lower Global Warming
Potential (GWP) 1,500 inverter ACs were installed across restaurants which led
yy Increasing use of solar energy at our manufacturing locations to 15% saving in HVAC electricity consumption.
yy Installation of energy efficient lighting fixtures and HVAC
yy Use of electric bikes for food delivery operations yy Installation of energy efficient LED Lights in restaurants
Incandescent lights were replaced with LED lights in 1,185
Does the Company identify and assess potential restaurants which enabled upto 50% of savings in lighting
environmental risks? Y/N load at restaurants.
The Company intends to create a positive impact on the
environment through its business operations. This is reflected yy Reduced thermal paper consumption at Restaurants
from the initiatives incorporated by the Company on sustainable through replacement of one printed invoice with digital
environment practices across the value chain. invoice (SMS). The initiative which was rolled out across
all Domino’s restaurants during the fiscal year reduced the
The Company has undertaken stakeholder engagement and consumption of thermal rolls (i.e. paper) by approx. 40%.
materiality exercises to assess potential environmental risks.
The Company will continue to review and improve upon process
of integration of more resource efficient technologies and
Does the Company have any project related to Clean
opportunities for greening in the design and operations.
Development Mechanism? If so, provide details thereof, in
about 50 words or so. Also, if yes, whether any environmental
Are the Emissions/Waste generated by the Company within
compliance report is filed?
the permissible limits given by CPCB / SPCB for the financial
The Company has not registered any project related to the Clean
year being reported?
Development Mechanism.
Yes, the emissions and waste generated by the Company are within
the permissible limits as per CPCB / SPCB.
Has the Company undertaken any other initiatives on –
clean technology, energy efficiency, renewable energy, etc.
Number of show cause/ legal notices received from CPCB /
Y/N. If yes, please give hyperlink for web page etc.
SPCB which are pending (i.e. not resolved to satisfaction) as
The steps taken by the Company for utilising alternate sources of
on end of financial year.
energy include:
6 show cause notices were received by the Company during FY 2019.
yy Solar Energy use for electricity and water heating
793kW solar power plant was installed at the Supply Chain Principle 7: Businesses, when engaged in influencing public and
Centre in Greater Noida. This is in addition to the solar plants regulatory policy, should do so in a responsible manner.
installed at Nagpur, Mumbai and Kolkata bringing the total
installed solar capacity to 1,323 kW. Is your Company a member of any trade and chamber or
association? If Yes, Name only those major ones that your
Solar water heating plant was installed at the Nagpur business deals with:
Supply Chain Centre to meet the hot water requirements The Company is a member of the following associations:
of the facility which led to savings of approximately 35% in yy The Advertising Standards Council of India
electricity consumption. yy National Accreditation Board for Testing and
Calibration Laboratories
58
yy National Restaurant Association of India yy Jubilant Bhartia Foundation

yy Confederation of Indian Industries yy Responsenet Development Services
yy Samarthanam Trust for The Disabled
Further, the Company supports the CII – Jubilant Bhartia – Food
yy Sarva Dharma Samvaad
and Agriculture Centre of Excellence to improve on and off-farm
productivity through the introduction and dissemination of global Have you done any impact assessment of your initiative?
best practices and technological innovation. Swachh Bharat Programme
Swachh Bharat Abhiyan is one of the key CSR focus areas for the
Have you advocated/lobbied through above associations Company. To further this movement, the Company has been
for the advancement or improvement of public good? Yes/ implementing a holistic program at national level focussing
No; if yes, specify the broad areas (drop box: Governance and on railway stations. As a part of Swachh Rail – Swachh Bharat
Administration, Economic Reforms, Inclusive Development Programme, the Company has been working at five railway
Policies, Energy security, Water, Food Security, Sustainable stations across the country primarily including those in Delhi,
Business Principles, Others) Bengaluru, Mumbai etc. To assess the impact of the project,
yy Advocacy through NRAI for ‘Ease of Doing of Business’ with surveys were conducted across these stations with a sample
DIPP and Delhi Government and various other states. size of more than 1,200 respondents. Key stakeholders such as
station authorities, passengers, vendors/hawkers, porters, auto/
yy Advocacy done with the Food Safety Regulator (FSSAI)
taxi drivers and parking attendants were interviewed to assess
for generating consumer awareness on safe and
the impact of the initiatives undertaken as a part of the Swachh
healthy eating habits.
Rail program. The survey concluded that the awareness levels
yy Advocacy with Traffic Police across India in various cities for regarding maintaining cleanliness had significantly improved and
bringing about awareness on Safe Driving. stakeholders were inspired to keep the station clean because of
awareness programmes as well as beautification through wall art.
Principle 8: Businesses should support inclusive growth and
equitable development.
Farmers Development Programme
Under the Project 828 dairy farmers from Manchar and Shirur
Does the Company have specified programmes/ initiatives/
Talukas, Pune district, were supported to adopt best practices for
projects in pursuit of the policy related to Principle 8? If yes
cattle rearing to improve cattle productivity and promote clean,
details thereof.
high quality milk production.
Corporate Social Responsibility is an integral part of our business.
The Company's CSR vision is to create sustainable value and
A detailed survey of a representative sample of farmers from both
bring about catalytic impact in society and the environment.
taluks was conducted to assess the impact of the project. The direct
The Company's CSR initiatives are impact oriented and characterised
and indirect impact of project interventions among the farmers
by a detailed project implementation plan, well-defined governance
interviewed (30% of total participants) shows that average benefit
and monitoring mechanisms and quantifiable performance
per milk pourer due to project interventions was approximately
metrics. Some of the key CSR focus areas identified by the Company
` 60,000. This includes the impact of both - reduction in cost of
in the fiscal year include:
production as well as increase in income from additional milk
yy Swachh Bharat Abhiyan
production. In addition, project helped create assets for farmers as
yy Hunger Relief Programme
224 calves were born during the fiscal year.
yy Farmer’s Development Programme
yy Road Safety Programme
Rural Development
yy Rural Development
Under the rural development program, the Company supported
yy Inclusivity Programme
infrastructure improvement of government schools in the villages
Additionally, the Company has put in place an inclusive working of Greater Noida, Uttar Pradesh. Approximately 200 stakeholders
environment whereby differently abled people are provided (including students, parents, teachers and school administration)
employment opportunities within the organisation. This is extended were surveyed post the project implementation in order to assess
primarily to people with speech and hearing disabilities as well as the impact of the project activities. The assessment concluded
to those from socio – economically disadvantaged backgrounds. that there was an improvement in student & teacher attendance,
teaching atmosphere, student enrolment, willingness of students
Are the programmes/ projects undertaken through to regularly attend school and reduction in student dropout rate
in‑house team/ own foundation/ external NGO/ government was observed post the project completion.
structures/ any other organisation?
CSR projects undertaken by the Company are conducted through What is your Company’s direct contribution to community
the dedicated in-house CSR team as well as in collaboration with development projects – Amount in INR and the details of
NGO partners. During the FY 2019, the Company partnered with the projects undertaken?
various NGOs including: Total amount spent for the financial year: `380.19 Lakhs including
administrative expense.
yy Arts Alive Foundation
yy BAIF Institute for Sustainable Livelihoods &
Development (BISLD)
59
Board Report
Sr.
Category Description
No.
1 Swachh Bharat Swachh Rail Project
Abhiyan • The Company adopted five (5) railway stations (New Delhi Railway Station & Hazrat Nizamuddin Railway Station (Delhi),
Chhatrapati Shivaji Maharaj Terminus Railway Station (Mumbai), KSR City Railway Station (Bengaluru) and Gajraula Junction)
across the country to: (a) sensitise key stakeholders regarding cleanliness, (b) undertake renovation & beautification of station
through wall art in order to incentivise public to maintain cleanliness at the stations and (c) infrastructure upgradation in the
form of improved drinking water and sanitation facilities.
• During the Swachh Rail Project, more than 40,000 stakeholders (12,500 directly and 31,000 indirectly) including station
authorities, passengers, vendors/hawkers, porters, auto/taxi drivers and parking attendants were sensitised about cleanliness
through multiple interventions including capacity building workshops, street plays, walkathons, signature campaigns etc.
PET Bottle collection and recycling machines
• In order to increase awareness and as a step to curb plastic pollution, 30 PET bottle collection bins and 2 plastic crusher machines
were installed at Delhi, Bengaluru and Mumbai with each bin having an optimal holding capacity of 1,000 PET bottles. The
project will enable collection and crushing of more than 450 kg of plastic daily once it reaches steady state of operations.
Employee Volunteer led Swachhta Awareness
• Swachhta Hi Seva Campaign- 4,153 Employee Volunteers participated across 153 cities and contributed 10,522 person hours
towards the cleaning of public places (including 87 railway stations, 13 bus stations, 17 water bodies etc.) and promoted
awareness regarding cleanliness amongst communities. Moreover, 12 Lakh customers were also sensitised about waste
segregation under the initiative.
Street Food Vendor Training on Food Safety and Hygiene
• More than 1,000 Street food vendors across 16 cities across India were trained in best practices of food safety and hygiene
maintenance and also provided with the hygiene maintenance kit and 39 street food vendors in Ahmedabad were also
supported under the ‘Clean Street Food Hub’ initiative started by FSSAI.
2 Farmers • 828 farmers (with 3,382 cattle population) from Manchar and Shirur Talukas, situated close to Pune, trained on enhancing cattle
Development productivity through best dairy farming management practices in FY 2019. The program supported farmers through multiple
Programme interventions including:
• 50 loose housing systems
• Entire cattle population provided preventive healthcare support including vaccination (FMD, HS, BQ) and deworming also
• 6,000 kg quality mineral mixture provided as cattle feed supplement
• Approximately 1,800 artificial Insemination (AI) (both conventional and sorted semen) performed under the project leading to
total 224 calves born.
• Other interventions such as mastitis kit for detection of mastitis; early pregnancy diagnostic kit for timely pregnancy diagnosis,
infertility camps etc. were also supported through the project
• 286 demo fodder plots and 150 demo Silage units
• 50 each of biogas and Vermi-composting units
3 Road Safety • 20,000 college students across Delhi, Mumbai, Bengaluru, Kolkata were trained on road safety, first aid, safe transportation,
Programme emergency response and trauma management.
• Sensitisation and Awareness campaigns:
o Awareness drives and citizen sensitisation programs were conducted in collaboration with city traffic police in 37 cities
across states of Delhi, Uttar Pradesh, Uttarakhand, Madhya Pradesh, Maharashtra and Gujarat to promote the adoption of
road safety measures across various cities in India.
o Public awareness regarding road safety was also generated through online media.
4 Hunger Relief • Nutrition support provided to 1,045 children in shelter homes across Delhi - NCR and Bengaluru. 88,200 freshly cooked meals
Programme were distributed over the course of the project to ensure the continuous availability of nutritious food to the underprivileged
children.
5 Rural • Two primary schools, one in each Kayampur and Rampur Fatehpur Villages in Greater Noida were adopted and infrastructure
Development upgradation including establishment of library, renovation and repair work of school building along with the beautification of
walls was undertaken.
6 Inclusivity • 25 differently abled underprivileged youth were provided skill upgradation training in information technology, soft skills and
Programme orientation & mobility to make them overall more confident individuals to conduct their daily business and make them more
equipped to get employment. 60% students got placed with different organisations post the completion of training.
60
Have you taken steps to ensure that this community No. of cases
No. of cases filed in
development initiative is successfully adopted by the Category pending as on end
the last five years
of FY 2019
community? Please explain in 50 words, or so. Unfair trade practices 45 38
All the community development programs implemented by the Irresponsible Advertising 0 0
Company are developed by engaging the local community thereby Anti-competitive behaviour 0 0
ensuring ownership.
Did your Company carry out any consumer survey/consumer

Under the farmer development program, project interventions are
satisfaction trends?
regularly discussed with farmer communities and implementation
The Company engages with its customers through multiple
plan is finalised taking into account the preferences of the farmers.
means in order to garner feedback and gauge their satisfaction.
As a result of participation in the program, farmers saw significant
The Company carries out consumer surveys at its restaurants where
improvement in their income due to enhanced cattle productivity
an SMS is triggered each time a customer places an order. The Net
which also led to replication of project interventions by other
Promoter Score (NPS) is then automatically calculated based on the
farmers who were initially not a part of the program.
feedback and further questions are triggered which are to be rated
on a scale of Excellent, Good, Average and Poor, under Product,
Under the Swachh Rail-Swachh Bharat Programme, the Company
Service and Ambience. Poor rating is marked as a concern to the
worked extensively with Indian Railway authorities as well as other
restaurant through an automated e-mail and must be resolved by
key stakeholders such as porters, vendors/hawkers etc. to design
the restaurant manager immediately.
and implement a comprehensive cleanliness program.
To understand consumer satisfaction trends, feedback is also

The Company always adopts a collaborative approach for its CSR
sought from consumers through social media, e-mail or tele-calling.
programs and involves all key stakeholders including communities
By reviewing the feedback provided, the Company gauges the level
in their design and implementation.
of consumer satisfaction and derive trends. Any issues highlighted
by customers are treated as areas of ’Training Need Identification‘
Principle 9: Businesses should engage with and provide value to
for the restaurant team. Supervisors and trainers thus align the
their customers and consumers in a responsible manner
relevant ’On Job training and e-learning modules‘ based on
customer feedback to prevent re-occurrence.
What percentage of customer complaints/consumer cases
are pending as on the end of Financial Year.
The Company also undertakes regular Brand research with
Complaints Resolved/
Complaints Received Complaints Pending the objective of keeping a track on the brand health and its
settled
15 9 38 competition in the category. Studies are conducted to: (a) measure
the health of Company’s brands and competition brands in terms
Does the Company display product information on the of saliency, consideration and consumption (b) measure the
product label, over and above what is mandated as per local brand perception and imagery w.r.t. competition (c) measure the
laws? Yes/ No/ N.A. / Remarks (additional information) effectiveness of the communication in terms of reach and branding.
The Company adheres to all the applicable food regulations Research Methodology includes house to house random sampling
regarding product labelling and displays relevant information and computer aided interview using a structured questionnaires.
(under Food Safety and Standards (packaging and labelling) These researches are conducted PAN India and some of the recent
regulations 2011 as amended) on its products. centres of study included: Delhi, Mumbai, Bengaluru, Kolkata,
Lucknow, Indore etc.
Is there any case filed by any stakeholder against the
Company regarding unfair trade practices, irresponsible For and on behalf of Board of Directors
advertising and/or anti-competitive behaviour during the
last five years and pending as on end of financial year? If so,
provide details thereof, in about 50 words or so. Sd/- Sd/-
The Company emphasises ’delivery of customer delight‘ across all Shyam S. Bhartia Hari S. Bhartia
its customer touch points. The operational systems and processes Chairman & Director Co-Chairman & Director
have built in controls to deal directly with any customer complaints DIN: 00010484 DIN: 00010499
and to immediately resolve any issues put forward by customers
both at Restaurant or home delivery. Place : Noida
Date: May 15, 2019
As on March 31, 2019, 38 Consumer cases are pending under
litigation that will be resolved in due course.
61
Board Report
ANNEXURE E
CORPORATE SOCIAL RESPONSIBILITY (CSR) REPORT
[Pursuant to clause (o) of sub-section (3) of Section 134 of the Approved CSR Policy of the Company is uploaded
Companies Act, 2013 and Rule 9 of the Companies (Corporate on the Company’s website at the Web-link: http://
Social Responsibility Policy) Rules, 2014] www.jubilantfoodworks.com/investors/policies/
1. A brief outline of the Company’s CSR policy, including 2. The Composition of the Sustainability & Corporate
overview of projects or programs proposed to be Social Responsibility (’SCSR‘) Committee is as under:
undertaken and a reference to the web-link to the CSR Name of the Member(s) Category Designation
policy and projects or programs. Hari S. Bhartia Non-Executive Director Chairman
Shyam S. Bhartia Non-Executive Director Member
Corporate Social Responsibility (’CSR‘) is the commitment Aashti Bhartia Non-Executive Director Member
of businesses to contribute to Sustainable development. Arun Seth#1 Independent Director Member
The objective is to undertake socially impactful CSR Berjis Minoo Desai Independent Director Member
Shamit Bhartia Non-Executive Director Member
activities/programs promoting welfare and sustainable Phiroz Vandrevala#2 Independent Director Member
development of the community around the area of business Pratik R. Pota Executive Director Member
operations and other parts of the Country. The vision is to Ashwani Windlass#3 Independent Director Member
#1 Resigned as Director w.e.f. January 31, 2019.
follow global progression in the concept of Corporate Social
Responsibility and its implementations by way of being #3 Appointed as Member w.e.f. April 1, 2019.
beneficial to our society.
3.
Average net profit of the Company for last three
The objectives of the CSR Policy laid down by the Company is
financial years:
to ensure that the:
` 18,958.16 Lakhs
yy CSR agenda is integrated with the business.
yy Focused efforts are made in the identified community 4. Prescribed CSR Expenditure (two per cent of the
development areas to achieve the expected outcomes. amount as in item 3 above):
yy Support in nation-building and bringing inclusive ` 379.16 Lakhs
growth through CSR programs.
5. Details of CSR spent during FY 2019:
JFL endeavours to focus its CSR activities in the areas of: (a) Total amount to be spent for the financial year: ` 380.19
1. Swachh Bharat Abhiyan Lakhs including administrative expense.
2. Farmer’s Development Programme (b) Amount unspent, if any: Nil
3. Hunger Relief Programme (c) Manner in which the amount spent during the financial
4. Road Safety Programme year is detailed below.
5. Inclusivity Programme
6. Rural Development
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. CSR project or Sector in which Projects or Amount outlay Amount spent Cumulative Amount spent: Direct or
No. activity identified the Project is programs (budget) on the projects expenditure through implementing
covered (1) Local area or project or or programs upto March agency* (IA)
other (2) Specify programmes- for FY 2019 31, 2019 (` in lakhs)
the State and wise for Sub-heads: (` in lakhs)
district where FY 2019 (1) Direct
projects or (` in lakhs) expenditure
programs was on projects or
undertaken programs
(2) Overheads
(` in lakhs)
1 Swachh Bharat Pt. (i) of PAN India with 184.16 186.65 186.65 Amount spent directly by
Abhiyan Schedule VII- a focus on the Company: 119.71
Health-care & Delhi, Mumbai, Amount spent through IA-
Sanitation Bengaluru 1. Arts Alive Foundation:
63.19
2. Jubilant Bhartia
Foundation: 3.75
2 Samriddhi- Pt. (iv) of Manchar and 100.00 97.52 97.52 Amount spent through
Integrated rural Schedule VII- Shirur talukas, IA- BISLD (BAIF Institute for
livelihood and Ensuring animal District – Pune, Sustainable Livelihoods &
sustainable welfare Maharashtra Development): 91.95
sourcing: Farmer’s Amount Spent Directly by
development Company: 5.57
program
62
(1) (2) (3) (4) (5) (6) (7) (8)

Sr. CSR project or Sector in which Projects or Amount outlay Amount spent Cumulative Amount spent: Direct or
No. activity identified the Project is programs (budget) on the projects expenditure through implementing
covered (1) Local area or project or or programs upto March agency* (IA)
other (2) Specify programmes- for FY 2019 31, 2019 (` in lakhs)
the State and wise for Sub-heads: (` in lakhs)
district where FY 2019 (1) Direct
projects or (` in lakhs) expenditure
programs was on projects or
undertaken programs
(2) Overheads
(` in lakhs)
3 Hunger Relief Pt. (i) of Delhi-NCR, 20.00 21.15 21.15 Amount spent through IA-
Schedule VII- Mumbai and 1. Responsenet
Eradicating Bengaluru Development Services:
Hunger, Poverty 16.50
& Malnutrition 2. Sarva Dharma
Samvaad:3.40
A
mount spent directly by
Company: 1.25
4 Road Safety Amendment Pan India with a 45.00 46.35 46.35 Amount spent directly by
in Pt. (ii) of special focus on the Company: 31.73
Schedule VII- Delhi, Mumbai, Amount spent through
Promotion of Bengaluru and IA- Sarva Dharma Samvaad:
Education on Kolkata. 14.62
Road Safety
5 Rural Pt. (ii) of Greater Noida 7.00 6.44 6.44 Amount spent directly by
Development Schedule VII- the Company: 6.44
Promotion of
Education
6 Inclusivity Pt. (ii) of Delhi 10.00 8.81 8.81 Amount spent through IA-
Schedule Samarthanam Trust for The
VII- Special Disabled: 7.56
education for Amount spent directly by
differently abled the Company: 1.25
7 Programme 13.00 13.27 13.27 Amount spent directly by
Management/ the Company: 13.27
Administration
TOTAL 379.16 380.19 380.19
*Give details of implementing agency
a) BAIF Institute for Sustainable Livelihoods & Development (BISLD)
b) Arts Alive Foundation
c) Sarva Dharma Samvaad
d) Responsenet Development Services
e) Samarthanam Trust for the Disabled
f ) Jubilant Bhartia Foundation
**Amount of Programme Management/Administrative overheads is within the limit as provided in the sub-rule 6 of Rule 4 of Companies (Corporate Social Responsibility)
Rules, 2014.
6. In case the Company has failed to spend the two per cent of the average net profit of the last three financial years or
any part thereof, the Company shall provide the reasons for not spending the amount in its Board report.
Not Applicable
7. A responsibility statement of the SCSR Committee that the implementation and monitoring of CSR Policy, is in
compliance with CSR objectives and Policy of the Company
We hereby affirm that the CSR Policy, as approved by the Board, has been implemented and the SCSR Committee monitors the
implementation of CSR activities and programs in compliance with our CSR objectives.
For and on behalf of the Board of Directors
Sd/- Sd/-
Pratik R. Pota Hari S. Bhartia
CEO and Wholetime Director Chairperson, SCSR Committee
DIN: 00751178 DIN: 00010499
Place: Noida
Date: May 15, 2019
63
ANNEXURE F
yy Endeavour to continuously contribute to social and

COMPANY’S PHILOSOPHY ON CORPORATE
environmental spheres through various CSR programmes
GOVERNANCE
creating shared values.
The Corporate Governance philosophy of the Company is driven
by the interest of stakeholders, focus on fairness, transparency BOARD OF DIRECTORS
and business needs of the organization. Corporate governance is The Board of Directors, along with the Committees, provides
quintessential for the enhancement of shareholder value, protection leadership and guidance to the Company’s Management while
of interest of the public shareholders, growth, profitability and discharging its fiduciary responsibilities, directs as well as reviews
stability of any business. Aligning itself to this philosophy, the business objectives, management strategic plans and monitors the
Company has placed Corporate Governance on a high priority. performance of the Company.
The highlights of the Company’s Corporate Governance regime are: The Company has a professional Board with right mix of knowledge,
skills and expertise in diverse areas with an optimum combination
yy The Company believes that an active, well-informed and of Executive and Non-Executive Directors including Independent
independent Board is necessary to ensure high standards Directors and Women Director. Besides having financial literacy,
of Corporate Governance. The Company has optimum vast experience, leadership qualities and the ability to think
combination of Executive and Non-Executive Directors strategically, the Directors are committed to ensure highest
including Women Director. standards of corporate governance.
yy Constitution of several Committees for focussed attention

As on March 31, 2019, the Board consists of eleven (11) Directors
and proactive flow of information, enables the Company to
including one (01) Women Director. Of the eleven (11) Directors,
ensure expedient resolution of diversified matters.
one (01) is CEO and Wholetime Director and ten (10) are
yy Code of Conduct for Directors and Senior Management as also Non-Executive Directors out of which six (06) are Independent
for employees of the Company. Directors. The Company has a Non-Executive Chairman who is also
a Promoter of the Company.
yy Code of Conduct for Prevention of Insider Trading.
yy Robust Whistle-Blower Mechanism which act as a neutral MEETINGS OF BOARD

and unbiased forum for Directors, Employees and Business Meetings of the Board are generally held at the Registered Office
Partners of the Company and its subsidiary(ies). of the Company. During the financial year ended on March 31,
2019 (‘FY 2019‘), six (06) Board meetings were held i.e. on April 10,
yy Employees Stock Option Schemes – to attract, reward and
2018, May 08, 2018, July 25, 2018, October 24, 2018, January 30,
retain key executive employees.
2019 and March 29, 2019. The Company held minimum of one (01)
yy Code of Conduct for Suppliers with regards to compliance Board Meeting in each quarter and maximum gap between two
with laws, ethical business practices and fair treatment of consecutive meetings did not exceed one hundred & twenty (120)
people and surroundings. days which is in compliance with the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (‘Listing Regulations‘)
yy Business excellence through various initiatives like Lean
and provisions of the Companies Act, 2013 (‘Act‘). In case of business
Six Sigma, innovations both in processes and products,
exigencies or urgency, resolutions are passed by circulation as well.
customer delight etc.
yy Timely, transparent and regular disclosures. Board Composition and categories of Directors, their number of
Directorships, Memberships/Chairmanship of the Committees
yy Regular communication with members, including e-mailing
as on March 31, 2019, attendance of each Director at the Board
of financial results, press releases, annual report etc.
Meetings of the Company held during FY 2019 and at the last
Annual General Meeting (‘AGM‘) of the Company alongwith Equity
Share holding of each Director as at March 31, 2019 is given below:-
Committee Attendance at Meetings No. of

Name, Designation & Category of the Positions ^ No. of Board Meetings Equity
DIN Directorships* Last AGM
Director Held during Shares
Memberships Chairmanships Attended attended
tenure held
Promoter Directors
Shyam S. Bhartia@ 00010484 04 02 00 06 05 No 2
Chairman
Hari S. Bhartia@ 00010499 03 00 00 06 06 Yes 2
Co-Chairman
64
Committee Attendance at Meetings No. of

Name, Designation & Category of the Positions ^ No. of Board Meetings Equity
DIN Directorships* Last AGM
Director Held during Shares
Memberships Chairmanships Attended attended
tenure held
Executive Director
Pratik R. Pota 00751178 01 01 00 06 05 Yes 10,720
CEO and Wholetime Director
Non-Executive Directors
Aashti Bhartia@ 02840983 01 00 00 06 05 No 0
Shamit Bhartia@ 00020623 08 02 00 06 04 Yes 0
Non-Executive Independent Directors
Abhay Prabhakar Havaldar#1 00118280 02 00 00 03 03 No 0
Ashwani Windlass#1 00042686 06 00 04 03 03 No 0
Arun Seth#2 00204434 06 04 0 05 05 Yes 9,000
Berjis Minoo Desai#3 00153675 09 05 04 06 05 No 0
Phiroz Vandrevala#4 01778976 01 00 00 06 05 Yes 7,500
Ramni Nirula#5 00015330 07 05 02 06 06 No 3,000
Vishal Marwaha#4 00164204 03 01 01 06 06 Yes 9,000
Vikram Singh Mehta#6 00041197 07 01 00 01 01 - 0
* Excluding Private Companies, Section 8 Companies and Foreign Companies as per Companies Act, 2013 but including Directorship in Jubilant FoodWorks Ltd.
^ Committees for this purpose mean Audit Committee and Stakeholders Relationship Committee of Indian public companies, including committees of Jubilant FoodWorks Ltd.
@ Mr. Shyam S. Bhartia and Mr. Hari S. Bhartia are related to each other, being brothers.
@ Mr. Shyam S. Bhartia and Mr. Shamit Bhartia are related being father & son.
@ Mr. Hari S. Bhartia and Ms. Aashti Bhartia are related being father & daughter.
#1 Appointed w.e.f. July 25, 2018.
#2 Resigned as Director w.e.f. January 31, 2019. Therefore, the information pertaining to no. of Directorships, membership/chairmanship in Committee(s), no. of equity shares
held, is as on date of resignation of Director.
#3 attended one Board meeting through audio conferencing.
#4 On completion of tenure, ceased to be Directors w.e.f. April 1, 2019.
#5 Resigned as Director w.e.f. March 30, 2019. Therefore, the information pertaining to no. of Directorships, membership/chairmanship in Committee(s), no. of equity shares
held, is as on date of resignation of Director.
#6 Appointed w.e.f. February 1, 2019.
To facilitate participation of Directors in the Board/Committee meetings, Video/tele conferencing facilities are also offered to Directors
travelling/residing at other locations.
Directorships in other listed entities – Names of other listed entities excluding the Company where Directors of the Company are
Directors and the category of Directorship as on March 31, 2019 are given below:
Name of listed entity in which the Company’s
Name of the Director Category of Directorship
Director is a Director
Shyam S. Bhartia Jubilant Life Sciences Limited Non-Executive Director and Promoter
Chambal Fertilisers and Chemicals Limited Non-Executive Non-Independent Director
Hari S. Bhartia Jubilant Life Sciences Limited Executive Director and Promoter
Shriram Pistons and Rings Limited Non-Executive Non-Independent Director
Ashwani Windlass Hindustan Media Ventures Limited Non-Executive Independent Director
Max Financial Services Limited Non- Executive Non-Independent Director
Max India Limited Non-Executive Non-Independent Director
Vodafone Idea Limited Non-Executive Independent Director
Berjis Minoo Desai Deepak Fertilisers and Petrochemicals Corporation Ltd. Non-Executive Independent Director
Praj Industries Limited Non-Executive Independent Director
The Great Eastern Shipping Company Limited Non-Executive Independent Director
Man Infraconstruction Limited Non-Executive Independent Director
Edelweiss Financial Services Limited Non-Executive Independent Director
Shamit Bhartia Hindustan Media Ventures Limited Executive Director
HT Media Limited Non- Executive Non-Independent Director
Jubilant Industries Limited Non- Executive Non-Independent Director
Vishal Marwaha ISGEC Heavy Engineering Limited Non-Executive Independent Director
Vikram Singh Mehta HT Media Limited Non-Executive Independent Director
Colgate-Palmolive (India) Limited Non-Executive Independent Director
Apollo Tyres Limited Non-Executive Independent Director
Mahindra & Mahindra Limited Non-Executive Independent Director
Larsen and Toubro Limited Non-Executive Independent Director
Note: Mr. Pratik R. Pota, Ms. Aashti Bhartia, Mr. Abhay Prabhakar Havaldar and Mr. Phiroz Vandrevala doesn’t hold directorship in other listed entities except Jubilant FoodWorks
Limited as on March 31, 2019.
INFORMATION PROVIDED TO THE BOARD

The Board and its Committees have complete access to all relevant and timely information required for taking informed decisions at
the Board/Committee meetings. The Board members are provided with well-structured agenda papers and presentations in advance
65
of the meetings. In exceptional circumstances, additional or reviewing and guiding corporate strategy, annual budgets and
supplementary item(s) are taken up with permission of Board/ business plans, setting performance objectives, monitoring
Committee members as the case may be. With a view to implementation and corporate performance and overseeing
leverage technology and with the perspective of environmental major capital expenditures, ensuring integrity of the Company’s
preservation, notice, agenda papers/presentations and minutes accounting and financial reporting system, financial and operating
are generally circulated in electronic form thereby ensuring high controls, compliance with applicable laws, appointment and
standards of security and confidentiality. removal of Directors and Key Managerial Personnel, monitoring
and reviewing board of director’s evaluation framework.
KEY FUNCTIONS OF THE BOARD
The Board performs various statutory and other functions for
managing the affairs of the Company. The key functions include
KEY SKILLS, EXPERTISE AND COMPETENCIES OF BOARD OF DIRECTORS

The Board comprises qualified members who bring in the required skills, competence and expertise that allow them to make effective
contribution to the Board and its Committees. The key skills, expertise and competence identified by the Board of Directors as required in
context of Company’s business to function effectively and said skills available with the Board are as under:-
Leadership and Management skills Strong leadership & management experience, Business Development, Strategic thinking & vision, decision-
making, entrepreneurial skills to evaluate risks and rewards and perform advisory role
Industry knowledge and experience Knowledge and experience in Food Service Industry, FMCG or Retail, information technology & digital, major
risks/threats and potential opportunities in the industry and customer insight
Governance including Legal Compliance Experience in high governance standard with an understanding of changing regulatory framework, Knowledge
of the Rules and Regulations applicable to the Company, Undertaking rights of shareholders and obligations
of the Management
Financial Skills Financial acumen, knowledge of Accounting and Auditing Standards, tax matters
Behavioural skills attributes and Personal characteristics such as integrity, accountability, attributes and competencies to use their knowledge
competencies and skills to contribute effectively to the growth of the Company
The profiles of our Directors are available on our website at http:// had confirmed that there were no material reasons for their
www.jubilantfoodworks.com/investors/corporate-governance/. resignation other than those mentioned above. The Company is
in process of identifying and appointing a Women Independent
INDEPENDENT DIRECTORS Director. Further, on completion of tenure, Mr. Phiroz Vandrevala
The Independent Directors of the Company have been appointed and Mr. Vishal Marwaha, Independent Directors ceased to be the
in compliance with the requirements of the Act and Listing Directors of the Company w.e.f. April 1, 2019.
Regulations. The Company has issued letter of appointment to
all the Independent Directors and terms and conditions thereof FAMILIARIZATION PROGRAMS FOR
have been disclosed on the website of the Company (Web link: INDEPENDENT DIRECTORS
http://www.jubilantfoodworks.com/investors/corporate-governance/). The Company conducts Familiarization Programs for its
At time of appointment and thereafter at beginning of each Independent Directors to familiarise them with regard to their
financial year, the Independent Directors submit a self-declaration roles, rights, responsibilities in the Company, nature of industry,
confirming their independence and compliance with eligibility Company’s strategy, Organization Structure, business model,
criteria mentioned under the Act and Listing Regulations. Based on performance updates of the Company, risks management, code
the disclosures received from all the Independent Directors, the of conduct and policies of the Company etc. The Familiarization
Board is of the opinion that, all the Independent Directors fulfill Program has been disclosed on the website of the Company (Web
the conditions specified in the Act and Listing Regulations and are link: http://www.jubilantfoodworks.com/investors/policies/).
independent of the management.
COMMITTEES OF THE BOARD
During the year, Mr. Arun Seth and Ms. Ramni Nirula, Independent
The Board has constituted several Committees of Directors
Directors resigned from the directorship of the Company
with adequate delegation of powers to focus effectively on
w.e.f. January 31, 2019 and March 30, 2019 respectively due to
the issues and ensure expedient resolution of diverse matters.
pre-occupation and personal commitments. Both the Directors
Each Committee has specific terms of reference setting forth the
66
purpose, role and responsibilities of the Committee. Further, the to and oversee audit functions, review Company’s financial
Company Secretary of the Company acts as the Secretary to the performance, appointment/reappointment and interaction
Committees. All recommendations of the Committees are placed with Auditors, compliance with Accounting Standards, review
before the Board for approval or information, if required. During the and approval of related party transactions, review of internal
financial year ended March 31, 2019, all the recommendations of/ control systems, review the functioning of Whistle-Blower
submissions by the Committees which were mandatorily required, Mechanism, review of compliance of SEBI (Prohibition of
were accepted by the Board. The Minutes of meetings of all the Insider Trading) Regulations, 2015 and all other matters
Committees of the Board are placed at the next Board meeting for specified under the Act, Listing Regulations or any other role
noting. The Committees of the Board are:- as may be prescribed by law from time to time.
- Audit Committee
The members of the Audit Committee are financially literate
- Nomination, Remuneration and Compensation Committee
and the Chairperson of the Audit Committee has accounting
- Stakeholders Relationship Committee
and financial management expertise. Senior Management
- Sustainability and Corporate Social Responsibility Committee
Personnel including Chief Executive Officer and Chief
- Regulatory and Finance Committee
Financial Officer, Statutory Auditors, Internal Auditors and
- Risk Management Committee (constituted w.e.f. April 1, 2019)
other financial experts are invitees to the Audit Committee
- Capital Issue Committee (dissolved w.e.f. March 29, 2019)
Meetings. The Board in its meeting held on March 29, 2019
reconstituted the Audit Committee w.e.f. April 1, 2019.
Board Committees and its Composition has been disclosed on the
website of the Company (Web link: http://www.jubilantfoodworks.
During FY 2019, seven (7) Audit Committee Meetings were
com/investors/corporate-governance/).
held on May 4, 2018; May 8, 2018; July 25, 2018; October 24,
2018; November 27, 2018; January 30, 2019 and March 29,
(i) Audit Committee
2019. The Company held minimum of one Audit Committee
The Audit Committee is primarily responsible for accurate
Meeting in each quarter and maximum gap between
financial reporting and strong internal controls. Terms of
two consecutive meetings did not exceed one hundred &
Reference of Audit Committee, inter-alia, is to provide direction
twenty (120) days.
Composition of the Audit Committee alongwith number of meetings & attendance details are mentioned below:-
Meetings
Held during tenure Attended
Vishal Marwaha#1 Independent Director Chairman 7 7
Arun Seth#2 Independent Director Member 6 6
Ramni Nirula#3 Independent Director Member 7 7
Shamit Bhartia Non-Executive Director Member 7 5
Ashwani Windlass Independent Director Chairman (w.e.f. April 1, 2019) N.A. N.A.
Vikram Singh Mehta Independent Director Member (w.e.f. April 1, 2019) N.A. N.A.
Abhay Prabhakar Havaldar Independent Director Member (w.e.f. April 1, 2019) N.A. N.A.
#3 Resigned as Director w.e.f. March 30, 2019.
(ii)
Nomination, Remuneration and Compensation
Board, Board Diversity, administration of Employees Stock
Committee
Option Schemes of the Company and all other matters
The Terms of Reference of Nomination, Remuneration and
specified under the Act, Listing Regulations or any other role
Compensation Committee (‘NRC Committee‘) inter-alia,
as may be prescribed by law from time to time.
includes setting criteria for appointment/removal of
Directors/Senior Management including Key Managerial
During FY 2019, Seven (7) NRC Committee Meetings were held
Personnel ('KMP') and other employees of the Company,
on April 10, 2018; May 8, 2018; June 23, 2018; July 25, 2018;
recommending Appointment & Remuneration Policy to the
October 24, 2018; January 30, 2019 and March 29, 2019.
Board, recommend to the Board all remuneration payable
Further, three (3) circular resolutions were also passed
to Wholetime Driector and Senior Management Personnel
on May 21, 2018; September 25, 2018 and March 3, 2019.
including KMP, performance evaluation of Directors and the
The Board in its meeting held on March 29, 2019 reconstituted
the NRC Committee w.e.f. April 1, 2019.
67
Composition of the NRC Committee alongwith number of meetings & attendance details are mentioned below:
Meetings
Name of the Director(s) Category Designation
Arun Seth#1 Independent Director Chairman 6 6@
Shyam S. Bhartia Non-Executive Director Member 7 6
Hari S. Bhartia Non-Executive Director Member 7 7@
Berjis Minoo Desai Independent Director Member 7 5@
Ramni Nirula#2 Independent Director Member 7 6
Vishal Marwaha#3 Independent Director Member 7 7
Abhay Prabhakar Havaldar Independent Director Chairman (w.e.f. April 1, 2019) N.A. N.A.
Vikram Singh Mehta Independent Director Member (w.e.f. April 1, 2019) N.A. N.A.
#2 Resigned as Director w.e.f. March 30, 2019.
@ Attended one meeting through audio conferencing.
Performance Evaluation and its Criteria Personnel. NRC Committee and the Board carry out evaluation
Pursuant to the provisions of the Act, Listing Regulations of the individual Directors.
and Performance Evaluation Policy, the Board has carried
out annual evaluation of its performance, its committee(s), Meeting of Independent Directors without the attendance
Chairperson and of each Director. A structured questionnaire of Non-Independent Directors and members of the
was prepared and circulated to the Directors for each of management of the Company was held on January 30, 2019.
the evaluation. The Independent Directors, inter-alia, evaluated performance
of Non-Independent Directors, the Chairperson of
Performance of the Board was evaluated by each Director on the Company and the Board as a whole for FY 2019.
the parameters such as its roles and responsibilities, business They also assessed the quality, content and timeliness of
risks, contribution to the development of strategy and effective flow of information between the Management and the Board
risk management, understanding of operational programmes, that is necessary for the Board to effectively and reasonably
availability of quality information in a timely manner etc. perform its duties.
Board Committees were evaluated by the respective Outcome of the evaluation was submitted to the Chairman
Committee members on the parameters such as its role and of the Company. The Directors discussed and expressed their
responsibilities, effectiveness of the Committee vis-a-vis satisfaction with the entire evaluation process.
assigned role, appropriateness of Committee composition,
timely receipt of information by the Committee, knowledge (iii) Stakeholders Relationship Committee
updation by the Committee members, effectiveness of The Terms of Reference of Stakeholders Relationship
communication by the Committee with the Board, Senior Committee (‘SRC Committee‘), inter-alia, includes considering
Management and Key Managerial Personnel etc. and resolving the grievances of security holders of the
Company and handling transfer/ transmission of shares,
Performance of the Chairperson was evaluated by split/ consolidation/ sub-division of share certificates,
the Independent Directors on the parameters such as issue of duplicate share certificates & dematerialisation/
demonstration of effective leadership, contribution to the rematerialisation requests, review of measures taken for
Board’s work, communication with the Board, use of time and reducing the quantum of unclaimed dividend and timely
overall efficiency of Board Meetings, quality of discussions at receipt of dividend warrants, annual reports, adherence of
the Board Meetings, process for settling Board Agenda etc. service standards in respect of various services rendered by
Company’s Registrar and Transfer Agent and all other matters
Directors were also evaluated individually by all other Directors specified under the Act, Listing Regulations or any other role
(except the Director himself ) on the parameters such as his/ as may be prescribed by law from time to time.
her preparedness at the Board Meetings, devotion of time and
efforts to understand the Company and its business, quality of During FY 2019, four (4) SRC Committee meetings were
contribution at the Board Meetings, application of knowledge held on May 8, 2018; July 25, 2018; October 24, 2018 and
and experience while considering the strategy, effectiveness January 30, 2019. The Board in its meeting held on March 29,
of follow-up in the areas of concern, communication with 2019 reconstituted the SRC Committee w.e.f. April 1, 2019.
Board Members, Senior Management and Key Managerial
68
Composition of the SRC Committee alongwith number of meetings & attendance details are mentioned below:
Meetings
Ramni Nirula#1 Independent Director Chairperson 4 4
Pratik R. Pota Executive Director Member 4 4
Vikram Singh Mehta Independent Director Chairman (w.e.f. April 1, 2019) N.A. N.A.
Aashti Bhartia Non-Executive Director Member (w.e.f. April 1, 2019) N.A. N.A.
#1.Resigned as Director w.e.f. March 30, 2019.
The status of shareholder's complaint(s) received during The Company welcomes all the members to communicate
FY 2019, is mentioned below:- with the Company as per the above details or through
the Company’s Registrar and Share Transfer Agent, whose
Received (in Nos.) Resolved (in Nos.) Pending at the end
particulars are given later in this report.
1 1 0
(iv) Sustainability and Corporate Social Responsibility

Compliance Officer
Committee
Ms. Mona Aggarwal is the Company Secretary cum
The Terms of Reference of Sustainability and Corporate Social
Compliance Officer of the Company. The correspondence
Responsibility Committee (‘SCSR Committee‘), inter-alia,
address of the Company is:
includes formulation and monitoring the implementation of
Jubilant FoodWorks Limited Corporate Social Responsibility (‘CSR‘) policy and to look into
(CIN: L74899UP1995PLC043677) matters related to sustainability, review CSR/Sustainability
reports and all other matters specified under the Act or any
Registered Office – Plot No. 1A, Sector 16A,
other role as may be prescribed by law from time to time.
Noida - 201 301, U.P., India
The CSR & BRR – Head is permanent invitee for all SCSR
Corporate Office – 5th Floor, Tower D, Plot No. 5, Committee meetings.
Logix Techno Park, Sector 127, Noida – 201 304, U.P., India
Phone: +91-120-4090500 During FY 2019, three (3) SCSR Committee Meetings were
Fax: +91-120-4090599 held on April 10, 2018; May 08, 2018 and October 24, 2018.
E-mail: [email protected] The Board in its meeting held on March 29, 2019 reconstituted
Website: www.jubilantfoodworks.com the SCSR Committee w.e.f. April 1, 2019. Composition of the
SCSR Committee alongwith number of meetings & attendance
details are mentioned below:
Meetings
Name of the Member(s) Category Designation Held during
Attended
tenure
Hari S. Bhartia Non-Executive Director Chairman 3 3
Shyam S. Bhartia Non-Executive Director Member 3 3
Aashti Bhartia Non-Executive Director Member 3 2
Berjis Minoo Desai Independent Director Member 3 2
Shamit Bhartia Non-Executive Director Member 3 2
Phiroz Vandrevala#2 Independent Director Member 3 3
Ashwani Windlass Independent Director Member (w.e.f. April 1, 2019) N.A. N.A.
(v) Regulatory and Finance Committee nomination under Factories Act, 1948 and other statutory
The Terms of Reference of Regulatory and Finance enactments as may be applicable to the Company.
Committee (‘RAFC Committee‘) inter-alia, includes investing
temporary surplus funds, availing cash management services During FY 2019, four (4) RAFC Committee Meetings were
or financial assistance from Banks and other Institutions, held on May 08, 2018; July 25, 2018; October 24, 2018 and
opening and closing of bank accounts and other banking January 30, 2019. Further, one (1) circular resolution was also
related operations, authorising persons for obtaining passed on December 7, 2018.
various licences, execution & registration of agreements and
69
Composition of the RAFC Committee alongwith number of meetings & attendance details are mentioned below:
Meetings
Shyam S. Bhartia Non-Executive Director Chairman 4 4
Hari S. Bhartia Non-Executive Director Member 4 4
(vi) Capital Issue Committee

The Capital Issue Committee (‘CI Committee‘) was constituted During FY 2019, one (01) CI Committee Meeting was held
by the Board of Directors on May 8, 2018. The Terms of on June 7, 2018. Further, one (1) circular resolution was also
Reference of the CI Committee, inter-alia, includes taking passed on June 26, 2018.
various decisions in connection with the issue of Bonus Shares.
Composition of the CI Committee alongwith number of meetings & attendance details are mentioned below:
Meetings
Shyam S. Bhartia Non-Executive Director Chairman 1 1
Hari S. Bhartia Non-Executive Director Member 1 1
Vishal Marwaha Independent Director Member 1 1
The CI Committee was dissolved by the Board with effect from a) Remuneration to Wholetime Director – The details of
March 29, 2019. remuneration paid to Mr. Pratik R. Pota, CEO and Wholetime
Director of the Company during FY 2019 is mentioned below:-
(vii) Risk Management Committee (` in lakhs)
In line with the provisions of Regulation 21 of the Listing Salary and Performance Contribution to
Perquisites Total
Regulations, the Risk Management Committee (‘RM Allowances Linked Incentive Provident Fund
Committee‘) was constituted by the Board of the Company on 213.61 151.60 - 12.47 377.68
March 29, 2019 with effect from April 1, 2019. Hence, details of Note:- The value of performance linked incentive considered above is on paid
meetings held during the year are not applicable. basis. The payment of incentive is linked with the actual performance of the
parameters as defined in the Variable Pay Plan.
The Terms of Reference of the RM Committee, inter-alia,

includes advising the Board on the Company’s overall risk Service Contracts, Notice Period, Severance Fees – The
tolerance and strategy, current risk exposures, review risk Appointment of CEO & Wholetime Director is contractual
management and major risk exposures of the Company in nature. He may resign from the services of the Company
including but not limited to Cyber Security Risk, review by giving one hundred & eighty (180) days written notice.
risk governance structure, policies and processes for risk However, the appointment is terminable (without cause)
assessment, to safeguard the shareholders’ interests and by the Company by giving ninety (90) days written notice.
Company’s assets, review reports from the Company’s internal Further, in the event of termination of employment by the
audit function relating to risk management and all other Company without cause, the severance pay amounting to
matters specified under the Act, Listing Regulations or any twelve (12) months of Salary and Prorated Variable Pay as
other role as may be prescribed by law from time to time. defined in the appointment letter shall be payable.
b) Remuneration to Non-Executive Directors - The Company

Composition of the RM Committee is mentioned below:-
considers time and efforts put in, roles and responsibilities
discharged by the Non –Executive Directors in deliberations
Name and Designation
Designation Category at the Board/Committee meetings. They are remunerated by
of the Member
Hari S. Bhartia Chairman Non-Executive Director way of sitting fees for attending the meetings and through
Shyam S. Bhartia Member Non-Executive Director commission. The Non- Executive Directors are eligible for
Aashti Bhartia Member Non-Executive Director commission not exceeding in aggregate, 1% per annum of
Ashwani Windlass Member Independent Director the net profit of the Company (calculated in accordance with
the provisions of Section 198 of the Act) subject to a limit of
Berjis Minoo Desai Member Independent Director
` 10,00,000/- (Rupees Ten Lakhs only) per Director per annum
Pratik R. Pota Member Executive Director
for each Financial Year.
Shamit Bhartia Member Non-Executive Director
The sitting fee for attending Board Meeting is ` 50,000/- per
meeting, for Audit Committee, Nomination, Remuneration
REMUNERATION OF DIRECTORS
and Compensation Committee, Capital Issue Committee
The details of remuneration paid to Executive and Non-Executive
Meeting and Risk Management Committee is ` 25,000/- per
Directors during the FY 2019 are given below:
meeting, for Stakeholders Relationship Committee and
70
Sustainability and Corporate Social Responsibility Committee Options granted under ESOP 2011 and ESOP 2016 before
is ` 15,000/- per meeting and for Independent Directors June 23, 2018 (being record date for Bonus shares) are
meeting is ` 25,000/- per meeting. entitled to one Bonus share on exercise of one stock
option under the respective ESOP Scheme.
Details of remuneration of the Non-Executive Directors for
FY 2019 is mentioned below:
(` in lakhs) Codes and Policies
Sr. Sitting Commission* a) Appointment & Remuneration Policy
Name of Director
No. Fees* payable The Company has a Policy on appointment and remuneration
1. Shyam S. Bhartia#1 - - of Directors, Key Managerial Personnel (‘KMP‘) and Senior
2. Hari S. Bhartia 5.45 10.00 Management/other employees of the Company. This Policy
3. Aashti Bhartia 2.80 10.00
aims to ensure that the persons appointed as Directors, KMP
4. Abhay Prabhakar Havaldar#2 1.75 6.82
and Senior Management possess requisite qualifications,
5. Arun Seth#3 6.80 8.36
experience, expertise and attributes commensurate to their
6. Ashwani Windlass#2 1.75 6.82
7. Berjis Minoo Desai 4.30 10.00 positions and level and that the composition of remuneration
8. Phiroz Vandrevala 3.20 10.00 to such persons is fair and reasonable and sufficient to
9. Ramni Nirula#4 7.10 10.00 attract, retain and motivate the personnel to manage
10. Shamit Bhartia 3.55 10.00 the Company successfully. The Policy contains, inter-alia,
11. Vikram Singh Mehta#5 0.50 1.59 provisions pertaining to qualification, attributes and process
12. Vishal Marwaha 7.00 10.00 of their appointment and removal as well as components of
* Excludes GST on Sitting fee and Commission. remuneration. The Board in its meeting held on January 30,
#1 Mr. Shyam S. Bhartia has opted not to take the sitting fee and commission. 2019 modified the Policy effective April 1, 2019. Key changes
#2 Appointed w.e.f. July 25, 2018.
made in the Policy pertains to process for appointment and
#4 Resigned as Director w.e.f. March 30, 2019. removal of Senior Management Personnel, remuneration
#5 Appointed w.e.f. February 1, 2019. Sitting Fee as above paid in April, 2019. (including appraisals) of Senior Management Personnel and
KMPs designated as Senior Management Personnel. The Policy
Other than holding shares/options, remuneration as indicated is disclosed on the website of the Company (Web link: http://
above and reimbursement of expenses incurred for attending www.jubilantfoodworks.com/investors/policies/).
the meetings of the Company, the Non-Executive Directors
b) Corporate Social Responsibility Policy
did not have any pecuniary relationship or transactions with
The Company has a Policy on Corporate Social Responsibility
the Company during the year.
which outlines the Company’s philosophy and responsibility
and lays down the guidelines and mechanism for undertaking
c)
Details of Stock Options held by Directors as
socially impactful activities or programmes towards welfare
on March 31, 2019
and sustainable development of the community around the
i.
Employees Stock Option Plan, 2007: No options area of its operations and other parts of the country. The Policy
outstanding. strives towards welfare and sustainable development of the
different segments of the community, specifically the deprived
ii. JFL Employees Stock Option Scheme, 2011 (ESOP 2011):
and underprivileged segment. The Board in its meeting held
No. of No. of No. of No. of
Name of the on October 24, 2018 modified the Policy majorly relating
options options options options
Director
granted exercised lapsed outstanding to the process for approval of CSR Activities. The Policy is
Pratik R. Pota 51,514 - - 51,514 disclosed on the website of the Company (Web link: http://
www.jubilantfoodworks.com/investors/policies/).
Subject to fulfillment of all pre-vesting conditions, the
options shall vest over a period of three (3) years and c) Code of Conduct for Directors and Senior Management
shall be exercisable within seven (7) years from first The Company has formulated and implemented a Code of
vesting date. Each option is equivalent to one (1) equity Conduct for the Board Members and Senior Management
share of ` 10/- each. Personnel of the Company. During the year, Board modified
the Code in its meeting held on January 30, 2019 (effective
iii. JFL Employees Stock Option Scheme, 2016 (ESOP 2016):
from April 1, 2019). The Code is disclosed on the website of
No. of No. of No. of
No. of options the Company (Web link: http://www.jubilantfoodworks.com/
Name of Director options options options
outstanding
granted exercised lapsed investors/policies/).
Pratik R. Pota 21,145 - - 21,145
All Board Members and Senior Management Personnel have
Subject to fulfillment of all pre-vesting conditions, affirmed compliance with the Code. The declaration to this
the options have cliff vesting and the vesting period effect signed by CEO and Wholetime Director is attached as
is determined by the Nomination, Remuneration and ‘Annexure I’ forming integral part of this report.
Compensation Committee (NRC Committee) subject to
d) Code of Conduct for Prevention of Insider Trading
maximum period of five (5) years. The exercise period
The Company has adopted a Code of Conduct for Prevention
for the options is determined by the NRC Committee
of Insider Trading with a view to regulate trading in securities
subject to maximum period of five (5) years from vesting
of the Company by the Designated Persons. During the year,
date. Each option is equivalent to one (1) equity share
Board modified the Code in its meeting held on March 29,
of ` 10/- each.
2019 (effective from April 1, 2019) to align the same with
71
the amendment in SEBI (Prohibition of Insider Trading) The Company has provided adequate safeguards against
Regulations, 2015. victimisation of employees and Directors who express their
concerns. During the year, no Director or employee of the
e) Code of Practices and Procedure for Fair Disclosure of
Company was denied access to the Chairperson of the Audit
Unpublished Price Sensitive Information
Committee. The Audit Committee periodically reviews the
The Company has a Code of Practices and Procedure for
functioning of the Policy and Ombudsman process.
Fair Disclosure of Unpublished Price Sensitive Information.
During the year, Board modified the Code in its meeting
h) Policy on Material Subsidiaries
held on March 29, 2019 (effective from April 01, 2019) to
The Company has in place a Policy for determining material
align the same with the amendment in SEBI (Prohibition of
subsidiaries. During the year, Board modified the Policy in
Insider Trading) Regulations, 2015. The Code also includes
its meeting held on January 30, 2019 (effective from April 1,
Policy for determination of ‘legitimate purpose’. The Policy is
2019). The Policy is disclosed on Company’s website (Web link:
disclosed on the website of the Company (Web link: http://
http://www.jubilantfoodworks.com/investors/policies/).
www.jubilantfoodworks.com/investors/policies/).
As on March 31, 2019, the Company do not have any material
f) Policy on Leak/Suspected Leak of Unpublished Price unlisted Indian subsidiary Company.
Sensitive Information
i) Policy on dealing with Related Party Transactions
In view of amendment in SEBI (Prohibition of Insider Trading)
The Company has in place a policy on dealing with Related
Regulations, 2015, the Board in its meeting held on March 29,
Party Transactions. During the year, Board modified the Policy
2019 adopted Policy and procedure for inquiry in case of leak
in its meeting held on January 30, 2019 (effective from April 01,
or suspected leak of Unpublished Price Sensitive Information
2019). The Policy is disclosed on Company’s website (Web link:
(UPSI) effective April 1, 2019. The Policy aims to provide a
http://www.jubilantfoodworks.com/investors/policies/).
framework for inquiry in case of leak or suspected leak of UPSI.
g) Whistle-Blower Policy j) Dividend Distribution Policy

The Company has a Whistle-Blower Policy for its Directors, The Company has in place a Dividend Distribution Policy to
Employees and Business Partners of the Company and its provide guidance for declaration of dividend and its pay-out
subsidiary(ies). The Policy act as a neutral and unbiased forum by the Company. The Policy is attached as ‘Annexure II’
to voice concerns in a responsible and effective manner forming integral part of this report and also available on
without fear of reprisal. The Policy is disclosed on Company’s Company’s website (Web link: http://www.jubilantfoodworks.
website (Web link: http://www.jubilantfoodworks.com/ com/investors/policies/).
investors/policies/).
GENERAL BODY MEETINGS

Details of AGMs held during last three (3) years is mentioned below:
Financial Year ended Date Items approved by Special Resolution

Venue: International Trade Expo Centre, Expo Drive, A-11, Sector 62, Noida - 201301 U.P.
Time: 11.00 A.M.
March 31, 2018 (23rd AGM) September 27, 2018 None
March 31, 2017 (22nd AGM) August 28, 2017 None
March 31, 2016 (21st AGM) September 1, 2016 None
Resolutions passed through Postal Ballot b) Details of Non-Compliances – During last three (3) years,
During the year, no special resolution was passed through postal there were no strictures or penalties imposed on the
ballot. Further, no special resolution is proposed to be passed Company either by the Stock Exchanges or SEBI or any other
through postal ballot. statutory authority for non-compliance of any matter related
to capital markets.
Disclosures:
c) Disclosure of commodity price risk or Foreign exchange
a) Related Party Transactions - The Company has not entered
risk and commodity hedging activities – The Company
into any materially significant transactions with the related
is exposed to risk of price fluctuation in few raw materials/
parties that may have potential conflict with the interests of
commodities being used by the Company to manufacture its
the Company at large. Transactions with related parties as per
food products. However, there is a limited price risk attached
Indian Accounting Standard 24 have been disclosed in the
to these as the commodity linked raw materials form only a
Notes forming part of the Standalone Financial Statements.
part of the value added products that we source.
72
The Company is mitigating these risks by proactively entering 3. Audit Qualifications

into yearly/ half-yearly/ quarterly contracts with suppliers
There are no Audit qualifications for FY 2019.
depending upon volatility and seasonality of the base
commodity. The Company also enter into forward buying 4. Separate posts of Chairman and CEO
and volume based pricing to minimise the supply side risks.
The Chairman of the Board is a Non-Executive Director
The Company has a framework and governance mechanism
and his position is separate from that of the Wholetime
in place to ensure that its interest are adequately protected
Director and CEO.
from the market volatility in terms of price and availability.
The commodities are tracked regularly on Indian/International 5. Reporting of Internal Control
markets (wherever applicable) and latest industry trends
The Internal Auditors report to the Audit Committee.
to define short-and long-term strategy for mitigating the
risk. For more details on risk management, please refer
MEANS OF COMMUNICATION
Management Discussion & Analysis Report forming integral
part of the Annual Report. For details related to foreign a) Financial Results – In accordance with the Listing
currency risk, please refer note no. 48 of Standalone Financial Regulations, the quarterly/half-yearly/annual results are
Statements of the Company. uploaded on NSE Electronic Application Processing System
(NEAPS) and BSE Listing Centre. The Financial Results are
d) During the year, the Company has not raised any fund through
generally published in leading business newspaper, namely,
preferential allotment or qualified institutions placement as
Mint (English) & Regional newspaper namely, Rashtriya
specified under Regulation 32(7A) of Listing Regulations.
Sahara (Hindi) and posted on the Company’s website and
e) The Company has received a certificate from can be accessed at http://www.jubilantfoodworks.com/
M/s. Chandrasekaran Associates, Practicing Company investors/newspaper-publications/. Further, as a part of good
Secretaries that none of the directors on the Board of the Corporate Governance, the Company e-mails quarterly results
Company have been debarred or disqualified from being to its members.
appointed or continuing as directors of Companies by the
b) Company’s Website – Various sections of the Company’s
Securities and Exchange Board of India/Ministry of Corporate
website (www.jubilantfoodworks.com) keep the investors
Affairs or any such statutory authority. The Certificate
updated on the key and material developments of the
is attached as 'Annexure III' forming an integral part
Company by providing timely information like Board profile,
of this report.
press release, financial results, annual reports, shareholding
f ) Total fees of ` 96.42 lakhs was paid by the Company and its pattern, stock information, stock exchange filings etc.
subsidiary for all services including reimbursement of out
c) Presentations made to Institutional Investors or to the
of pocket expenses on a consolidated basis, to the statutory
analysts – The Company organised Earnings Calls after
auditor and all entities in the network firm/network entity of
announcement of quarterly/yearly results, which were well
which the statutory auditor is a part for FY 2018-19.
attended by the analysts, fund managers and investors and
g) Compliance with Mandatory requirements of Listing the transcripts were uploaded on the Company’s website.
Regulations – The Company is in compliance with applicable No Unpublished Price Sensitive information is discussed in the
mandatory corporate governance requirements of the Listing meeting/presentation with Institutional Investors and analysts.
Regulations. Specifically, Company confirms compliance with
corporate governance requirements specified in Regulation GENERAL SHAREHOLDER INFORMATION
17 to 27 and clauses (b) to (i) of sub regulation (2) of Regulation
Annual General Meeting
46 of the Listing Regulations.
The Day, Date, Time and Venue of 24th Annual General Meeting
h) Disclosure in relation to Sexual Harassment of Women at of the Company have been set out in the Notice convening the
Workplace have been made in Board's Report. Annual General Meeting.
i) Details of compliance with Non-Mandatory requirements

Financial Year
of Listing Regulations -
The Company follows April 1 to March 31 as its financial year.
1. The Board - Non-Executive Chairman’s Office
Financial Calendar for FY 2020 (Tentative):
The Chairman of the Company is a Non-Executive
First Quarter Results : On or before August 14, 2019
Director and is allowed reimbursement of expenses Second Quarter/ Half Yearly results : On or before November 14, 2019
incurred in performance of his duties. Third Quarter Results : On or before February 14, 2020
Fourth Quarter /Audited Annual : On or before May 30, 2020
2. Shareholder Rights
Results
The quarter and year to date financial statements are
Book Closure and Dividend payment date: As per Notice
published in newspapers, uploaded on Company’s
convening the 24th Annual General Meeting. The Dividend, if
website (Web link: http://www.jubilantfoodworks.
declared, will be paid within 30 days from the date of Annual
com/investors/financial-information-2/) and also sent
General Meeting.
through e-mail to members who have registered their
e-mail address with Depository Participants.
73
Listing on Stock Exchanges: The Company has paid the listing fees for the Financial Year 2019-20
Name and address of Stock Exchanges Stock Code/Symbol to the Stock Exchanges where the shares of Company are listed.
BSE Limited 533155
Phiroze Jeejeebhoy Towers, Dalal Street, ISIN Number: INE797F01012
Mumbai – 400001
National Stock Exchange of India Limited JUBLFOOD
Exchange Plaza, Bandra-Kurla Complex,
Bandra (E), Mumbai – 400051
Market Price Data & Share Price Performance: Monthly High & Low during each month of FY 2019 on BSE and NSE is mentioned below:
BSE NSE
Month
High (`) Low (`) High (`) Low (`)
April 2018 2,566.40 2,297.15 2,565.85 2,296.45
May 2018 2,748.00 2,381.80 2,750.00 2,381.55
June 2018* 2,815.00 1,352.20 2,817.90 1,350.70
July 2018 1,494.95 1,351.80 1,499.00 1,348.40
August 2018 1,575.00 1,383.00 1,578.00 1,382.60
September 2018 1,557.45 1,133.00 1,558.00 1,132.40
October 2018 1,300.05 982.00 1,293.60 977.00
November 2018 1,265.00 1,037.40 1,272.65 1,036.65
December 2018 1,375.60 1,146.60 1,376.00 1,146.00
January 2019 1,275.90 1,160.00 1,276.20 1,160.00
February 2019 1,401.75 1,235.65 1,402.90 1,205.40
March 2019 1,468.30 1,262.00 1,470.00 1,261.25
Source: website of BSE and NSE respectively.
*adjustment in share price mainly due to issuance of Bonus shares by the Company in ratio 1:1.
EQUITY SHARE PRICE COMPARISON WITH BSE SENSEX:
120
100
80
60
40
20
0
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
BSE Sensex Jubilant FoodWorks
The chart have share prices and indices indexed to 100 as on Link Intime India Private Limited
Monday, April 2, 2018. Closing value of Jubilant FoodWorks share Noble Heights, 1st Floor, Plot No. NH 2, C-1 Block LSC,
price vs BSE Sensex on the last trading day of the month. Near Savitri Market, Janakpuri,
New Delhi - 110 058
Registrar and Share Transfer Agent:
Tel: +91 011 41410592/93/94
M/s. Link Intime India Private Limited is the Registrar and Share
Fax: +91 011 41410591
Transfer Agent of the Company, to whom communications
Email- [email protected]
regarding change of address, transfer of shares, change of mandate
etc. can be addressed by the members holding shares in the
Detailed list of Link Intime Offices is available at their website
physical mode, as per the details mentioned below:
(www.linkintime.co.in).
74
Share Transfer System half yearly certificate to the effect that all certificates have been
issued within thirty (30) days of the date of lodgment of the
The Company’s shares are traded in the Stock Exchanges
transfer, sub-division, consolidation and renewal as required under
compulsorily in dematerialised mode. Physical Shares which are
Regulation 40(9) of the Listing Regulations and files a copy of the
lodged with the RTA and /or Company for transfer are processed
said certificate with the Stock Exchanges.
and returned to the members duly transferred within the time
stipulated under Listing Regulations, subject to documents being As per Listing Regulations, securities of listed companies can only
found valid and complete in all respects. The dematerialized shares be transferred in dematerialised form with effect from April 1, 2019
are transferred directly to the beneficiaries by the depositories. except in case of transmission or transposition of securities.
The Company obtains from a Company Secretary in practice,
Distribution of Shareholding as on March 31, 2019

Sr. No. Category (Shares) No. of Shareholders % to Shareholders No. of Shares % to the total No. of Shares
From To
1 Upto 5000 60,080 99.14 4,637,019 3.51
2 5001 10000 121 0.20 901,320 0.68
3 10001 20000 89 0.15 1,286,550 0.97
4 20001 30000 46 0.08 1,150,639 0.87
5 30001 40000 30 0.05 1,052,911 0.80
6 40001 50000 22 0.04 1,005,577 0.76
7 50001 100000 70 0.12 5,076,199 3.85
8 100001 and above 144 0.24 116,858,825 88.55
Total 60,602 100.00 131,969,040 100.00
Shareholding Pattern as on March 31, 2019

Sr. No. Category No. of Shares held % of Shareholding
A Promoter Holding
1 Promoter & Promoter Group 55,346,497 41.94
Sub-Total (A) 55,346,497 41.94
B Non-Promoter Holdings
1 Institutional Investors
a Mutual Funds 12,852,419 9.74
b Banks, Financial Institutions, Insurance Companies, Provident Funds/Pension Funds 170,905 0.13
c FPI / FIIs 51,232,165 38.82
d Alternate Investment Funds 164,145 0.12
2 Central/State Government 402,075 0.30
Sub-Total (B) 64,821,709 49.12
C Non Institutions
a Bodies Corporate 4,635,115 3.51
b NRIs 408,647 0.31
c Individuals/ HUF/ Trust/ Others 6,757,072 5.12
Sub-Total (C) 11,800,834 8.94
Grand Total (A+B+C) 131,969,040 100.00
Dematerialization of Shares and Liquidity Hence, the Company urges all the members to encash/claim their
As on March 31, 2019, all equity shares of the Company were held respective dividend of previous years. The details of the unpaid/
in dematerialized form except 318 equity shares which were in unclaimed dividend lying with the Company are available on the
physical form. The Equity shares are frequently traded on BSE Ltd. website of the Company (Web link: http://www.jubilantfoodworks.
and National Stock Exchange of India Ltd. and are in the category of com/investors/investor-support/).
Group A scrips on the BSE Ltd.
During the year, the Company has not transferred any amount to
Transfer of Unclaimed Dividend to Investor Education and Investor Education Protection Fund (IEPF) which was outstanding
Protection Fund (IEPF) for seven consecutive years. Further, disclosures pertaining to
Section 124 of the Act mandates the Company to transfer entire demat suspense account/unclaimed suspense account are not
amount of dividend which has not been paid or claimed within applicable on the Company.
thirty (30) days from the declaration date to an Unpaid Dividend
Account and if, such amount remains unclaimed for a period of Outstanding GDRs/ ADRs/ Warrants or any Convertible
seven (7) years, then required to be transferred to IEPF. instruments, conversion date and likely impact on equity
As on March 31, 2019, no FCCBs/ GDRs/ ADRs/ Warrants or
convertible instruments were outstanding.
75
Plant Locations Corporate Governance Certificate

The Company has 1,227 Domino’s Pizza Restaurants, 31 Dunkin’ In compliance with Regulation 34 and Schedule V of Listing
Donuts Restaurants and 1 Hong’s Kitchen Restaurant as on Regulations, a certificate from M/s. Chandrasekaran Associates,
March 31, 2019. Further, the Company has eight (8) Commissaries Company Secretaries, confirming compliance with the conditions
/ Supply Chain Centres (SCC) and three (3) Distribution Centres at of the Corporate Governance has been attached as ‘Annexure IV‘
strategic locations across India. forming integral part of this report.
Credit Rating For and on behalf of Board of Directors

During the year, the Company obtained the Credit Rating of ‘CRISIL
A1+‘ from CRlSIL Limited for the Commercial Paper Programme of
the Company amounting to ` 200 Crores. Sd/- Sd/-
Shyam S. Bhartia Hari S. Bhartia
CEO/ CFO Certification Chairman & Director Co-Chairman & Director
In compliance with Regulation 17(8) of the Listing Regulations, a DIN: 00010484 DIN: 00010499
declaration by CEO and CFO was placed before the Board, certifying
the accuracy of Financial Statements and the adequacy of internal Place: Noida
controls pertaining to Financial Reporting for the year ended Date: May 15, 2019
March 31, 2019.
ANNEXURE – I
DECLARATION ON CODE OF CONDUCT
It is hereby declared that all Board Members and Senior Management Personnel of the Company have affirmed compliance with the Code
of Conduct for the year ended March 31, 2019.
Sd/-
Pratik R. Pota
Place: Noida CEO and Wholetime Director
Date: May 15, 2019 DIN: 00751178
76
ANNEXURE – II
DIVIDEND DISTRIBUTION POLICY
c) Out of (a) and (b) both.

1. PURPOSE
In compliance with the provisions of the Companies Act,
Before declaration of dividend, the Company may transfer a
2013 and rules made thereunder (the ‘Act‘) and Regulation
portion of its profits to reserves of the Company as may be
43A of the Securities and Exchange Board of India (Listing
considered appropriate by the Board at its discretion.
Obligations and Disclosure Requirements) Regulations, 2015
(the ‘Listing Regulations‘), as amended from time to time, this
In the event of inadequacy or absence of profits in any
Policy provides guidance for declaration of dividend and its
financial year, a Company may declare dividend out of free
pay-out by the Company. The Board of Directors (the ‘Board‘)
reserves subject to the compliance with the Act.
will consider the Policy while declaring/recommending
dividend on behalf of the Company. The Policy is not an
5. CIRCUMSTANCES UNDER WHICH THE
alternative to the decision of the Board for recommending/
SHAREHOLDERS MAY OR MAY NOT EXPECT
declaring dividend, which takes into consideration all the
DIVIDEND
relevant circumstances enumerated hereunder or other
The decision regarding Dividend pay-out is a crucial decision
factors as may be decided by the Board.
as it determines the amount of profit to be distributed
among shareholders and amount of profit to be retained
2. CONCEPT OF DIVIDEND
in the business.
Dividend is the share of the profit that a Company decides to
distribute among its shareholders. The profits earned by the
The circumstances under which the shareholders may expect
Company can either be retained in the business or can be
dividend would depend upon certain factors mentioned in
distributed among the shareholders as Dividend.
Clause 6 below.
3. TYPES OF DIVIDEND
6. FACTORS GOVERNING DECLARATION OF DIVIDEND
The Act deals with two types of dividend - Interim and Final.
The decision regarding dividend pay-out is a crucial decision
as it determines the amount of profit to be distributed among
a) Interim Dividend
shareholders and amount of profit to be retained in business.
Interim dividend is the dividend declared by the Board
between two Annual General Meetings as and when
The circumstances for dividend pay-out decision depends on
considered appropriate. The Board shall have the absolute
various external and internal factors:
power to declare interim dividend during the financial
year, as and when deemed fit. The Act authorises the Board
yy External Factors:
to declare interim dividend during any financial year out
of the profits for the financial year in which the dividend is The Board shall consider various external factors while
sought to be declared and / or out of the surplus in the profit declaring dividend including the following:
and loss account.
o Economic Scenario - The Board shall endeavour
to retain a larger portion of profits to build up
Normally, the Board could consider declaring an interim
reserves, in case of adverse economic scenario.
dividend after finalisation of quarterly (or half yearly)
financial statements. o Competitive/Market Scenario - The Board
shall evaluate the market trends in terms of
b) Final Dividend technological changes mandating investments,
Final dividend is recommended for the financial year at competition impacting profits, etc., which may
the time of approval of the Annual Financial Statements. require the Company to conserve resources.
The Board shall have the power to recommend final dividend
to the shareholders for their approval at the Annual General o Regulatory Restrictions/Obligations - In order to
Meeting of the Company. ensure compliance with the applicable laws, the
Board shall consider the restrictions, if any, imposed
4. DECLARATION OF DIVIDEND by the Act and other applicable laws with regard to
Subject to the provisions of the Act, dividend shall be declared declaration of dividend.
and paid out of:

Statutory obligations under the Companies
a) Profits of the Company for the year for which the dividend
Act, 2013 to transfer a certain portion of profits
is to be paid after setting off carried over previous losses
to any specific reserve such as Debenture
and depreciation not provided in the previous year(s);
Redemption Reserve, Capital Redemption Reserve,
b) Undistributed profits of the previous financial years after etc. may impact the decision with regard to
providing for depreciation in accordance with law and dividend declaration.
remaining undistributed.
77
Dividend distribution tax or any tax deduction parameters for the country in general and the Company in
at source as required by tax regulations in particular shall also be considered.
India, applicable at the time of declaration of
dividend may impact the decision with regard to Taking into consideration the aforementioned factors, the
dividend declaration. Board shall endeavor to maintain a dividend pay-out.
o Agreements with Lenders/Debenture Trustees

8. UTILISATION OF RETAINED EARNINGS
The decision of dividend pay-out may also
Subject to the provisions of the Act and other applicable laws,
be affected by the restrictions and covenants
retained earnings may be utilised as under:-
contained in the agreements entered into with
the lenders or Debenture Trustees of the Company a) Issue of fully paid-up bonus shares;
from time to time. b) Declaration of dividend - Interim or Final;
c) Augmenting internal resources;
o Other Factors - Other factors beyond control of d) Funding for Capex/expansion plans/acquisition;
the Management like natural calamities, fire, etc. e) Repayment of debt;
effecting operations of the Company may impact f ) Any other permitted use
the decision with regard to dividend declaration.
9. PARAMETERS FOR VARIOUS CLASSES OF SHARES
yy Internal Factors: Currently, the Company has only one class of shares - Equity
Shares. There is no privilege amongst Equity shareholders of
The Board shall consider internal factors while declaring
the Company with respect to dividend distribution.
dividend including the following:
o Profitability; 10. DISCLOSURE

o Availability and Liquidity of Funds; This Dividend Distribution Policy shall be disclosed in the
o Capex needs for the existing businesses; Annual Report of the Company and on the Company’s website
o Mergers and Acquisitions; www.jubilantfoodworks.com.
o Expansion/Modernisation of the business;
o Additional investments in subsidiaries/associates If the Company proposes to declare dividend on the basis of
of the Company; any additional parameters apart from those mentioned in
o Cost of raising funds from alternate sources; the Policy or proposes to change the parameters contained
o Cost of servicing outstanding debts; in this Policy, it shall disclose such changes along with the
o Funds for meeting contingent liabilities; rationale for the same in the Annual Report and on the
o Any other factor as deemed appropriate by the Board. Company’s website.
7.
FINANCIAL PARAMETERS FOR DECLARING 11. EFFECTIVE DATE
DIVIDEND This Policy shall be effective and applicable for dividend, if
The Company is committed to deliver sustainable value any, declared for the Financial Year 2016-17 and onwards.
to its stakeholders. The Company shall strive to distribute
an optimal and appropriate level of the profits among the 12. REVIEW / AMENDMENT
shareholders in the form of dividend. The Board may amend, abrogate, modify or revise any or all
provisions of this Policy. However, amendments in the Act
To keep investment attractive and to ensure capital or in the Listing Regulations shall be binding even if not
appreciation for the shareholders, the Company shall also incorporated in this Policy.
endeavour to provide consistent return over a period of time.
While deciding on the dividend, micro and macroeconomic
78
ANNEXURE – III
CERTIFICATE UNDER SCHEDULE V OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)

REGULATIONS, 2015
The Members
Noida- 201301
To the best of our information and according to explanation given to us and on the basis of written Confirmation received from
Directors of Jubilant FoodWorks Limited (“Company”), we hereby Certify that as on March 31, 2019, None of the Directors on the Board
of the Company have been debarred or disqualified from being appointed or continuing as director of the Company by SEBI, MCA or
any such statutory authority.

Company Secretaries
Sd/-
Rupesh Agarwal
Partner
Place: Delhi Membership No. ACS 16302
Date: May 15, 2019 Certificate of Practice No. 5673
ANNEXURE – IV
CERTIFICATE ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE UNDER LISTING

REGULATIONS, 2015
The Members
Noida- 201301
We have examined all relevant records of Jubilant FoodWorks Limited (the Company) for the purpose of certifying of all the conditions
of the Corporate Governance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial year
ended March 31, 2019. We have obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of certification.
The compliance of the conditions of Corporate Governance is the responsibility of the management. Our examination was limited to
the procedures and implementation thereof. This certificate is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.
On the basis of our examination of the records produced explanations and information furnished, we certify that the Company
has complied with the conditions of the Corporate Governance under SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

Company Secretaries
Sd/-
Rupesh Agarwal
Partner
Place: Delhi Membership No. ACS 16302
Date: May 15, 2019 Certificate of Practice No. 5673
79
Independent Auditor's Report
To the Members of Jubilant FoodWorks Limited has recognised provision for diminution of ` 793 lacs as on
March 31, 2019 in respect of closed stores.
REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL
STATEMENTS The Company has undertaken an annual assessment of
indicators of impairment in respect of the investment in
OPINION
subsidiary as mentioned in Note 37 of the Standalone
We have audited the accompanying Standalone financial statements
financial statements.
of Jubilant FoodWorks Limited (‘the Company‘), which comprise
the Balance Sheet as at March 31, 2019, and the Statement of Profit
To assess the recoverability of the investment in subsidiary,
and Loss (including Other Comprehensive Income), the Statement of
management is required to make significant estimates and
Cash Flows and the Statement of Changes in Equity for the year then
assumptions related to forecast of future revenue, operating
ended, and a summary of significant accounting policies and other
margins, growth rate and selection of the discount rates.
explanatory information.
The Company used the discounted cash flow approach
to determine the recoverable value of the investments.
In our opinion and to the best of our information and according
These assumptions are of particular importance due to the
to the explanations given to us, the aforesaid Standalone financial
level of uncertainties and judgment involved, thus changes
statements give the information required by the Companies Act,
in these assumptions could have a significant impact on the
2013 (‘the Act‘) in the manner so required and give a true and fair
recoverable value of the investments.
view in conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with the Companies (Indian
How the matter was addressed in our audit:
Accounting Standards) Rules, 2015, as amended, (‘Ind AS‘) and
other accounting principles generally accepted in India, of the state Our audit procedures in this area included, among others:
of affairs of the Company as at March 31, 2019, and its profit, total
We assessed the Company’s impairment process and tested
comprehensive income, its cash flows and the changes in equity for
the design and implementation of internal control established
the year ended on that date.
to the estimates and judgments for the carrying values of
investment in subsidiary.
BASIS FOR OPINION
We conducted our audit of the Standalone financial statements in
Our audit procedures included challenging management on the
accordance with the Standards on Auditing specified under Section
appropriateness of the impairment models and reasonableness
143(10) of the Act (SAs). Our responsibilities under those Standards
of the assumptions used, by performing the following:
are further described in the Auditor’s Responsibility for the Audit of
the Standalone Financial Statements section of our report. We are yy Challenged Company’s key market related assumptions
independent of the Company in accordance with the Code of Ethics used in the model including discount rate, long-term
issued by the Institute of Chartered Accountants of India (ICAI) growth rates against external data, using our
together with the ethical requirements that are relevant to our audit valuation expertise;
of the Standalone financial statements under the provisions of the
yy Assessed the reliability of cash flow forecasts through
Act and the Rules made thereunder, and we have fulfilled our other
a review of actual past performance and comparison to
ethical responsibilities in accordance with these requirements and
previous budgeted performance;
the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit yy Tested the mathematical accuracy and performing
opinion on the Standalone financial statements. sensitivity analyses of the model;
yy Understand the commercial prospects of the assets

KEY AUDIT MATTERS
under the current economic environment including the
Key audit matters are those matters that, in our professional
challenges faced by the business to specifically evaluate
judgment, were of most significance in our audit of the Standalone
whether these have been appropriately reflected in the
financial statements of the current period. These matters were
revised forecast growth rates;
addressed in the context of our audit of the Standalone financial
statements as a whole, and in forming our opinion thereon, and yy Assessed the reasonableness of the forecasts by
we do not provide a separate opinion on these matters. We have challenging the assumptions in respect of growth
determined the matters described below to be the key audit matters strategies in the market in which it operates.
to be communicated in our report.
yy We assessed the appropriateness and completeness of the
related disclosures in the Standalone financial statements.
1. Impairment of investment in subsidiary:
The Company holds investment in subsidiary located in
Srilanka amounting to ` 9,209 lacs as at March 31, 2019 and
80
Jubilant FoodWorks Limited Annual Report 2018-19 Financial Statements
2. Claim and Litigations: If, based on the work we have performed, we conclude that there is
The Company is the subject of lawsuits and claims which a material misstatement of this other information, we are required to
could have a significant impact on the results if the potential report that fact. We have nothing to report in this regard.
exposure were to materialise. For the current year ended
March 31, 2019, we believe there is a risk relating to ongoing MANAGEMENT’S RESPONSIBILITY FOR THE
litigation on Anti-profiteering on Goods and Service Tax which STANDALONE FINANCIAL STATEMENTS
is disclosed in Note 31(a) of the Standalone financial statements. The Company’s Board of Directors is responsible for the matters
The amounts involved are significant and the application of stated in Section 134(5) of the Act with respect to the preparation
accounting standard to determine the amount, if any, to be of these Standalone financial statements that give a true and fair
provided as a liability or disclosed as a contingent liability, is view of the financial position, financial performance including
inherently subjective. This includes assumptions relating to the other comprehensive income, cash flows and changes in equity of
likelihood and/or timing of cash outflows from the business the Company in accordance with the Ind AS and other accounting
and the pending decision of Hon'ble High Court of Delhi. principles generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance with the
Due to the level of significant judgment involved, the above provisions of the Act for safeguarding the assets of the Company
matter has been identified as a key audit matter. and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
How the matter was addressed in our audit: judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
Our audit procedures in this area included, among others:
financial controls, that were operating effectively for ensuring the
yy We evaluated the Company’s processes and controls over accuracy and completeness of the accounting records, relevant
litigations operated by Management through regular to the preparation and presentation of the Standalone financial
meetings with in-house legal counsels and review of statement that give a true and fair view and are free from material
Board and audit committee meeting minutes; misstatement, whether due to fraud or error.
yy Assessed correspondence with the Company’s external

In preparing the Standalone financial statements, management
counsel accompanied by formal confirmations from that
is responsible for assessing the Company’s ability to continue as a
external counsel and discussions with and representations
going concern, disclosing, as applicable, matters related to going
from in-house counsel;
concern and using the going concern basis of accounting unless
yy Involved our tax specialists to assess relevant historical and management either intends to liquidate the Company or to cease
recent judgments passed by the judicial court authorities operations, or has no realistic alternative but to do so.
in order to challenge the basis used for the accounting
treatment and resulting disclosures; and Those Board of Directors are also responsible for overseeing the
Company’s financial reporting process.
yy Assessed whether the Company’s disclosures detailing
the litigation in note 31 (a) of the Standalone financial
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE
statements adequately disclose relevant facts and
STANDALONE FINANCIAL STATEMENTS
circumstances and potential liabilities of the Company.
Our objectives are to obtain reasonable assurance about whether
the Standalone financial statements as a whole are free from material
INFORMATION OTHER THAN THE STANDALONE
misstatement, whether due to fraud or error, and to issue an auditor’s
FINANCIAL STATEMENTS AND AUDITOR’S REPORT
report that includes our opinion. Reasonable assurance is a high
THEREON
level of assurance, but is not a guarantee that an audit conducted
The Company’s Board of Directors is responsible for the preparation
in accordance with SAs will always detect a material misstatement
of the other information. The other information comprises the
when it exists. Misstatements can arise from fraud or error and are
information included in the Corporate Overview, Statutory Reports
considered material if, individually or in the aggregate, they could
including Management Discussion and Analysis, Board Report and
reasonably be expected to influence the economic decisions of users
Corporate Governance Report, but does not include the Standalone
taken on the basis of these Standalone financial statements.
financial statements and our auditor’s report thereon.
As part of an audit in accordance with SAs, we exercise professional

Our opinion on the Standalone financial statements does not cover
judgment and maintain professional skepticism throughout the
the other information and we do not express any form of assurance
audit. We also:
conclusion thereon.
yy Identify and assess the risks of material misstatement of the

In connection with our audit of the Standalone financial statements,
Standalone financial statements, whether due to fraud or error,
our responsibility is to read the other information and, in doing so,
design and perform audit procedures responsive to those risks,
consider whether the other information is materially inconsistent
and obtain audit evidence that is sufficient and appropriate
with the Standalone financial statements or our knowledge
to provide a basis for our opinion. The risk of not detecting a
obtained during the course of our audit or otherwise appears to be
material misstatement resulting from fraud is higher than for
materially misstated.
one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of
internal control.
81
yy Obtain an understanding of internal financial control relevant extremely rare circumstances, we determine that a matter should not
to the audit in order to design audit procedures that are be communicated in our report because the adverse consequences
appropriate in the circumstances. Under Section 143(3)(i) of of doing so would reasonably be expected to outweigh the public
the Act, we are also responsible for expressing our opinion on interest benefits of such communication.
whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls. REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
yy Evaluate the appropriateness of accounting policies used
1. As required by Section 143(3) of the Act, we report that:
and the reasonableness of accounting estimates and related
disclosures made by the management.
a) We have sought and obtained all the information and
yy Conclude on the appropriateness of management’s use of the explanations which to the best of our knowledge and
going concern basis of accounting and, based on the audit belief were necessary for the purposes of our audit.
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt b) In our opinion, proper books of account as required by
on the Company’s ability to continue as a going concern. If we law have been kept by the Company so far as it appears
conclude that a material uncertainty exists, we are required to from our examination of those books.
draw attention in our auditor’s report to the related disclosures
in the Standalone financial statements or, if such disclosures are c) The Balance Sheet, the Statement of Profit and Loss
inadequate, to modify our opinion. Our conclusions are based including Other Comprehensive Income, the Statement
on the audit evidence obtained up to the date of our auditor’s of Cash Flows and Statement of Changes in Equity dealt
report. However, future events or conditions may cause the with by this Report are in agreement with the relevant
Company to cease to continue as a going concern. books of account.
yy Evaluate the overall presentation, structure and content of the

d) In our opinion, the aforesaid Standalone financial
Standalone financial statements, including the disclosures, and
statements comply with the Ind AS specified under
whether the Standalone financial statements represent the
Section 133 of the Act.
underlying transactions and events in a manner that achieves
fair presentation.
e) On the basis of the written representations received from
Materiality is the magnitude of misstatements in the Standalone the directors as on March 31, 2019 taken on record by the
financial statements that, individually or in aggregate, makes Board of Directors, none of the directors is disqualified as
it probable that the economic decisions of a reasonably on March 31, 2019 from being appointed as a director in
knowledgeable user of the Standalone financial statements may terms of Section 164(2) of the Act.
be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating f) With respect to the adequacy of the internal financial
the results of our work; and (ii) to evaluate the effect of any identified controls over financial reporting of the Company and
misstatements in the Standalone financial statements. the operating effectiveness of such controls, refer to our
separate Report in ‘Annexure A‘. Our report expresses
We communicate with those charged with governance regarding, an unmodified opinion on the adequacy and operating
among other matters, the planned scope and timing of the audit and effectiveness of the Company’s internal financial controls
significant audit findings, including any significant deficiencies in over financial reporting.
internal control that we identify during our audit.
g) With respect to the other matters to be included in the
We also provide those charged with governance with a statement Auditor’s Report in accordance with the requirements of
that we have complied with relevant ethical requirements regarding Section 197(16) of the Act, as amended,
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our In our opinion and to the best of our information
independence, and where applicable, related safeguards. and according to the explanations given to us, the
remuneration paid by the Company to its directors during
From the matters communicated with those charged with the year is in accordance with the provisions of Section
governance, we determine those matters that were of most 197 of the Act.
significance in the audit of the Standalone financial statements
of the current period and are therefore the key audit matters. h) With respect to the other matters to be included in
We describe these matters in our auditor’s report unless law or the Auditor’s Report in accordance with Rule 11 of the
regulation precludes public disclosure about the matter or when, in Companies (Audit and Auditors) Rules, 2014, as amended,
82
in our opinion and to the best of our information and 2. As required by the Companies (Auditor’s Report) Order, 2016
according to the explanations given to us: (‘the Order‘) issued by the Central Government in terms of
Section 143(11) of the Act, we give in ‘Annexure B‘ a statement
i. The Company has disclosed the impact of pending
on the matters specified in paragraphs 3 and 4 of the Order.
litigations on its financial position in its Standalone
financial statements. Refer Note 31 (a) to the
For Deloitte Haskins & Sells LLP
Standalone financial statements.
Chartered Accountants
ii. The Company did not have any long-term contracts (Firm’s Registration No. 117366W/W-100018)
including derivative contracts for which there were
any material foreseeable losses. Refer note 31 (b) to Sd/-
the Standalone financial statements. Rajesh Kumar Agarwal
(Partner)
iii. There has been no delay in transferring amounts,
(Membership No. 105546)
required to be transferred, to the Investor Education
and Protection Fund by the Company.
Place: Noida
Date: May 15, 2019
Annexure ‘A‘ to the Independent Auditor’s Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
Report on the Internal Financial Controls Over Financial established and maintained and if such controls operated effectively
Reporting under Clause (i) of Sub-section 3 of Section 143 of the in all material respects.
Companies Act, 2013 (‘the Act‘)
Our audit involves performing procedures to obtain audit evidence
We have audited the Internal financial controls over financial about the adequacy of the internal financial controls system over
reporting of Jubilant FoodWorks Limited (‘the Company‘) as of financial reporting and their operating effectiveness. Our audit of
March 31, 2019 in conjunction with our audit of the Standalone Ind AS internal financial controls over financial reporting included obtaining
financial statements of the Company for the year ended on that date. an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL
testing and evaluating the design and operating effectiveness of
FINANCIAL CONTROLS
internal control based on the assessed risk. The procedures selected
The Company’s management is responsible for establishing and depend on the auditor’s judgement, including the assessment of the
maintaining internal financial controls based on the internal control risks of material misstatement of the financial statements, whether
over financial reporting criteria established by the Company due to fraud or error.
considering the essential components of internal control stated
We believe that the audit evidence we have obtained is sufficient
in the Guidance Note on Audit of Internal Financial Controls Over
and appropriate to provide a basis for our audit opinion on the
Financial Reporting issued by the Institute of Chartered Accountants
Company’s internal financial controls system over financial reporting.
of India. These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were MEANING OF INTERNAL FINANCIAL CONTROLS OVER
operating effectively for ensuring the orderly and efficient conduct FINANCIAL REPORTING
of its business, including adherence to Company’s policies, the
A Company's internal financial control over financial reporting is a
safeguarding of its assets, the prevention and detection of frauds and
process designed to provide reasonable assurance regarding the
errors, the accuracy and completeness of the accounting records, and
reliability of financial reporting and the preparation of financial
the timely preparation of reliable financial information, as required
statements for external purposes in accordance with generally
under the Companies Act, 2013.
accepted accounting principles. A Company's internal financial
AUDITOR’S RESPONSIBILITY control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in
Our responsibility is to express an opinion on the Company's internal
reasonable detail, accurately and fairly reflect the transactions and
financial controls over financial reporting of the Company based on
dispositions of the assets of the Company; (2) provide reasonable
our audit. We conducted our audit in accordance with the Guidance
assurance that transactions are recorded as necessary to permit
Note on Audit of Internal Financial Controls Over Financial Reporting
preparation of financial statements in accordance with generally
(the ‘Guidance Note‘) issued by the Institute of Chartered Accountants
accepted accounting principles, and that receipts and expenditures of
of India and the Standards on Auditing prescribed under Section
the Company are being made only in accordance with authorisations
143(10) of the Companies Act, 2013, to the extent applicable to an
of management and directors of the Company; and (3) provide
audit of internal financial controls. Those Standards and the Guidance
reasonable assurance regarding prevention or timely detection of
Note require that we comply with ethical requirements and plan and
unauthorised acquisition, use, or disposition of the Company's assets
perform the audit to obtain reasonable assurance about whether
that could have a material effect on the financial statements.
adequate internal financial controls over financial reporting was
83
were operating effectively as at March 31, 2019, based on the internal

INHERENT LIMITATIONS OF INTERNAL FINANCIAL
control over financial reporting criteria established by the Company
CONTROLS OVER FINANCIAL REPORTING
considering the essential components of internal control stated in the
Because of the inherent limitations of internal financial controls over Guidance Note on Audit of Internal Financial Controls Over Financial
financial reporting, including the possibility of collusion or improper Reporting issued by the Institute of Chartered Accountants of India.
management override of controls, material misstatements due to
error or fraud may occur and not be detected. Also, projections of any For Deloitte Haskins & Sells LLP
evaluation of the internal financial controls over financial reporting Chartered Accountants
to future periods are subject to the risk that the internal financial (Firm’s Registration No. 117366W/W-100018)
control over financial reporting may become inadequate because
of changes in conditions, or that the degree of compliance with the Sd/-
policies or procedures may deteriorate. Rajesh Kumar Agarwal
(Partner)
OPINION
(Membership No. 105546)
In our opinion, to the best of our information and according to the
explanations given to us, the Company has, in all material respects, Place: Noida
an adequate internal financial controls system over financial Date: May 15, 2019
reporting and such internal financial controls over financial reporting
Annexure ‘B‘ to the Independent Auditor’s Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(i) (a) The Company has maintained proper records showing full (iv) In our opinion and according to the information and
particulars, including quantitative details and situation explanations given to us, the Company has complied with the
of fixed assets. provision of Section 185 and 186 of the Companies Act, 2013
in respect of grant of loans, making investments and providing
(b) The Company has a programme of verification of fixed guarantees and securities, as applicable.
assets to cover all the items in a phased manner over a
period of 2 years which, in our opinion, is reasonable (v) According to the information and explanations given to us, the
having regard to the size of the Company and the nature Company has not accepted any deposit from the public during
of its assets. Pursuant to the programme, some fixed the year within the meaning of Section 73 to 76 or any other
assets were physically verified by the Management during relevant provisions of the Companies Act, 2013 and does not
the year. According to the information and explanations have any unclaimed deposits as at March 31, 2019 and therefore
given to us, no material discrepancies were noticed on the provisions of clause (v) of the Order is not applicable.
such verification.
(vi) The maintenance of cost records has not been specified by the
(c) According to the information and explanations given Central Government under Section 148(1) of the Companies
to us and the records examined by us and based on the Act, 2013 for the business activities carried out by the Company.
examination of the conveyance deed provided to us, we Thus, reporting under clause (vi) of the Order is not applicable
report that, the title deed, comprising all the immovable to the Company.
property of land which is freehold, is held in the name of
the Company as at the balance sheet date. (vii) According to the information and explanations given to us, in
respect of statutory dues:
(ii) As explained to us, the inventories were physically verified
during the year by the Management at reasonable intervals and (a) The Company is regular in depositing undisputed
no material discrepancies were noticed on physical verification. statutory dues including Provident Fund, Employees'
State Insurance, Customs duty, Goods and Services Tax,
(iii) The Company has not granted any loans, secured or unsecured, Income-tax and other material statutory dues applicable
to companies, firms, Limited Liability Partnerships or other to it with the appropriate authorities. Also refer to
parties covered in the register maintained under Section 189 of the Note no. 31 to the financial statement regarding
the Companies Act, 2013.
84
management assessment on certain matters relating to for a period of more than six months from the date they
the provident fund. became payable.
(b) There were no undisputed amounts payable in respect of (c) Details of dues of Value Added tax and Income-tax which
Provident fund, Employees’ State Insurance, Income-tax, have not been deposited as on March 31, 2019 on account
Customs Duty, Goods and Services Tax and other of disputes are given below:
material statutory dues in arrears as at March 31, 2019
Amount unpaid Period to which the

Name of the Statute Nature of the Dues Forum where dispute is pending
(` in lakhs)* amount relates
Rajasthan Value Added Tax Act, 2003 Value Added Tax 647.97 FY 2013-14 Assistant Commissioner of Commercial Tax
Bihar Value Added Tax Act, 2005 Value Added Tax 20.94 FY 2012-13 Deputy Commissioner of Commercial Tax
Delhi Value Added Tax Act, 2004 Value Added tax 8.00 FY 2012-13 Commissioner (Appeals)
Gujarat Value Added Tax Act ,2003 Value Added Tax 4.82 (FY) 2008-09 to Gujarat Value Added Tax Tribunal
2012-13
Gujarat Value Added Tax Act, 2003 Value Added Tax 45.33 (FY) 2013-14 to Joint Commissioner of Commercial Tax
2014-15 Appeal-1
Haryana Value Added Tax Act, 2003 Value Added Tax 9.87 FY 2014-15 Joint Excise and Taxation Commissioner
(Appeals)
Jharkhand Value Added Tax Act, 2003 Value Added Tax 0.77 FY 2011-12 Appellate Authority-I, Jharkhand
Income Tax Act, 1961 Income Tax 1,300.07 FY 2013-14 Income Tax Appellate Tribunal
Income Tax Act, 1961 Income Tax 2,485.44 FY 2015-16 Commissioner of Income Tax (Appeals)
Goods and Services Tax Act, 2017 Goods and Services 2,142.98 FY 2017-18 High Court
Tax
* Includes interest and penalty as per demand orders.
The following matters have been decided in favor of the Company, although the department has preferred appeals at higher levels:
Amount unpaid Period to which the

Name of the Statute Nature of the Dues Forum where dispute is pending
(` in lakhs)* amount relates
Kerala Value Added Tax, 2003 Value Added Tax 137.11 (FY) 2012-13 to High Court (Double bench)
2014-15
Income Tax Act, 1961 Income Tax 2,895.72 (FY) 2011-12 to Income Tax Appellate Tribunal
2012-13
* Includes interest and penalty as per demand orders.
(viii) The Company has not taken any loans or borrowings from in the financial statements etc. as required by the applicable
financial institutions, banks and government or has not issued accounting standards.
any debentures. Hence reporting under clause (viii) of the Order
is not applicable to the Company. (xiv) During the year, the Company has not made any preferential
allotment or private placement of shares or fully or partly
(ix) The Company has not raised moneys by way of initial public convertible debentures and hence reporting under clause (xiv)
offer or further public offer (including debt instruments) or of the Order is not applicable to the Company.
term loans and hence reporting under clause (ix) of the Order is
not applicable. (xv) In our opinion and according to the information and
explanations given to us, during the year the Company has
(x) To the best of our knowledge and according to the information not entered into any non-cash transactions with its directors or
and explanations given to us, no fraud by the Company and no directors of its subsidiary Company or persons connected with
material fraud on the Company by its officers or employees has them and hence provisions of Section 192 of the Companies
been noticed or reported during the year. Act, 2013 are not applicable.
(xi) In our opinion and according to the information and (xvi) The Company is not required to be registered under Section
explanations given to us, the Company has paid managerial 45-IA of the Reserve Bank of India Act, 1934.
remuneration in accordance with the requisite approvals
mandated by the provisions of Section 197 read with Schedule For Deloitte Haskins & Sells LLP
V to the Companies Act, 2013. Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
(xii) The Company is not a Nidhi Company and hence reporting
under clause (xii) of the Order is not applicable. Sd/-
Rajesh Kumar Agarwal
(xiii) In our opinion and according to the information and (Partner)
explanations given to us the Company is in compliance with (Membership No. 105546)
Section 177 and 188 of the Companies Act, 2013, where
applicable, for all transactions with the related parties and Place: Noida
the details of related party transactions have been disclosed Date: May 15, 2019
85
Standalone Balance Sheet
as at March 31, 2019
(` in lakhs)
As at As at
Particulars Note No.
March 31, 2019 March 31, 2018
I. ASSETS
Non-current assets
Property, Plant and Equipment 3a 74,890.71 73,204.36
Capital work-in-progress 3a 1,444.46 1,093.09
Investment property 3b 3.41 3.41
Intangible assets 3c 3,647.37 3,586.29
Intangible assets under development 3c 49.56 180.78
Financial assets
(i) Investment in subsidiaries 4 8,872.67 8,217.06
(ii) Loan 5 - 1,693.35
(iii) Other financial assets 6 9,508.28 7,133.44
Assets for current tax (net) 7 1,472.60 1,213.56
Other non-current assets 8 10,852.34 10,338.04
Total non-current assets (A) 110,741.40 106,663.38
Current assets
Inventories 9 7,314.91 6,258.62
Financial assets
(i) Investments 4 18,079.73 26,310.15
(ii) Trade receivables 10 3,268.48 1,508.25
(iii) Cash and cash equivalents (includes fixed deposits) 11 2,483.98 7,852.81
(iv) Bank balances other than cash and cash equivalents 11 46,421.65 5,000.00
(v) Other financial assets 12 499.84 84.37
Other current assets 13 2,571.98 3,116.84
Total current assets (B) 80,640.57 50,131.04
Total Assets (A +B) 191,381.97 156,794.42
II. EQUITY AND LIABILITIES
Equity
Equity Share capital 14 13,196.90 6,598.45
Other equity 15 1,19,174.81 97,792.22
Total Equity (A) 132,371.71 104,390.67
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Security deposits 17 50.00 50.00
Deferred tax liabilities (net) 16 4,924.67 5,498.39
Total non-current liabilities (B) 4,974.67 5,548.39
Current liabilities
(i) Trade payables 18
(a) total outstanding dues of micro enterprises and small enterprises 421.42 109.75
(b) total outstanding dues of creditors other than micro enterprises and small
41,235.83 38,572.95
enterprises
(ii) Other payables 19 396.83 607.44
(iii) Other financial liabilities 20 4,946.70 2,864.72
Short-term provisions 21 2,447.15 1,403.78
Other current liabilities 22 4,587.66 3,296.72
Total current liabilities (C) 54,035.59 46,855.36
Total Equity and Liabilities (A+B+C) 191,381.97 156,794.42
Significant accounting policies 2
Notes to the Standalone financial statements 3-49
The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached

For Deloitte Haskins & Sells LLP For and on behalf of the Board of Directors of Jubilant FoodWorks Limited
ICAI Firm Registration Number: 117366W/W-100018
Sd/- Sd/- Sd/- Sd/-
Rajesh Kumar Agarwal Shyam S. Bhartia Hari S. Bhartia Pratik R. Pota
Partner Chairman Co-Chairman CEO and Wholetime Director
Membership No. 105546 [DIN No. 00010484] [DIN No. 00010499] [DIN No. 00751178]
Sd/- Sd/-
Mona Aggarwal Prakash C. Bisht
Place: Noida Company Secretary EVP and Chief Financial Officer
Date: May 15, 2019 [Membership No. 15374]
86
Standalone Statement of Profit and Loss

for the year ended March 31, 2019
(` in lakhs)
Year ended Year ended
Particulars Note no.
March 31, 2019 March 31, 2018
I INCOME
Revenue from operations 23 353,066.94 298,044.06
Other Income 24 4,691.44 2,272.39
Total Income 357,758.38 300,316.45
II EXPENSES
Cost of raw materials consumed 25 78,516.81 66,017.54
Purchase of traded goods 26 8,991.02 9,271.25
Changes in inventories of raw material-in-progress and traded goods 26 81.72 (146.09)
Employee benefit expenses 27 67,247.55 60,410.54
Depreciation and amortisation expense 3 15,227.44 15,587.75
Rent 34,106.75 31,569.36
Other expenses 28 103,346.51 86,282.26
Total expenses 307,517.80 268,992.61
III PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX (I - II) 50,240.58 31,323.84
IV EXCEPTIONAL ITEMS 37 793.00 -
V PROFIT BEFORE TAX (III- IV) 49,447.58 31,323.84

VI TAX EXPENSE
Current tax expense 16 17,472.43 12,214.47
Deferred tax (credit) 16 (305.33) (1,531.11)
Total tax expense 17,167.10 10,683.36
VII PROFIT FOR THE YEAR (V - VI) 32,280.48 20,640.48
VIII OTHER COMPREHENSIVE INCOME (OCI)

Items that will not be reclassified to profit or (loss) 30 (768.06) 285.29
Income Tax relating to items that will not be reclassified to profit or (loss) 268.39 (98.54)
(499.67) 186.75
IX TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX (VII + VIII) 31,780.81 20,827.23
X EARNINGS PER EQUITY SHARE 29

Basic (in `) 24.46 15.64
Diluted (in `) 24.46 15.64

Notes to the Standalone financial statements 3-49
Sd/- Sd/- Sd/- Sd/-
Sd/- Sd/-
87
Standalone Statement of Changes in Equity
A. EQUITY SHARE CAPITAL

(` in lakhs)
Particulars Nos. Amount
As at March 31, 2018 659,84,520 6,598.45
Add: Bonus equity shares issued during the year 659,84,520 6,598.45
As at March 31, 2019 131,969,040 13,196.90
B. OTHER EQUITY*
For the year ended March 31, 2019 (` in lakhs)
Other
Reserves and Surplus Comprehensive
Total
Income
Particulars other
Remeasurement
Share-based equity
Securities premium Retained earnings of defined benefit
payments reserve
obligations
As at April 1, 2018 11,371.21 393.89 85,795.21 231.91 97,792.22
Profit for the year - - 32,280.48 - 32,280.48
Other comprehensive income (Note 30) - - - (499.67) (499.67)
Total comprehensive income - - 32,280.48 (499.67) 31,780.81
Issue of bonus shares (Note 14(f )) (6,598.45) - - - (6,598.45)
Exercise/Lapsed of share options - (127.63) 127.63 - -
Share-based payments (Note 32) - 177.63 - - 177.63
Dividend (Note 43) - - (3,299.23) (3,299.23)
Dividend distribution tax (DDT) (Note 43) - - (678.17) - (678.17)
As at March 31, 2019 4,772.76 443.89 114,225.92 (267.76) 119,174.81

Other
Reserves and Surplus Comprehensive
Share
Income Total
Application
Particulars Remeasurement other
Share-based Money peding
Securities Retained of defined equity
payments Allotment
premium earnings benefit
reserve
obligations
As at April 1, 2017 11,180.03 1,198.01 66,200.32 45.16 0.35 78,623.87
Profit for the year - - 20,640.48 - - 20,640.48
Other comprehensive income (Note 30) - - - 186.75 - 186.75
Total comprehensive income - - 20,640.48 186.75 - 20,827.23
Issue of share capital on securities premium 191.18 - - - (0.35) 190.83
(Note 14,15)
Exercise/Lapsed of share options - (939.77) 939.77 - - -
Share-based payments (Note 32) - 135.65 - - - 135.65
Dividend (Note 43) - - (1,649.55) - - (1,649.55)
Dividend distribution tax (DDT) (Note 43) - - (335.81) - - (335.81)
As at March 31, 2018 11,371.21 393.89 85,795.21 231.91 - 97,792.22
*Also refer Note No. 15

Sd/- Sd/- Sd/- Sd/-
Sd/- Sd/-
88
Standalone Cash Flow Statement

(` in lakhs)
March 31, 2019 March 31, 2018
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Tax 49,447.58 31,323.84
49,447.58 31,323.84
Adjustments for:
Gain on mark to market of current investments (net) designated at FVTPL 24 (1,344.63) -
Liability no longer required written back 24 (11.60) (521.38)
Loss on disposal of Property, Plant and Equipment (net) 28 280.00 156.69
Provision for diminution in the value of investment 4 793.00 -
Interest Income on bank deposits 24 (1,988.10) (112.02)
Dividend Income from current investment 24 (579.63) (950.96)
Share based payment expense 27 177.63 135.65
Provision for doubtful debts and advances 10 74.80 -
Interest Income on security deposit as per IND AS 109 24 (549.97) (565.68)
Sundry balances written-off 9.12 9.65
Operating Profit before Working Capital Changes 61,535.64 45,063.54
Adjustments for:
(Increase)/Decrease in Trade receivables 10 (1,835.03) 53.65
(Increase)/Decrease in Other Assets 12 (2,210.37) 1,881.40
(Increase)/Decrease in Inventories 9 (1,056.29) (386.30)
Increase/(Decrease) in Trade payables 18 2,986.15 8,030.31
Increase/(Decrease) in Other Liabilities 20 1,699.19 (524.06)
Cash generated from Operating Activities 61,119.29 54,118.54
Income tax paid (net of refunds) 16 (17,731.47) (12,617.41)
Net Cash from Operating Activities 43,387.82 41,501.13
B) CASH FLOW FROM INVESTING ACTIVITIES

Purchase of Property, Plant and Equipment 3 (15,953.52) (11,402.69)
Proceeds from sale of Property, Plant and Equipment 3 143.05 267.79
Interest received on bank deposit 24 1,572.63 27.65
Dividend received from current investment 24 579.63 950.96
Investment in bank deposits not held as cash and cash equivalents 11 (40,748.96) (5,629.80)
Loan given to JFL Employees Welfare Trust 5 - (3,592.86)
Loan recovered from JFL Employees Welfare Trust 5 1,693.35 1,899.51
Investments in Mutual Funds 4 (142,384.13) (187,167.85)
Proceeds from sales of mutual Funds 4 151,959.18 1,70,214.47
Net cash outflow in acquisition of Subsidiary 4 (1,448.61) (774.54)
Net Cash (used) in Investing Activities (44,587.38) (35,207.36)
89
Standalone Cash Flow Statement
for year ended March 31, 2019
(` in lakhs)
March 31, 2019 March 31, 2018
C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital (including securities premium) 13,14 - 194.37
Dividend paid on equity shares 14 (3,298.11) (1,648.95)
Tax on equity dividend paid 14 (678.17) (335.81)
Net cash (used) in financing activities (3,976.28) (1,790.39)
Net increase/(decrease) in cash and cash equivalents (A+B+C) (5,175.84) 4,503.38
Cash and cash equivalents as at beginning of the year 7,659.82 3,156.44
Cash and cash equivalents as at end of the year 2,483.98 7,659.82
Components of cash and cash equivalents:
Cash-in-Hand 11 1,640.59 1,221.75
Cheques in Hand 11 5.78 1.63
Balances with Scheduled Banks in
- Current Accounts* 11 835.55 1,578.49
- Unpaid dividend accounts * 20 2.06 0.94
- Deposits with original maturity of less than 3 months 12 - 5,050.00
Less: Book Overdraft 20 - (192.99)
Cash and Cash Equivalents in Cash Flow Statement: 2,483.98 7,659.82
* Includes ` 2.06 Lakhs (Previous year ` 0.94 Lakhs) for Unpaid Dividend account and is restrictive in nature.
Sd/- Sd/- Sd/- Sd/-
Sd/- Sd/-
90
Notes
Forming part of the Standalone Financial Statements for the year ended March 31, 2019
Critical accounting estimates and judgements:

1. CORPORATE INFORMATION
The areas involving critical estimates and judgements are:
Jubilant FoodWorks Limited (the Company) is a public
limited Company domiciled in India and incorporated
(i) Useful lives and residual value of property, plant
under the provisions of Companies Act, 1956. The Company
and equipment and intangible assets
was incorporated in 1995 and initiated operations in 1996.
Useful life and residual value are determined by
The Company’s share is listed on National Stock Exchange
the management based on a technical evaluation
of India Limited and Bombay Stock Exchange Limited.
considering nature of asset, past experience,
The Company is a food service Company and engaged in
estimated usage of the asset, vendor’s advice etc.
retail sales of food through two strong international brands,
and same is reviewed periodically, including at each
Domino’s Pizza and Dunkin’ Donuts addressing different
financial year end. Management reviews the useful
food market segments. For Domino’s Pizza, the Company
economic lives atleast once a year and any changes
has exclusive rights to open and operate Domino’s Pizza
could affect the depreciation rates prospectively
Restaurants in India, Sri Lanka, Bangladesh and Nepal.
and hence the asset carrying values changes
Currently, Domino’s Pizza is operated by the Company in India
accordingly. The Company also reviews its property,
and by its subsidiaries in Sri Lanka and Bangladesh.
plant and equipment and intangible assets, for
possible impairment if there are events or changes

The Standalone financial statements were authorised
in circumstances that indicate that carrying amount
for issue in accordance with a resolution of the directors
of assets may not be recoverable. In assessing the
on May 15, 2019.
property, plant and equipment and intangible
assets for impairment, factors leading to significant
2. SIGNIFICANT ACCOUNTING POLICIES
reduction in profits, the Company’s business plans
2.1 Basis of preparation of Financial Statements
and changes in regulatory/economic environment
The Standalone financial statements of the Company have
are taken into consideration.
been prepared in accordance with Indian Accounting
Standards (Ind AS) notified under the Section 133 of the
(ii) Impairment of investments
Companies Act, 2013 (to the extent notified) read with Rule
The Company has reviewed its carrying value
3 of the Companies (Indian Accounting Standards) Rules,
of long-term investments in equity shares as
2015 and relevant amendment rules issued thereafter
disclosed in note 4 of Standalone financial
(Indian GAAP).
statements at the end of each reporting period, for
possible impairment if there are events or changes
The accounting policies adopted in the preparation of the
in circumstances that indicate that carrying
financial statements are consistent with those followed in
amount of assets may not be recoverable. If the
the previous year.
recoverable value, which is based upon economic
circumstances and future plan is less than its
2.2 Summary of significant accounting policies
carrying amount, the impairment loss is accounted.
a) Use of estimates
The preparation of financial statements in conformity
(iii) Claims and Litigations
with Indian Accounting Standards (Ind AS) requires
The Company is the subject of lawsuits and claims
management to make judgements, estimates and
arising in the ordinary course of business from
assumptions that affect the reported amounts of
time to time. The Company reviews any such
revenues, expenses, assets and liabilities and disclosure
legal proceedings and claims on an ongoing basis
of contingent liabilities at the end of the reporting
and follow appropriate accounting guidance
period. Although these estimates are based upon
when making accrual and disclosure decisions.
management’s best knowledge of current events and
The Company establishes accruals for those
actions, uncertainty about these assumptions and
contingencies where the incurrence of a loss is
estimates could result in the outcomes requiring a
probable and can be reasonably estimated, and
material adjustment to the carrying amounts of assets
it discloses the amount accrued and the amount
or liabilities in future periods. Changes in estimates are
of a reasonably possible loss in excess of the
reflected in the financial statements in the period in
amount accrued, if such disclosure is necessary
which changes are made and if material, their effects are
for the Company’s financial statements to not be
disclosed in the notes to the financial statements.
misleading. To estimate whether a loss contingency
91
Notes
should be accrued by a charge to income, the are not reflecting in the Statement of Profit and
Company evaluates, among other factors, the Loss as ‘Revenue‘.
degree of probability of an unfavourable outcome
and the ability to make a reasonable estimate of the Interest
amount of the loss. The Company does not record Revenue is recognised on a time proportion basis
liabilities when the likelihood that the liability taking into account the amount outstanding and
has been incurred is probable, but the amount the rate applicable.
cannot be reasonably estimated. Based upon
present information, the Company determined Dividends
that there were no matters that required an accrual Revenue is recognised when the right to receive the
as of March 31, 2019 other than the accruals payment is established by the balance sheet date.
already recognised, nor were there any asserted
or unasserted claims for which material losses are Franchisee Fee (Sub-franchisee income)
reasonably possible. Franchisee fee is based on a percentage of
franchise retail sales and are recognised when the
b) Revenue recognition items are delivered to or carried out by franchisees’
Effective April1, 2018, the Company adopted Ind customers, on accrual basis in accordance with the
AS 115 ‘Revenue from Contracts with Customers’ terms of the relevant agreement.
using the cumulative catch up transition method,
applied to contracts that were not completed as Store opening fees and area development fee
of April1, 2018. In accordance with the cumulative received from international sub-franchisees are
catch-up transition method, the comparatives recognised as revenue on a straight-line basis over
have not been retrospectively adjusted. The effect the term of respective franchise store agreement.
on adoption of Ind AS 115 is insignificant. Fee received in excess of revenues are classified
as contract liabilities (which we refer to as
Revenue is recognised upon transfer of control of unearned income).
promised products or services to customers in an
amount that reflects the consideration we expect to c) Foreign currencies
receive in exchange for those products or services. Foreign currency transactions
Initial Recognition
Sale of manufacture goods: Foreign currency transactions are recorded in the
The Company recognises revenue from sale of food functional currency, by applying to the foreign
through Company’s owned stores located in India currency amount the exchange rate between the
and are recognised when the items are delivered to reporting currency and the foreign currency on the
or carried out by customers. Customer’s payments date of the transaction.
are generally due at the time of sale.
Conversion
Sale of traded goods: Foreign currency monetary items are reported
The Company recognises revenue from sale using the closing rate. Non-monetary items which
of supplies to its franchised stores (including are carried in terms of historical cost denominated
subsidiaries operating Domino’s Pizza Restaurants in a foreign currency are reported using the
in Srilanka and Bangladesh) upon delivery or exchange rate at the date of the transaction.
shipment of the related products, based on
shipping terms and payments for supplies are Exchange Differences
generally due within 90 days of the shipping date. Exchange differences arising on the settlement of
monetary items, or on reporting such monetary
Revenue is measured based on the consideration items of Company at rates different from those at
to which the Company expects to be entitled which they were initially recorded during the year,
from a customer, net of returns and allowances, or reported in previous financial statements, are
discounts, volume rebates and cash discounts and recognised as income or as expenses in the year in
excludes Sales Taxes or Value Added Tax or Goods which they arise.
and Service Tax collected from customer and
remitted to the appropriate taxing authorities and
92
Notes
Functional and presentation currency Goods and Service Tax – GST

The functional currency of the Company in the Expenses and assets are recognised net of the
Indian rupee. These financial statements are amount of Goods and Service Tax paid, except:
presented in Indian rupees.
(i) When the tax incurred on a purchase of
assets or services is not recoverable from the
d) Taxes
taxation authority, in which case, the tax paid
Income tax expense represents the sum of the tax
is recognised as part of the cost of acquisition
currently payable and deferred tax.
of the asset or as part of the expense
item, as applicable
Current tax
The income tax expense or credit for the period (ii) When receivables and payables are stated
is the tax payable on the current period's taxable with the amount of tax included.
income based on the applicable income tax rate
adjusted by unused tax losses/credits. The net amount of tax recoverable from, or payable
to, the taxation authority is included as part of
The current income tax charge is calculated on receivables or payables in the balance sheet.
the basis of the tax laws enacted or substantively
enacted at the end of reporting period in the e) Property, Plant and Equipment
country where the Company operate and generate Property, plant and equipment are carried at cost
taxable income. less accumulated depreciation and accumulated
impairment losses, if any. Cost includes its purchase
Deferred tax price, including import duties and non-refundable
Deferred tax is recognised on temporary purchase taxes, after deducting trade discounts and
differences between the carrying amounts of rebates. It includes other costs directly attributable
assets and liabilities in the Standalone financial to bringing the asset to the location and condition
statements and the corresponding tax bases used necessary for it to be capable of operating in the
in the computation of taxable profit. Deferred tax manner intended by management.
liabilities are generally recognised for all taxable
temporary differences. Deferred tax assets are Depreciation on property, plant and equipment
generally recognised for all deductible temporary is calculated on straight-line basis using the rates
differences to the extent that it is probable that arrived at based on the useful lives estimated by
taxable profits will be available against which those the management.
deductible temporary differences can be utilised.
When significant parts of plant and equipment
Deferred tax liabilities and assets are measured are required to be replaced at intervals, the
at the tax rates that are expected to apply in the Company depreciates them separately based on
period in which the liability is settled or the asset their specific useful lives. Likewise, when a major
realised, based on tax rates (and tax laws) that have inspection is performed, its cost is recognised in
been enacted or substantively enacted by the end the carrying amount of the plant and equipment
of the reporting period. as a replacement if the recognition criteria are
satisfied. The present value of the expected cost
The carrying amount of deferred tax assets is for the decommissioning of an asset after its use is
reviewed at the end of each reporting period and included in the cost of the respective asset if the
reduced to the extent that it is no longer probable recognition criteria for a provision are met.
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered. Subsequent expenditures relating to property,
plant and equipment is capitalised only when it is
Current and deferred tax for the year probable that future economic benefits associated
Current and deferred tax are recognised in profit with these will flow to the Company and the costs
or loss, except when they relate to items that of the item can be measured reliably. All other
are recognised in other comprehensive income repair and maintenance costs are recognised in
or directly in equity, in which case, the current profit or loss as incurred.
and deferred tax are also recognised in other
comprehensive income.
93
Notes
The management has estimated, supported by An internally-generated intangible asset arising

assessment by internal professionals, the useful from development (or from the development phase
lives of the following classes of assets and has used of an internal project) is recognised if, and only if, all
the following rates to provide depreciation on its of the following have been demonstrated:
property, plant and equipment which are different
(I) the technical feasibility of completing the
from those indicated in schedule II to Companies
intangible asset so that it will be available
Act, 2013. The management believe that the above
for use or sale;
assessment truly represents the useful life of assets
in the specific condition, these assets are put to use (II) the intention to complete the intangible asset
by the Company. and use or sell it;
(III) the ability to use or sell the intangible asset;

Estimated Useful Life
Fixed Assets
(in no. of years) (IV) how the intangible asset will generate
Leasehold Improvements 9 or Actual lease period, probable future economic benefits;
whichever is lower
Building 30 (V) the availability of adequate technical,
Plant and Machinery 5 to 20 financial and other resources to complete
Office Equipment 2 to 10 the development and to use or sell the
Furniture and Fixtures 5 to 10 intangible asset; and
Vehicles 6
(VI) the ability to measure reliably the expenditure
An item of property, plant and equipment and any attributable to the intangible asset during
significant part initially recognised is derecognised its development.
upon disposal or when no future economic
benefits are expected from its use or disposal. The amount initially recognised for
Any gain or loss arising on derecognition of the internally-generated intangible assets is the sum of
asset (calculated as the difference between the net the expenditure incurred from the date when the
disposal proceeds and the carrying amount of the intangible asset first meets the recognition criteria
asset) is included in the income statement when listed above. Where no internally-generated
the asset is derecognised. intangible asset can be recognised, development
expenditure is recognised in profit or loss in the
The residual values, useful lives and methods of period in which it is incurred.
depreciation of property, plant and equipment are
reviewed at each financial year end and adjusted Intangible assets are amortised on a straight-line
prospectively, if appropriate. basis over the estimated useful economic life.
If the persuasive evidence exists to the affect that
f) Investment properties useful life of an intangible asset exceeds ten years,
Investment properties are properties held to the Company amortises the intangible asset over
earn rentals and/or for capital appreciation. the best estimate of its useful life. Such intangible
Investment properties are measured initially at cost, assets are tested for impairment annually, either
including transaction costs. Subsequent to initial individually or at the cash-generating unit level.
recognition, investment properties are measured All other intangible assets are assessed for
in accordance with Ind AS 40’s requirements impairment whenever there is an indication that
for cost model. the intangible asset may be impaired.
g) Intangible assets Gains or losses arising from derecognition of an

Intangible assets acquired separately are measured intangible asset are measured as the difference
on initial recognition at cost. Following initial between the net disposal proceeds and the
recognition, intangible assets are carried at cost carrying amount of the asset and are recognised
less accumulated amortisation and accumulated in the statement of profit and loss when the asset
impairment losses, if any. is derecognised.
Internally-generated intangible assets – A summary of amortisation policies applied to the

Software Company intangible assets is as below:
Expenditure on research activities is recognised
as an expense in the period in which it is incurred.
94
Notes
Estimated Useful Life cash-generating units to which the individual

Intangible assets
(in no. of years) assets are allocated. These budgets and forecast
Software 5–7 calculations are generally covering a period of five
Store opening fees 5 years. For longer periods, a long-term growth rate
Territory fees 15 is calculated and applied to project future cash
flows after the fifth year.
The territory fee has been paid to the franchisor for
running and operating Dunkin’ Donuts restaurants. After impairment, depreciation is provided on
The period of contract is for 15 years, during which the revised carrying amount of the asset over its
the Company shall be deriving the economic remaining useful life.
benefits, and has accordingly amortised the same.
An assessment is made at each reporting date as
Subsequent to initial recognition, internally- to whether there is any indication that previously
generated intangible assets are reported at cost recognised impairment losses may no longer exist
less accumulated amortisation and accumulated or may have decreased. If such indication exists, the
impairment losses, on the same basis as intangible Company estimates the asset’s or cash-generating
assets that are acquired separately. unit’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been
h) Expenditure during Construction Period a change in the assumptions used to determine
Expenditure directly relating to construction the asset’s recoverable amount since the last
activity are capitalised. Other expenditure incurred impairment loss was recognised. The reversal is
during the construction period which neither limited so that the carrying amount of the asset
are related to the construction activity nor are does not exceed its recoverable amount, nor
incidental thereto, are charged to the statement of exceed the carrying amount that would have
profit and loss. been determined, net of depreciation, had no
impairment loss been recognised for the asset
i) Impairment of tangible and intangible assets in prior years. Such reversal is recognised in the
The Company assesses at each reporting date statement of profit and loss.
whether there is an indication that an asset may be
impaired. If any indication exists, or when annual j) Investment in Subsidiary
impairment testing for an asset is required, the The investment in subsidiary are carried at
Company estimates the asset’s recoverable amount. cost. An investor, regardless of the nature of its
An asset’s recoverable amount is the higher of an involvement with an entity (the investee), shall
asset’s or Cash-Generating Unit’s (CGU) net selling determine whether it is a parent by assessing
price and its value in use. The recoverable amount whether it controls the investee. An investor
is determined for an individual asset, unless the controls an investee when it is exposed, or has
asset does not generate cash inflows that are rights, to variable returns from its involvement
largely independent of those from other assets or with the investee and has the ability to affect
groups of assets. Where the carrying amount of an those returns through its power over the investee.
asset or CGU exceeds its recoverable amount, the Thus, an investor controls an investee if and only if
asset is considered impaired and is written down the investor has all the following:
to its recoverable amount. In assessing value in
(a) power over the investee;
use, the estimated future cash flows are discounted
to their present value using a pre-tax discount (b) exposure, or rights, to variable returns from its
rate that reflects current market assessments of involvement with the investee and
the time value of money and the risks specific to
(c) the ability to use its power over the investee
the asset. In determining net selling price, recent
to affect the amount of the investor’s returns
market transactions are taken into account, if
available. If no such transactions can be identified, On disposal of investment, the difference between
an appropriate valuation model is used. its carrying amount and net disposal proceeds
is charged or credited to the statement of
The Company bases its impairment calculation on profit and loss.
detailed budgets and forecast calculations which
are prepared separately for each of the Company
95
Notes
k) Leases authorities) and all other costs incurred in

Leases are classified as finance leases whenever the bringing the inventories to their present
terms of the lease transfer substantially all the risks location and condition.
and rewards of ownership to the lessee. All other
yy Cost of traded goods has been determined
leases are classified as operating leases.
by using FIFO method and comprises all
costs of purchase, duties, taxes (other than
Where the Company is a lessee
those subsequently recoverable from tax
Finance Lease, which effectively transfer to the
authorities) and all other costs incurred in
Company substantially all the risks and benefits
bringing the inventories to their present
incidental to the ownership of the leased items, are
location and condition.
capitalised at the inception of the lease term at the
lower of fair value of the leased item and the present yy Net realisable value is the estimated selling
value of minimum lease payments. Lease payments price in the ordinary course of business, less
are apportioned between the finance charges and estimated costs of completion and estimated
reduction of the lease liability so as to achieve a costs necessary to make the sale.
constant rate of interest on the remaining balance
m)
Provisions
of the liability. Finance charges are recognised as
A provision is recognised when the Company has
finance costs in the statement of profit and loss.
a present obligation (legal or constructive) as a
Lease management fees, legal charges and other
result of past event, it is probable that an outflow
initial direct costs of lease are capitalised.
of resources embodying economic benefits will
be required to settle the obligation and a reliable
A leased asset is depreciated on a straight-line
estimate can be made of the amount of the
basis over the useful life of the asset except if the
obligation. These estimates are reviewed at each
escalation in lease is within General inflation rate
reporting date and adjusted to reflect the current
and Consumer price index. However, if there is no
best estimates. If the effect of the time value of
reasonable certainty that the Company will obtain
money is material, provisions are discounted using a
the ownership by the end of the term of hire, the
current pre-tax rate that reflects, when appropriate,
capitalised asset is depreciated on a straight-line
the risks specific to the liability. When discounting
basis over the shorter of the estimated useful
is used, the increase in the provision due to the
life of the asset.
passage of time is recognised as a finance cost.
Rental expense from operating leases is generally

n) Contingent liabilities
recognised on a straight-line basis over the term of
A contingent liability is a possible obligation that
the relevant lease. Where the rentals are structured
arises from past events whose existence will be
solely to increase in line with expected general
confirmed by the occurrence or non-occurrence of
inflation to compensate for the lessor’s expected
one or more uncertain future events beyond the
inflationary cost increases, such increases are
control of the Company or a present obligation
recognised in the year in which such benefits
that is not recognised because it is not probable
accrue. Contingent rentals arising under operating
that an outflow of resources will be required to
leases are recognised as an expense in the period in
settle the obligation. A contingent liability also
which they are incurred.
arises in extremely rare cases where there is a
liability that cannot be recognised because it
l) Inventories
cannot be measured reliably. The Company does
Basis of valuation:
not recognise a contingent liability but discloses its
Inventories other than scrap materials are valued
existence in the financial statements.
at lower of cost and net realisable value, if any.
The comparison of cost and net realisable value is
o) Dividend Distributions
made on an item-by-item basis.
The Company recognises a liability to make
payment of dividend to owners of equity when
Method of Valuation:
the distribution is authorised and is no longer
yy Cost of raw materials has been determined
at the discretion of the Company and is declared
by using FIFO method and comprises all
by the shareholders. A corresponding amount is
costs of purchase, duties, taxes (other than
recognised directly in equity.
those subsequently recoverable from tax
96
Notes
p) Fair value measurement Level 3 - Valuation techniques for which the lowest
The Company measures financial instruments at level input that is significant to the fair value
fair value at each balance sheet date. measurement is unobservable.
Fair value is the price that would be received to sell For assets and liabilities that are recognised in
an asset or paid to transfer a liability in an orderly the financial statements on a recurring basis, the
transaction between market participants at the Company determines whether transfers have
measurement date. The fair value measurement occurred between levels in the hierarchy by
is based on the presumption that the transaction re-assessing categorisation (based on the lowest
to sell the asset or transfer the liability level input that is significant to the fair value
takes place either: measurement as a whole) at the end of each
reporting period.
yy In the principal market for asset or liability, or
yy In the absence of a principal market, in For the purpose of fair value disclosures, the
the most advantageous market for the Company has determined classes of assets and
asset or liability. liabilities on the basis of the nature, characteristics
and risks of the asset or liability and the level of the
The principal or the most advantageous market
fair value hierarchy as explained above.
must be accessible by the Company.
q) Employee Benefits
The fair value of an asset or a liability is measured
yy Short-term obligations
using the assumptions that market participants
would use when pricing the asset or liability, Liabilities for wages and salaries, including
assuming that market participants act in their non-monetary benefits that are expected
economic best interest. to be settled wholly within twelve months
after the end of the period in which the
A fair value measurement of a non-financial asset employees render the related service are
takes into account a market participant’s ability to recognised in respect of employee service
generate economic benefits by using the asset in upto the end of the reporting period and are
its highest and best use or by selling it to another measured at the amount expected to be paid
market participant that would use the asset in its when the liabilities are settled. The liabilities
highest and best use. are presented as current employee benefit
obligations in the balance sheet.
The Company uses valuation techniques that are
appropriate in the circumstances and for which yy Post-employment benefit obligations
sufficient data are available to measure fair value,
Gratuity
maximising the use of relevant observable inputs
The Employee's Gratuity Fund Scheme, which
and minimising the use of unobservable inputs.
is defined benefit plan, is managed by Trust
maintained with SBI Life Insurance Company
All assets and liabilities for which fair value is
limited. The liabilities with respect to Gratuity
measured or disclosed in the financial statements
Plan are determined by actuarial valuation on
are categorised within the fair value hierarchy,
projected unit credit method on the balance
described as follows, based on the lowest
sheet date, based upon which the Company
level input that is significant to the fair value
contributes to the Company Gratuity Scheme.
measurement as a whole:
The difference, if any, between the actuarial
valuation of the gratuity of employees at the
Level 1 - Quoted (unadjusted) market prices in
year end and the balance of funds with SBI Life
active markets for identical assets or liabilities.
Insurance Company limited is provided for
as assets/(liability) in the books. Net interest
Level 2 - Valuation techniques for which the lowest
is calculated by applying the discount rate
level input that is significant to the fair value
to the net defined benefit liability or asset.
measurement is directly or indirectly observable.
Future salary increases and pension increases
97
Notes
are based on expected future inflation rates yy Other long-term employee benefit
for the respective countries. Further details obligation
about the assumptions used, including a
Compensated Absences/Leave Encashment
sensitivity analysis, are given in Note No. 34.
Accumulated leaves which is expected to be utilised
within next 12 months is treated as short-term
The Company recognises the following changes in
employee benefit. The Company measures the
the net defined benefit obligation under Employee
expected cost of such absences as the additional
benefit expense in statement of profit or loss:
amount that it expects to pay as a result of the
yy Service costs comprising current service unused entitlement and discharge at the year end.
costs, past-service costs, gains and losses on
curtailments and non-routine settlements Liabilities recognised in respect of other long-term
employee benefits are measured at the present
yy Net interest expense or income
value of the estimated future cash outflows
Remeasurements, comprising of actuarial expected to be made by the Company in respect
gains and losses, the effect of the asset ceiling, of services provided by employees up to the
excluding amounts included in net interest reporting date.
on the net defined benefit liability and the
return on plan assets (excluding amounts Share-based payments
included in net interest on the net defined Employees (including senior executives) of the
benefit liability), are recognised immediately Company receive remuneration in the form of
in the Balance Sheet with a corresponding share-based payments, whereby employees render
debit or credit to retained earnings through services as consideration for equity instruments
OCI in the period in which they occur. (equity-settled transactions).
Remeasurements are not reclassified to profit
or loss in subsequent periods. Equity-settled transactions
The cost of equity-settled transactions is determined
Superannuation by the fair value at the date when the grant is made
Certain employees of the Company are also using an appropriate valuation model.
participants in the superannuation plan ('the Plan'),
a defined contribution plan. Contribution made by That cost is recognised, together with a
the Company to the plan during the year is charged corresponding increase in share-based payment
to Statement of Profit and Loss. (SBP) reserves in equity, over the period in which the
performance and/or service conditions are fulfilled
Provident Fund in employee benefits expense. The cumulative
The Company makes contribution to the recognised expense recognised for equity-settled transactions
provident fund - ‘JUBILANT FOODWORKS at each reporting date until the vesting date
EMPLOYEES PROVIDENT FUND TRUST‘, which is a reflects the extent to which the vesting period has
defined benefit plan to the extent that the Company expired and the Company best estimate of the
has an obligation to make good the shortfall, if any, number of equity instruments that will ultimately
between the return from the investments of the vest. The statement of profit and loss expense
trust and the notified interest rate. The Company's or credit for a period represents the movement
obligation in this regard is determined by an in cumulative expense recognised as at the
independent actuary and provided for if the beginning and end of that period and is recognised
circumstances indicate that the Trust may not be in employee benefits expense.
able to generate adequate returns to cover the
interest rates notified by the Government. For other Service and non-market performance conditions
employees in India, provident fund is deposited are not taken into account when determining the
with Regional Provident Fund Commissioner. grant date fair value of awards, but the likelihood
This is treated as defined contribution plan. of the conditions being met is assessed as part
of the Company best estimate of the number
Company's contribution to the provident fund is of equity instruments that will ultimately vest.
charged to Statement of Profit and Loss Market performance conditions are reflected
within the grant date fair value. Any other
conditions attached to an award, but without an
98
Notes
associated service requirement, are considered to during the period are adjusted for the effect of all
be non-vesting conditions. Non-vesting conditions potentially dilutive equity shares.
are reflected in the fair value of an award and lead to
an immediate expensing of an award unless there t) Financial instruments
are also service and/or performance conditions. A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
No expense is recognised for awards that do not liability or equity instrument of another entity.
ultimately vest because non-market performance
and/or service conditions have not been met. Financial assets
Where awards include a market or non-vesting The Company classifies its financial assets in the
condition, the transactions are treated as vested following measurement categories:
irrespective of whether the market or non-vesting
yy Those to be measured subsequently at fair
condition is satisfied, provided that all other
value (either through other comprehensive
performance and/or service conditions are satisfied.
income, or through profit or loss)
When the terms of an equity-settled award are yy Those measured at amortised cost
modified, the minimum expense recognised
Initial recognition and measurement
is the expense had the terms had not been
All financial assets are recognised initially at
modified, if the original terms of the award are
fair value plus, in the case of financial assets
met. An additional expense is recognised for any
not recorded at fair value through profit or loss,
modification that increases the total fair value
transaction costs that are attributable to the
of the share-based payment transaction, or is
acquisition of the financial asset.
otherwise beneficial to the employee as measured
at the date of modification. Where an award is
Subsequent measurement
cancelled by the entity or by the counterparty, any
For purposes of subsequent measurement,
remaining element of the fair value of the award is
financial assets are classified in four categories:
expensed immediately through profit or loss.
yy Debt instruments at Fair Value Through Other
The dilutive effect of outstanding options is Comprehensive Income (FVTOCI)
reflected as additional share dilution in the
yy Debt instruments at Fair Value Through Profit
computation of diluted earnings per share.
and Loss (FVTPL)
r) Exceptional Items yy Debt instruments at amortised cost

Exceptional items are transactions which due to
yy Equity instruments
their size or incidence are separately disclosed
to enable a full understanding of the Company Debt instruments at amortised cost
financial performance. A debt instrument is measured at amortised
cost if both the following conditions are met:
s) Earnings Per Share
yy Business Model Test: The objective is to hold
Basic earnings per share are calculated by dividing
the debt instrument to collect the contractual
the net profit or loss for the period attributable
cash flows (rather than to sell the instrument
to equity shareholders by the weighted average
prior to its contractual maturity to realise its
number of equity shares outstanding during
fair value changes).
the period. The weighted average number of
equity shares outstanding during the period is yy Cash flow characteristics test: The
adjusted for events such as bonus issue, rights contractual terms of the Debt instrument
issue etc. that have changed the number of equity give rise on specific dates to cash flows that
shares outstanding, without a corresponding are solely payments of principal and interest
change in resources. on principal amount outstanding.
This category is most relevant to the Company.

For the purpose of calculating diluted earnings
After initial measurement, such financial assets
per share, the net profit or loss for the period
are subsequently measured at amortised cost
attributable to equity shareholders and the
using the effective interest rate (EIR) method.
weighted average number of shares outstanding
Amortised cost is calculated by taking into account
99
Notes
any discount or premium on acquisition and fees Interest income from these Debt instruments is
or costs that are an integral part of EIR. EIR is the included in other income.
rate that exactly discounts the estimated future
cash receipts over the expected life of the financial Equity investments of other entities
instrument or a shorter period, where appropriate, All equity investments in scope of Ind AS 109 are
to the gross carrying amount of the financial asset. measured at fair value. Equity instruments which
When calculating the effective interest rate, the are held for trading and contingent consideration
Company estimates the expected cash flows by recognised by an acquirer in a business combination
considering all the contractual terms of the financial to which Ind AS 103 applies are classified as at FVTPL.
instrument but does not consider the expected For all other equity instruments, the Company
credit losses. The EIR amortisation is included in may make an irrevocable election to present in
finance income in profit or loss. The losses arising other comprehensive income all subsequent
from impairment are recognised in the profit or changes in the fair value. The Company makes such
loss. This category generally applies to trade and election on an instrument-by-instrument basis.
other receivables. The classification is made on initial recognition and
is irrevocable.
Debt instruments at fair value through OCI
A Debt instrument is measured at fair value If the Company decides to classify an equity
through other comprehensive income if following instrument as at FVTOCI, then all fair value
criteria are met: changes on the instrument, excluding dividends,
are recognised in the OCI. There is no recycling
yy Business Model Test: The objective of
of the amounts from OCI to profit and loss, even
financial instrument is achieved by both
on sale of investment. However, the Company
collecting contractual cash flows and for
may transfer the cumulative gain or loss within
selling financial assets.
equity. Equity instruments included within the
yy Cash flow characteristics test: The FVTPL category are measured at fair value with all
contractual terms of the financial asset give changes recognised in the Profit and loss.
rise on specific dates to cash flows that are
solely payments of principal and interest on Derecognition
principal amount outstanding. A financial asset (or, where applicable, a part
of a financial asset or part of a Company of
Financial Asset included within the FVTOCI
similar financial assets) is primarily derecognised
category are measured initially as well as at each
(i.e.removed from the Company statement of
reporting date at fair value. Fair value movements
financial position) when:
are recognised in the other comprehensive income
(OCI). However, the Company recognised the yy The rights to receive cash flows from the asset
interest income, impairment losses and reversals have expired; or
and foreign exchange gain or loss in the Profit or
yy The Company has transferred its rights to
Loss. On dereognition of asset, cumulative gain
receive cash flows from the asset or has
or loss previously recognised in OCI is reclassified
assumed an obligation to pay the received
from the equity to Profit or Loss. Interest earned
cash flows in full without material delay
whilst holding FVTOCI debt instrument is reported
to a third party under a ‘pass through‘
as interest income using the EIR method.
arrangement and either;
Debt instruments at FVTPL yy The Company has transferred the rights to

FVTPL is a residual category for financial receive cash flows from the financial assets; or
instruments. Any financial instrument, which does
yy The Company has retained the contractual
not meet the criteria for amortised cost or FVTOCI,
right to receive the cash flows of the financial
is classified as at FVTPL. A gain or loss on a debt
asset, but assumes a contractual obligation to
instrument that is subsequently measured at
pay the cash flows to one or more recipients.
FVTPL and is not a part of a hedging relationship
is recognised in profit or loss and presented net Where the Company has transferred an asset, the
in the statement of profit and loss within other Company evaluates whether it has transferred
gains or losses in the period in which it arises. substantially all the risks and rewards of the
ownership of the financial assets. In such cases, the
100
Notes
financial asset is derecognised. Where the entity increase in credit risk since initial recognition, then
has not transferred substantially all the risks and the Company reverts to recognising impairment
rewards of the ownership of the financial assets, loss allowance based on 12-months ECL.
the financial asset is not derecognised.
Where the Company has neither transferred a Initial recognition and measurement
financial asset nor retains substantially all risks and Financial liabilities are classified at initial
rewards of ownership of the financial asset, the recognition as financial liabilities at fair value
financial asset is derecognised if the Company has through profit or loss, loans and borrowings, and
not retained control of the financial asset. Where the payables, net of directly attributable transaction
Company retains control of the financial asset, the costs. The Company financial liabilities include
asset is continued to be recognised to the extent of loans and borrowings including trade payables,
continuing involvement in the financial asset. trade deposits, retention money and liability
towards services, sales incentive, other payables
Impairment of financial assets and derivative financial instruments.
In accordance with Ind AS 109, the Company
applies expected credit losses (ECL) model for The measurement of financial liabilities depends
measurement and recognition of impairment on their classification, as described below:
loss on the following financial asset and credit
risk exposure: Trade Payables
These amounts represents liabilities for goods and
yy Financial assets measured at amortised cost;
services provided to the Company prior to the end
yy Financial assets measured at fair value through of financial year which are unpaid. The amounts
other comprehensive income (FVTOCI); are unsecured and are usually paid within 30 to
180 days of recognition. Trade and other payables
The Company follows ‘simplified approach‘ for
are presented as current liabilities unless payment
recognition of impairment loss allowance on:
is not due within 12 months after the reporting
yy Trade receivables or contract period. They are recognised initially at fair value
revenue receivables; and subsequently measured at amortised cost
using EIR method.
yy All lease receivables resulting from the
transactions within the scope of Ind AS 17.
Financial liabilities at fair value through profit or
Under the simplified approach, the Company does loss
not track changes in credit risk. Rather, it recognises Financial liabilities at fair value through profit or
impairment loss allowance based on lifetime loss include financial liabilities held for trading
ECLs at each reporting date, right from its initial and financial liabilities designated upon initial
recognition. The Company uses a provision matrix recognition as at fair value through profit or loss.
to determine impairment loss allowance on the Financial liabilities are classified as held for trading
portfolio of trade receivables. The provision matrix if they are incurred for the purpose of repurchasing
is based on its historically observed default rates in the near term. This category also includes
over the expected life of trade receivable and is derivative financial instruments entered into by
adjusted for forward-looking estimates. At every the Company that are not designated as hedging
reporting date, the historical observed default rates instruments in hedge relationships as defined by
are updated and changes in the forward-looking Ind AS 109. Separated embedded derivatives are
estimates are analysed. also classified as held for trading unless they are
designated as effective hedging instruments.
For recognition of impairment loss on other financial
assets and risk exposure, the Company determines The Company has not designated any financial
whether there has been a significant increase in the liability as at fair value through profit and loss.
credit risk since initial recognition. If credit risk has
not increased significantly, 12-month ECL is used to Reclassification of financial assets:
provide for impairment loss. However, if credit risk The Company determines classification of financial
has increased significantly, lifetime ECL is used. If, in assets and liabilities on initial recognition. After initial
subsequent period, credit quality of the instrument recognition, no reclassification is made for financial
improves such that there is no longer a significant assets which are equity instruments and financial
101
Notes
liabilities. For financial assets which are debt accruals of past or future cash receipts or payments.
instruments, a reclassification is made only if there is The cash flows from regular revenue generating,
a change in the business model for managing those financing and investing activities of the Company
assets. Changes to the business model are expected are segregated. Cash and cash equivalents in the
to be infrequent. The Company senior management cash flow comprise cash at bank, cash/cheques in
determines change in the business model as a result hand and short-term investments with an original
of external or internal changes which are significant maturity of three months or less.
to the Company operations. Such changes are
evident to external parties. A change in the business x) Current/Non-Current classification
model occurs when the Company either begins or The Company presents assets and liabilities in
ceases to perform an activity that is significant to the balance sheet based on current/non- current
its operations. If the Company reclassifies financial classification. An asset is treated as current when it is:
assets, it applies the reclassification prospectively
yy Expected to be realised or intended to be sold
from the reclassification date which is the first day
or consumed in normal operating cycle;
of the immediately next reporting period following
the change in business model. The Company does yy Held primarily for the purpose of trading;
not restate any previously recognised gains, losses
yy Expected to be realised within twelve months
(including impairment gains or losses) or interest.
after the reporting period, or
u) Cash and cash equivalents yy Cash or cash equivalent unless restricted

Cash and cash equivalent in the balance sheet from being exchanged or used to settle a
comprise cash at banks and on hand and short-term liability for at least twelve months after the
deposits with an original maturity of three months reporting period.
or less, which are subject to an insignificant risk of
All other assets are classified as non-current.
changes in value.
A liability is current when:
v) Segment Reporting Policies
yy It is expected to be settled in normal
As the Company business activity primarily
operating cycle;
falls within a single business and geographical
segment and the Executive Management yy It is held primarily for the purpose of trading;
Committee monitors the operating results of its
yy It is due to be settled within twelve months
business units not separately for the purpose of
after the reporting period; or
making decisions about resource allocation and
performance assessment. Segment performance is yy There is no unconditional right to defer the
evaluated based on profit or loss and is measured settlement of the liability for at least twelve
consistently with profit or loss in the Standalone months after the reporting period.
financial statements, thus there are no additional
The Company classifies all other liabilities
disclosures to be provided under Ind AS 108 –
as non-current.
‘Segment Reporting‘. The management considers
that the various goods and services provided by
Deferred tax assets and liabilities and advance
the Company constitutes single business segment,
against current tax are classified as non-current
since the risk and rewards from these services
assets and liabilities.
are not different from one another. The Company
operating businesses are organised and managed
The operating cycle is the time between
separately according to the nature of products and
the acquisition of assets for processing and
services provided, with each segment representing
their realisation in cash and cash equivalents.
a strategic business unit that offers different
The Company has identified twelve months as its
products and serves different markets. The analysis
operating cycle.
of geographical segments is based on geographical
location of the customers.
w) Cash Flow Statement

Cash flows are reported using indirect method,
whereby profit before tax is adjusted for the effects
transactions of a non-cash nature and any deferrals or
102
3. a) Property, Plant and Equipment
(` in lakhs)
Leasehold Plant and
Particulars Building Office Equipment Furniture Vehicles Total
Improvement Machinery
Gross carrying amount - 34,445.04 46,979.52 3,294.80 8,269.61 3,903.74 96,892.71 Notes
as at April 1, 2017:
Additions 5,161.88 1,385.94 7,027.49 228.59 625.07 154.20 14,583.17
Disposals/transfer - 2,240.77 799.31 330.14 152.26 537.73 4,060.21
Gross carrying amount 5,161.88 33,590.21 53,207.70 3,193.25 8,742.42 3,520.21 107,415.67
as at April 1, 2018:
Additions 351.47 3,761.56 9,283.83 219.21 1,263.90 1,237.92 16,117.89

Disposals/transfer - 1,233.48 2,022.27 34.60 485.50 500.83 4,276.68
Gross carrying amount 5,513.35 36,118.29 60,469.26 3,377.86 9,520.82 4,257.30 1,19,256.88
as at March 31, 2019 (A)
(` in lakhs)
Leasehold Plant and
Accumulated depreciation - 9,011.68 10,002.96 962.23 2,375.93 1,161.14 23,513.94

as at April 1, 2017
Depreciation charge for the year 35.79 5,404.55 6,035.89 687.72 1,404.97 764.18 14,333.10
Disposals - 2,240.79 600.33 326.66 126.45 341.50 3,635.73
Accumulated depreciation as at April 1, 2018 35.79 12,175.44 15,438.52 1,323.29 3,654.45 1,583.82 34,211.31
Disposals 0.21 1,208.15 1,795.56 29.18 427.97 392.56 3,853.63
Accumulated depreciation as at March 31, 2019 (B) 210.69 15,618.29 20,289.92 1,796.74 4,590.12 1,860.41 44,366.17
Net carrying amount (A) - (B)
As at March 31, 2019 5,302.66 20,500.00 40,179.34 1,581.12 4,930.70 2,396.89 74,890.71
As at March 31, 2018 5,126.09 21,414.77 37,769.18 1,869.96 5,087.97 1,936.39 73,204.36
Net Carrying Amount:

(` in lakhs)
‘As at ‘As at
Particulars
March 31, 2019‘ March 31, 2018‘
Plant, property and equipment 74,890.71 73,204.36
Capital work-in-progress* 1,444.46 1,093.09
*Also refer note: 35
103
Financial Statements
Notes
b) Investment Property
(` in lakhs)
Freehold land and
Particulars
buildings
Gross carrying amount as at April 1, 2017: 3.41
Additions (subsequent expenditure) -
Gross carrying amount as at April 1, 2018 3.41
Gross carrying amount as at March 31, 2019 3.41
Net carrying amount
As at March 31, 2019 3.41
As at March 31, 2018 3.41
c) Intangible Assets
(` in lakhs)
Intangible Asset
Intangible
Particulars Store Opening Fees Total
Software Asset under
and Territory Fees
Development
Gross carrying amount as at April 1, 2017 3,611.69 2,655.74 - 6,267.43
Additions 297.53 99.66 180.78 577.97
Disposals/transfer - - - -
Gross carrying amount as at April 1, 2018 3,909.22 2,755.40 180.78 6,845.40
Additions 733.85 546.12 49.56 1,329.53
Disposals/transfer - 67.39 180.78 248.17
Gross carrying amount as at March 31, 2019 (A) 4,643.07 3,234.13 49.56 7,926.76
Accumulated amortisation as at April 1, 2017 814.30 1,009.38 - 1,823.68
Amortisation for the year 699.90 554.75 - 1,254.65
Disposals - - - -
Accumulated amortisation as at April 1, 2018 1,514.20 1,564.13 - 3,078.33
Disposals - 67.45 - 67.45
Accumulated amortisation as at March 31, 2019 (B) 2,297.88 1,931.95 - 4,229.83
As at March 31, 2019 2,345.19 1,302.18 49.56 3,696.93
As at March 31, 2018 2,395.02 1,191.27 180.78 3,767.07

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Intangible assets 3,647.37 3,586.29
Intangible assets under development 49.56 180.78
d) Depreciation and Amortisation expense

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Depreciation on property, plant and equipment 14,008.49 14,333.10
Amortisation expense on intangible assets 1,218.95 1,254.65
Total 15,227.44 15,587.75
104
Notes
4. INVESTMENTS
(` in lakhs)
Non-current Current
Particulars As at As at As at As at
INVESTMENT IN SUBSIDIARY (UNQUOTED
EQUITY INSTRUMENTS)
(Valued at cost)
20,55,20,075 equity shares of LKR 10 each fully paid-up in Jubilant 9,209.09 8,217.06
FoodWorks Lanka (Pvt.) Ltd. (Previous year 18,19,86,950 equity shares of
LKR 10 each fully paid-up in Jubilant FoodWorks Lanka (Pvt.) Ltd.)
Less: Provision for diminution in the value of investment (Refer note 37) (793.00) -
8,416.09 8,217.06
51,00,000 equity share of BDT 10 each fully paid-up in Jubilant Golden 456.58 -
Harvest Ltd. (Previous year Nil equity shares)
INVESTMENTS IN MUTUAL FUNDS (UNQUOTED)
(Valued at fair value)
(i) DSP Liquidity Fund – Direct Plan – Growth
1,47,995.855 units (Previous Year NIL) of ` 2,673.3912 (Previous Year 3,956.51 -
` NIL) each in DSP Liquidity Fund-Direct Plan-Growth
(ii) Axis Liquid Fund – Direct Plan – Growth
3,40,323.601 units (Previous year NIL) of `2,073.5234 (Previous year 7,056.69 -
` NIL) each in Axis Liquid Fund-Direct Plan-Growth
(iii) HDFC Floating Rate Debt Fund – Wholesale Option – Direct Plan
– Dividend Reinvestment (formerly known as HDFC Floating
Rate Income Fund – Short-Term Plan – Wholesale Option –
Direct Plan – Dividend Reinvestment)
NIL Units (Previous year 6,78,42,931.695 Units) of `NIL (Previous - 6,836.83
year ` 10.0809) each in HDFC Floating Rate Debt Fund – Wholesale
Option – Direct Plan – Dividend Reinvestment.
(iv) Aditya Birla Sun Life Money Manager – Direct Plan – Growth
20,63,845.162 units (Previous year NIL) of `251.70 (Previous year 5,194.70 -
` NIL) each in Aditya Birla Sun Life Money Manager – Direct Plan –
Growth
(v) Aditya Birla Sun Life Saving Fund – Daily Dividend -Direct
Plan - Reinvestment
NIL Units (Previous year 77,71,472.616) of `NIL (Previous year - 7,786.15
`100.1888) each In Aditya Birla Sunlife Saving Fund – Daily
Dividend – Direct Plan – Reinvestment
(vi) IDFC Corporate Bond Fund – Direct Plan – Growth
1,45,54,980.912 units (Previous year NIL) of `12.8604 1,871.83 -
(Previous year ` NIL) each in IDFC Corporate Bond Fund – Direct
Plan – Growth
(vii) ICICI Prudential Savings Fund – Direct Plan – Daily
Dividend – Dividend Reinvestment (formerly known as ICICI
Prudential Flexible Income – Direct Plan – Daily Dividend –
Dividend Reinvestment)
NIL Units (Previous year 7,60,09,74.467) of `NIL (Previous year - 8,041.44
`105.7949) each in ICICI Prudential Savings Fund – Direct Plan –
Daily Dividend-Dividend Reinvestment
(viii) Kotak Savings Fund – Direct Plan – Daily Dividend (formerly
known as Kotak Treasuary Advantage Fund – Direct Plan –
Daily Dividend)
NIL Units (Previous year 3,61,66,180.224) of `NIL (Previous year - 3,645.73
`10.0805) each In Kotak Savings Fund – Direct Plan – Daily Dividend
TOTAL 8,872.67 8,217.06 18,079.73 26,310.15
Aggregate amount of investments designated at Fair value through - - 18,079.73 26,310.15
profit and loss (FVTPL)
Aggregate amount of market value of investments - - 18,079.73 26,310.15
105
Notes
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
5. LOAN
Loan to JFL Employees Welfare Trust (Refer note 33)
- Unsecured considered good - 1,693.35
TOTAL - 1,693.35
6. OTHER FINANCIAL ASSETS

Security Deposits - Unsecured considered good 9,414.27 6,366.74
Bank deposits with remaining maturity of more than 12 months 94.01 766.70
[Fixed deposits aggregating to ` 94.01 Lakhs (Previous year ` 766.70 Lakhs) are pledged with government
authorities]
TOTAL 9,508.28 7,133.44
7. ASSETS FOR CURRENT TAX

Advance tax (net of provision for tax) (Also refer note 16) 1,472.60 1,213.56
TOTAL 1,472.60 1,213.56
8. OTHER NON-CURRENT ASSETS

(Unsecured, considered good unless stated otherwise)
Capital advances
- Considered good 858.77 593.02
- Considered doubtful 49.53 49.53
908.30 642.55
Less: Provision for doubtful capital advance (49.53) (49.53)
858.77 593.02
Balances with statutory/government authorities 2,937.31 307.92
Leasehold land prepayment (refer note 38) 3,187.79 3,225.54
Prepaid rent 3,868.47 6,211.56
TOTAL 10,852.34 10,338.04
9. INVENTORIES*
(valued at lower of cost and net realisable value)
Traded goods {including material in transit ` 7.29 Lakhs (Previous year ` 17.39 Lakhs)} 350.65 499.03
Raw materials {including raw material in transit `367.39 Lakhs (Previous year ` 128.21 Lakhs)} 4,819.92 4,363.46
Stores, spares and packing materials 1,959.77 1,278.22
Material in process 184.57 117.91
TOTAL 7,314.91 6,258.62
* The cost of inventories recognised as an expense during the year was ` 1,01,519.20 Lakhs (Previous year: ` 85,883.18 Lakhs)
10. TRADE RECEIVABLES

Receivables – unsecured, considered good 3,238.64 1,458.01
Receivables which have significant increase in credit risk 29.84 50.24
Receivables – credit impaired 74.80 -
3,343.28 1,508.25
Less: Provision for expected credit loss (74.80) -
TOTAL 3,268.48 1,508.25
106
Notes
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
11. CASH AND BANK BALANCES (includes fixed deposits)
A. Cash and cash equivalents
Cash in hand 1,640.59 1,221.75
Cheques in hand 5.78 1.63
Balances with scheduled banks in:
- Current accounts* 837.61 1,579.43
- Deposits with original maturity of less than 3 months - 5,050.00
Total Cash and cash equivalent (A) 2,483.98 7,852.81
* Includes ` 2.06 Lakhs (Previous year ` 0.94 Lakhs)
Unpaid Dividend account and is restrictive in nature.
B. Bank balances other than cash and cash equivalents
Bank balances held as margin money 1.32 -
Fixed deposits with original maturity of more than 3 months 46,420.33 5,000.00
Bank balances other than cash and cash equivalents (B) 46,421.65 5,000.00
TOTAL (A+ B) 48,905.63 12,852.81

Interest accrued but not due 209.80 84.37
Advance recoverable from suppliers 290.04 -
TOTAL 499.84 84.37
13. OTHER CURRENT ASSETS

Advances recoverable in kind:
- Unsecured considered good, 1,722.94 1,914.80
- Unsecured considered doubtful 221.82 221.82
1,944.76 2,136.62
Less: Provision for doubtful advances (221.82) (221.82)
1,722.94 1,914.80
Goods and service tax (GST) receivable 145.91 438.03
Insurance claim recoverable 30.90 13.62
Leasehold land prepayment (Refer note 38) 37.74 37.74
Pre-paid rent 634.49 712.65
TOTAL 2,571.98 3,116.84
14. SHARE CAPITAL

Authorised Shares
15,00,00,000 (Previous year 8,00,00,000) equity shares of ` 10 each 15,000.00 8,000.00
Issued, subscribed and fully paid-up shares
13,19,69,040 (Previous year 6,59,84,520) equity shares of ` 10 each fully paid-up 13,196.90 6,598.45
TOTAL 13,196.90 6,598.45
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
(` in lakhs)
As at March 31, 2019 As at March 31, 2018
Particulars
No. of shares Amount No. of shares Amount
As at beginning of the year 65,984,520 6,598.45 65,949,070 6,594.91
Add: Issued during the year - ESOP - - 35,450 3.54
Add: Issued during the year - Bonus 65,984,520 6,598.45 - -
Outstanding at the end of the year 131,969,040 13,196.90 65,984,520 6,598.45
107
Notes
(b) Terms/rights attached to equity shares

The Company has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one
vote per share. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of
the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held
by the shareholders. (Also refer note 43).
(c) Shares held by holding/ultimate holding Company and/or their subsidiaries/associates

No shares are held by the subsidiary of the Company. The Company does not have holding, ultimate holding Company and associates.
(d) Details of shareholders holding more than 5% shares in the Company

Particulars
No. of Shares % age No. of Shares % age
Equity shares of ` 10 each fully paid-up
Jubilant Consumer Pvt. Ltd. 55,346,483 41.94% 29,652,777 44.94%
(e) Shares reserved for issue under options

For details of shares reserved for issue under the Employee Stock Option (ESOP) scheme of the Company, refer note 32.‘
(f) Increase in Authorised Share Capital and paid-up Share capital

Pursuant to the recommendation of the Board of Directors at its Meeting held on May 8, 2018 and approval of the Members of the
Company through a Postal Ballot, Company has allotted 65,984,520 Equity Shares of ` 10 each as fully paid-up Bonus Shares in the
ratio of one Bonus share for every one existing share of the Company held by the shareholders as on the Record Date i.e. June 23,
2018. The above said bonus shares were issued by capitalisation of a part of the Securities Premium. Consequently, the authorised
share capital of the Company increased to ` 1,500,000,000 divided into 150,000,000 Equity Shares of ` 10 each and paid-up Equity
Share Capital of the Company increased to ` 1,319,690,400 divided into 131,969,040 Equity Shares of ` 10 each, fully paid-up.
15. (i) OTHER EQUITY

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
a) Securities Premium
Balance at the beginning of financial year 11,371.21 11,180.03
Add: Premium on issue of equity shares - 191.18
Less: Issue of Bonus shares (Refer note 14 (f )) 6,598.45 -
Balance at the end of financial year 4,772.76 11,371.21
b) Share Based Payments (Also refer note 32)
Balance at the beginning of financial year 393.89 1,198.01
Add: Compensation options granted during the year/Changes during the year 177.63 135.65
Less: Transfer to retained earnings (Exercise/Lapsed of share options) 127.63 939.77
Balance at the end of financial year 443.89 393.89
c) Retained Earnings
Add: Profit for the year 32,280.48 20,640.48
Add: Exercise/Lapsed of share options 127.63 939.77
Less: Dividend Paid (Note 43) 3,299.23 1,649.55
Less: Dividend distribution tax (Note 43) 678.17 335.81
d) Other Comprehensive Income
Balance at the beginning of financial year 231.91 45.16
Add: Remeasurement of defined benefit obligations during the year (499.67) 186.75
Balance at the end of financial year (267.76) 231.91
Total other Equity (a+b+c+d) 119,174.81 97,792.22
108
Notes
(ii) The description of the nature and purpose of each reserves within equity is as follows:
Securities Premium:
S ecurities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions
of the Companies Act, 2013.
Share-based payments reserve:

The Share-based payments reserve is used to recognise the grant date fair value of options issued to employees under
employees stock options scheme.
Retained Earnings:
Retained Earnings represents the undistributed profits of the Company.
Remeasurement of defined benefit obligations:

The Company transfers acturial gain/(loss) arising at the time of valuation of defined benefit obligations.
16. INCOME TAX

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current tax 17,472.43 12,214.47
Deferred tax (credit) (305.33) (1,531.11)
Income tax expense reported in the statement of profit and loss 17,167.10 10,683.36
A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before
income taxes is summarised below:
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Profit before tax 49,447.58 31,323.84
Accounting profit before income tax 49,447.58 31,323.84
Enacted tax rates in India 34.94% 34.61%
Income tax expense calculated @ 34.944% (PY 34.608%) 17,278.96 10,840.55
Adjustments in respect of current income tax of previous years:
Dividend income (202.55) (329.11)
Expense incurred on exempted Income (Section 14A read with rule 8D) 43.29 72.81
Effect of non-deductible expenses 164.39 83.60
Deduction u/s 80G (29.40) -
Tax relating to earlier years 21.66 53.16
Deduction u/s 80JJAA (406.88) (122.62)
Impairment of Investment in Subsidiary 277.11
Impact of change in future tax rate - 51.92
Others 20.52 33.05
At the effective income tax rate of 34.72 % (March 31, 2018: 34.11%) 17,167.10 10,683.36
The following table provides the details of income tax assets and income tax liablities as on March 31, 2019 and March 31, 2018.
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Assets for current tax 55,461.28 37,729.81
Provision for current tax liabilities (53,988.68) (36,516.25)
Assets for current tax (net) 1,472.60 1,213.56
109
Notes
The gross movement in the current income tax assets/(liability) for the year ended March 31, 2019 and March 31, 2018 are as follows:
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Assets for current tax (net) at the beginning 1,213.56 810.62
Provision for income tax paid during the year 17,731.47 12,617.41
Current tax expense (17,472.43) (12,214.47)
Net current income tax asset/(liability) at the end* 1,472.60 1,213.56
*Note: Includes ` 300 Lakhs paid against filing appeal at CIT(A) for AY 2012-13 and 2013-14.
Deferred tax
(` in lakhs)
Balance Sheet Statement of profit and loss
Particulars As at As at Year ended Year ended
Deferred tax Asset / (Liability)
A. Tax effect of items constituting deferred tax liability
On difference between book balance and tax balance of Property, (6,990.30) (7,296.44) 306.14 1,584.98
Plant and Equipment and other intangibles assets
Financial asset carried at market value through P&L (192.29) - (192.29) -
Total deferred tax liability TOTAL (A) (7,182.59) (7,296.44) 113.85 1,584.98
B. Tax effect of items constituting deferred tax asset
Expenditure allowed on actual payment basis 733.05 1,026.25 (293.20) 55.58
Provision for compensated absences 855.13 490.54 364.59 (210.90)
Provision for doubtful debts 180.52 154.39 26.13 1.49
Impact of security deposits 209.90 178.01 31.89 52.56
Share based payment expense 109.47 47.40 62.07 47.40
Tax on remeasurement of defined benefit obligations 169.85 (98.54) - * -
Total deferred tax assets TOTAL (B) 2,257.92 1,798.05 191.48 (53.87)
Deferred tax assets/(liabilities) (net) TOTAL (A-B) (4,924.67) (5,498.39) 305.33 1,531.11
* Tax on remeasurement of defined obligation amounting to ` (-) 268.39 Lakhs recognised in other comprehensive income.
Amounts on which deferred tax asset has not been created:

In absence of reasonable certainty that future taxable profit will be available against which the long-term capital loss and the loss on
account of diminution in the value of investment will be set-off, the Company has not recognised deferred tax asset to the extent of
` 368.38 Lakhs as on March 31, 2019 (Previous year ` 185.04 Lakhs).
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
A. Amounts on which deferred tax asset has not been created
Long-term capital loss 788.31 794.32
Provision for diminution in the value of investment in subsidiary 793.00 -
TOTAL (A) 1,581.31 794.32
B. Tax effect of amounts on which deferred tax asset has not been created
Provision for diminution in the value of investment in subsidiary 184.74 -
TOTAL (B) 368.38 185.04

110
Notes
17. FINANCIAL LIABILITIES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Security deposits 50.00 50.00
TOTAL 50.00 50.00
18. TRADE PAYABLES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Sundry creditors for goods and services
- Total outstanding dues of micro enterprises and small enterprises (Refer note 36) 421.42 109.75
- Total outstanding dues of creditors other than micro enterprises and small enterprises 41,235.83 38,572.95
TOTAL 41,657.25 38,682.70
19. OTHERS PAYABLES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Retention money payable 326.37 580.86
Security deposit 70.46 26.58
TOTAL 396.83 607.44
Terms and conditions of the above financial liabilities:

- Trade payables are non-interest bearing and are normally settled on 30-60-day terms
- Other payables are non-interest bearing and have an average term of six months
For explanations on the Company credit risk management processes, refer to Note 48.
20. OTHER FINANCIAL LIABILITIES (AT AMORTISED COST)

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Payables in respect of capital goods 4,379.41 2,449.11
Book overdraft - 192.99
Unpaid dividend 2.06 0.94
Gratuity (Refer Note 34) 565.23 221.68
TOTAL 4,946.70 2,864.72
21. SHORT-TERM PROVISIONS

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Provision for employee benefits compensated absences 2,447.15 1,403.78
TOTAL 2,447.15 1,403.78
22. OTHER CURRENT LIABILITIES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Unearned income 1,390.81 459.41
Statutory dues 3,196.85 2,837.31
TOTAL 4,587.66 3,296.72
111
Notes
23. REVENUE FROM OPERATIONS

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Sale of products:
Manufactured goods 327,137.24 271,744.11
Traded goods 25,342.20 26,234.01
Other operating income:
Sub-franchisee Income 100.34 65.94
Other Operating Income 487.16 -
Revenue from operation 353,066.94 298,044.06
Details of products sold:

Manufactured goods sold
Pizza 273,676.85 233,431.42
Others 53,460.39 38,312.69
Total 327,137.24 271,744.11
Traded goods sold
Beverages 13,643.61 12,717.43
Dessert 6,498.15 9,535.42
Dips 3,467.68 3,050.27
Others 1,732.76 930.89
Total 25,342.20 26,234.01
24. OTHER INCOME

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Interest income on:
- Bank deposits 1,988.10 112.02
- Security deposit income As per IND AS 109 549.97 565.68
Gain on mark to market of current investments (net) designated at FVTPL# 1,344.63 -
Liability no longer required written back 11.60 521.38
Dividend income from current investments- other than trade 579.63 950.96
Miscellaneous income 217.51 122.35
TOTAL 4,691.44 2,272.39
# includes profit on sale of current investments
25. COST OF RAW MATERIALS CONSUMED

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Inventory at the beginning of the year 4,363.46 4,285.91
Add: Purchases during the year 78,973.27 66,095.09
83,336.73 70,381.00
Less: Inventory at the end of the year {including Raw material in transit `367.39 Lakhs (Previous year ` 128.21 Lakhs)} (4,819.92) (4,363.46)
Cost of raw materials consumed 78,516.81 66,017.54
Details of raw materials consumed
Cheese 31,127.30 27,010.06
Others 47,389.51 39,007.48
TOTAL 78,516.81 66,017.54
Details of Inventory
Cheese 2,210.45 1,757.69
Others 2,609.47 2,605.77
TOTAL 4,819.92 4,363.46
112
Notes
(` in lakhs)
26. Particulars
March 31, 2019 March 31, 2018
A. Details of purchase of traded goods
Prepackaged beverages 6,431.58 6,435.84
Dessert 1,516.53 1,921.78
Dips 1,042.91 913.63
Total 8,991.02 9,271.25
B. Changes in inventories of Raw material-in-progress and traded goods
Opening Stock
- Raw material-in-progress 117.91 61.34
- Traded goods 499.03 409.51
Total (A) 616.94 470.85
Less: Closing stock
Closing stock - Raw material-in-progress (184.57) (117.91)
Closing stock - Traded goods (350.65) (499.03)
Total (B) (535.22) (616.94)
(INCREASE)/ DECREASE IN INVENTORIES TOTAL (A-B) 81.72 (146.09)
Details of (increase)/decrease in inventories
Traded goods:
Beverages 42.96 (50.63)
Dessert 96.01 (2.27)
Dips 9.41 (36.62)
Total (A) 148.38 (89.52)
Raw material-in-process - Dough Total (B) (66.66) (56.57)
(INCREASE)/ DECREASE IN INVENTORIES (A+B) 81.72 (146.09)
Details of inventory at the end of the year
Traded goods:
Beverages 228.80 271.76
Dessert Including Raw material-in-transit `7.29 Lakhs (Previous year ` 17.39 Lakhs) 46.94 142.95
Dips 74.91 84.32
TOTAL 350.65 499.03
Raw material-in-process:
Dough 184.57 117.91
TOTAL 184.57 117.91
27. EMPLOYEE BENEFIT EXPENSES

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Salaries, allowances, gratuity and bonus (Also refer notes 34 and 35) 60,164.65 54,164.64
Contribution to provident and other funds 4,478.06 3,692.33
Share based payment expense 177.63 135.65
Staff welfare expenses 2,427.21 2,417.92
TOTAL 67,247.55 60,410.54
28. OTHER EXPENSES

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Stores and spares consumed 2,209.78 1,633.89
Packing materials consumed 11,719.87 9,106.59
Power and fuel (Refer note 35) 16,565.70 15,662.06
Repairs - plant and machinery 4,466.55 3,745.79
Repairs - others 4,549.57 4,019.28
Rates and taxes (Refer note 35) 405.48 597.58
Insurance 218.38 258.35
Travelling and conveyance 1,680.70 1,374.22
Freight and forwarding charges 10,629.08 8,492.33
Communication costs 3,359.47 2,758.52
Legal and professional charges (Refer note b below) 4,536.33 3,522.61
Director's sitting fees and commission 171.99 123.73
Franchisee fee 12,422.75 9,873.08
113
Notes
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Advertisement and publicity expenses (Refer note a below) 17,088.28 14,276.62
House Keeping and Security Expenses 3,665.47 3,095.95
Sundry balances written-off 9.12 9.65
Provision for doubtful debts and advances 74.80 -
Corporate social responsibility expense (Refer note d) 380.19 284.00
Loss on disposal of Property, Plant and Equipment 280.00 156.69
Donation (Refer note e) 350.00 -
Miscellaneous expenses (Refer note 35) 8,563.00 7,291.32
TOTAL 103,346.51 86,282.26
Notes:
a) Advertisement and Publicity expenses are net of amount received from business partner ` 749.13 Lakhs (Previous year ` 716.03 Lakhs).
b) Includes payment to auditors as below:
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
As Auditor: #
Audit fees 43.07 27.70
Tax audit fees 5.31 7.00
Limited review 28.32 34.24
In other capacity:
Other services (certification fees) 9.74 -
Reimbursement of expenses 6.05 6.10
TOTAL 92.49 75.04
# (Inclusive of Goods and Services tax/Service tax on entire fee, net of credit)
c) The stores and office premises are obtained on operating leases. The lease term is generally for 1-28 years and the same are generally
renewable at the option of the lessee. There are no subleases and the leases are generally cancellable in nature. The aggregate lease
rentals are charged as rent in Statement in Profit and Loss.
d) Details of Corporate social responsibility expenditure

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
a) Gross amount required to be spent during the year 379.16 284.00
b) Detail of amount spent in Corporate Social Responsibility
(i) Construction/acquisition of any asset
- In Cash - -
- Yet to be paid in Cash - -
(ii) On purposes other than (i) above
- In Cash 379.93 255.26
- Yet to be paid in Cash 0.26 28.74
TOTAL 380.19 284.00
e) Information in respect of Political contribution

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Donation to Prudent Electoral Trust 300.00 -
114
Notes
29. EARNING PER SHARE (EPS)

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Profit for basic and diluted earnings per share of ` 10 each: (` Lakhs) 32,280.48 20,640.48
Weighted average number of equity shares used in computing earnings per share
For basic earnings per share: Nos.* 131,969,040 131,959,704
For diluted earnings per share:
No. of shares for basic earnings per share* 131,969,040 131,959,704
Add: weighted average outstanding options related to employee stock options. - -
No. of shares for diluted earnings per share: Nos. 131,969,040 131,959,704
Basic EPS (in `) 24.46 15.64
Diluted EPS (in `) 24.46 15.64
* Number of shares for year ended March 31, 2018 have been adjusted for bonus shares issued during current year.
30. COMPONENTS OF OTHER COMPREHENSIVE INCOME (OCI)

(` in lakhs)
Retained Earnings
Particulars Year ended Year ended
March 31, 2019 March 31, 2018
Items that will not be reclassified to profit or (loss)
Remeasurement of defined benefit obligations (768.06) 285.29
Income tax relating to items that will not be reclassified to profit or (loss) 268.39 (98.54)
TOTAL (499.67) 186.75
31. CONTINGENT LIABILITY AND OTHER COMMITMENTS

a) Contingent Liability Not Provided For:
(` in lakhs)
Sr. No. Particulars March 31, 2019 March 31, 2018
1 Claims not acknowledged as debt:
- Income tax matters* (Refer Note (a)) - 1,420.97
- Sales tax/ Value added tax/ GST matters (Refer Note (b)) 4,870.00 284.46
2 - Others 103.45 74.00
* Excluding interest of ` 2,111.20 Lakhs (Previous year ` 1,674.56 Lakhs), wherever specified in the order.
Note:
(a) (i) Previous year ` 1,420.97 Lakhs related to Transfer Pricing matter in which Transfer Pricing Officer (TPO) has passed
unfavourable order on account of franchisee fee pertaining to the Assessment Year 2012-13 and 2013-14 against
which the Company has filed appeal before CIT (A) against the order of the TPO. Further, during the Current year, the
Company has received a favourable order from CIT (A) for the AY 2012-13 and AY 2013-14.
(ii) The Company has received a demand of ` 4,720.03 Lakhs (excluding interest) in relation to expenditure on leasehold
improvement considered as revenue expenditure for computing income tax, for Assessment Years 2012-13, 2013-14,
2014-15, 2016-17. During the current year, the Company has received favourable order from CIT (A) for the Assessment
Years 2012-13 and 2013-14. However the Department has preferred appeal before the Income Tax Appellate Tribunal
(ITAT). The Company is of the view that the above said demand will not have any impact in the Statement of Profit
and Loss as the Company has created deferred tax liability on the same, excluding interest of ` 2,111.20 Lakhs which
has been considered as contingent liability.
115
Notes
(b) (i) Includes demand of ` Nil Lakhs (Previous year ` 137.11 Lakhs) related to surcharge on value added tax (VAT) in the
matter of classification of Company's business under 'Single Commodity Chain' under Kerala VAT Taxes Act, 1957
against which the Company has received favourable order from high court (Single Bench). However, the department
has preferred an appeal at higher level.
(ii) Includes VAT demand of ` 89.19 Lakhs (Previous year ` 89.19 Lakhs) on franchisee fee for right to use ‘Domino's‘
brand name under Master Franchisee Agreement. However, the Company has paid service tax on franchisee fee since
there is no sale of goods involved rather there is purchase of services.
(iii) Includes demand of ` 579.67 Lakhs (Previous year ` Nil) for the year 2013-14 to 2017-18 & April-June-17 relating
to VAT on service tax component charged from customers at the restaurant wherein question of VAT on service tax
was raised by the Assistant Commissioner, Deprartment of Commercial taxes. The Company is of the view that the
demand is not tenable as VAT and Service tax are mutually exclusive and can not be levied on same value.
(iv)
GST rate on restaurant services was reduced from 18% to 5% subject to the condition that input tax
credit on input services/ goods will not be allowed w.e.f. November 15, 2017 resulting in loss of input
tax credit for the restaurant companies. The Company reduced the GST rate from 18% to 5% w.e.f.
November 15, 2017 and increased menu prices of various SKUs to recoup the loss of input tax credit in such
a manner that at overall level the loss of input credit was higher than the price increase resulting a net loss to
the Company at entity level. Based on customer complaint an Anti-Profiteering investigation was conducted
by Director General Anti Profiteering (DG). The DG extended the scope of investigation to all products
of the Company and submitted its report to National Anti Profiteering Authority (NAA) on July 16, 2018.
The National Anti-Profiteering Authority vide its Final Order dated January 31, 2019 determined the profiteering
amount of ` 4,142.98 Lakhs by the Company for the period November 15, 2017 to May 31, 2018 and also directed
the Company to reduce its price by way of commensurate reduction, keeping in view the reduced rate of tax and
the benefit of ITC denied, directed the DG to conduct further investigation to ascertain whether the Company
has subsequently passed on the benefit of tax reduction to its customers and directed issuance of a Show Cause
Notice on the Company for imposition of penalty. The said Show Cause Notice was issued on February 4, 2019.
The Company filled a writ petition in Hon’ble Delhi High court challenging the order of the NAA and initiation
of penalty proceeding on February 25, 2019. Delhi High Court in an Interim Order passed on March 13, 2019
stayed the NAA order and the Penalty proceeding against the Company subject to deposit of ` 2,000 Lakhs in
Central Consumer Welfare Fund (CWF) within 4 weeks from the date of the order. The Company has deposited
` 2,000 Lakhs with CWF on March 29, 2019 in compliance with the stay order of Hon’ble Delhi High Court.
The Company is of the view, based upon legal expert opinion and other legal and commercial grounds presented
in the writ petition, the demand is not tenable as the Company has incurred losses at the entity level and thus the
said liability on account of Anti Profiteering has not been provided in the books of account as of March 31, 2019.
(c) Based upon the legal opinion by the management, there are various interpretation issues and thus the Company is in
the process of evaluating the impact of the recent Supreme Court Judgement in the case of ‘Vivekananda Vidyamandir
vs Regional Provident Fund Commissioner (II)‘, West Bengal in relation to non-exclusion of certain allowances from the
definition of ‘basis wages‘ of the relevant employees for the purpose of determining contribution to provident fund under
the Employees Provident Fund & Miscellaneous Provisions Act, 1952.
b) Capital and other Commitments

a) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for
` 3,601.47 Lakhs (Previous year ` 1,912.57 Lakhs).
b) The Company has entered Master Franchisee agreement with Domino's Pizza International Franchising Inc. and Dunkin
Donuts Franchising LLC based on such agreement the Company is having commitment to open specified number of
stores/ restaurants under respective franchisee agreements from time to time. The amount of such commitment is
not quantifiable.
116
Notes
32. EMPLOYEE STOCK OPTION PLAN

For the financial year ended March 31, 2019, the following schemes were in operation:
a) JFL Employees Stock Option Scheme, 2011 (ESOP 2011); and
b) JFL Employees Stock Option Scheme, 2016 (ESOP 2016)
ESOP 2011* ESOP 2016
Particulars
Date of grant Number of options granted Date of grant Number of options granted
Grant-I October 5, 2011 232,500 December 30, 2016 14,528
Grant-II December 14, 2012 202,050 April 19, 2017 14,360
Grant-III November 11, 2013 278,500 July 17, 2017 1,820
Grant-IV December 8, 2014 167,300 January 19, 2018 4,767
Grant-V December 30, 2016 10,272 N.A.
Grant-VI April 19, 2017 32,370 N.A.
Grant-VII January 19, 2018 1,562 N.A.
Grant-VIII April 10, 2018 4,601 April 10, 2018 1,928
Grant-IX July 25, 2018 3,678 July 25, 2018 4,075
Grant-X N.A. January 30, 2019 5,659
Grant-XI March 3, 2019 18,251 March 3, 2019 6,715
Date of Board Approval of the July 12, 2011 September 19, 2016
relevant scheme
Date of Shareholder’s approval of August 20, 2011 November 2, 2016
the relevant scheme
Date of Last Modification September 3, 2015 N.A.
Method of Settlement (Cash/ Equity Equity
Equity)
Vesting Period From the grant date: As determined by Nomination, Remuneration &
-20% at the end of first year Compensation Committee subject to minimum of 1 year
-30% at the end of second year and maximum of 5 years from the grant date.
-50% at the end of third year
Exercise Period 7 years from first vesting date As determined by Nomination, Remuneration &
Compensation Committee subject to minimum of 1 year
and maximum of 5 years from the grant date.
Exercise Price The options are granted to eligible employees at the Exercise price shall be determined by NRC and specified in
latest available closing price of the shares of the Company, Grant Letter but it shall not be less than the face value of
prior to the grant date, at the NSE or BSE (whichever shares of the Company.
stock exchange is having the highest trading volume
of the shares).
Vesting Conditions # @
# Vesting of options is a function of achievement of performance criteria or any other criteria as specified by the Nomination, Remuneration and Compensation Committee and
communicated in the grant letter. Further, the vesting takes place on staggered basis over the respective vesting period.
@ Vesting of options is a function of achievement of performance criteria or any other criteria as specified by the Nomination, Remuneration and Compensation Committee and
communicated in the grant letter.
*During the financial year 2015-16, ESOP 2011 was modified to align the provisions of the Scheme with SEBI (Share Based Employee Benefits) Regulations, 2014 including but
not limited to facilitating secondary acquisition of shares or acquisition by way of gift in accordance with applicable laws.

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Expense arising from equity-settled share-based payment transactions (Refer note 27) 177.63 135.65
Total expense arising from share-based payment transactions recognised in Statement of Profit and Loss 177.63 135.65
117
Notes
The details of activity under the ESOP Plans have been summarised below:
ESOP 2011 ESOP 2016

Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2019 Year ended March 31, 2018
Weighted Weighted Weighted Weighted
Particulars
Number of Average Number of Average Number of Average Number of Average
options Exercise Price options Exercise Price options Exercise Price options Exercise Price
(`) (`) (`) (`)
Outstanding at the beginning of 1,21,676 1,196.46 4,72,309 1,240.11 27,092 10.00 14,528 10.00
the year
Granted during the year 26,530 1,503.30 33,932 1,052.04 18,377 10.00 20,947 10.00
Forfeited during the year ^ 2,028 1,084.05 204,934 1,305.33 4,285 10.00 8,383 10.00
Exercised during the year 37,513 1,248.40 179,631 1,159.75 - - - -
Expired during the year - - - - - - - -
Outstanding at the end of the 108,665* 1,255.55 121,676 1,196.46 41184* 10.00 27,092 10.00
year
Exercisable at the end of the year 54,989 1,236.47 87,744 1,252.32 - - - -
Remaining Contractual Life (in 0.5-8 1.5-8 2-4 3-4
years)
^ Forfeited options include vested options not exercised within the stipulated time prescribed under the respective ESOP schemes, vested/unvested options forfeited in
accordance with terms prescribed under the respective ESOP Schemes.
*Additionally, the employees holding 86,736 stock options under ESOP 2011 and 24,735 stock options under ESOP 2016 are entitled to bonus shares in the ratio of 1:1 upon
exercise of these options.
During the year the weighted average market price of the Company's share was ` 1,305.11 (Previous year ` 1,479.42)
Fair value of options granted

The weighted average fair value of stock options granted during the year pertaining to ESOP 2011 scheme is `516.53 (previous year
` 367.89) and for ESOP 2016 is `1,393.48 (previous year ` 1,212.11). The fair value at grant date is determined using the Black-Scholes
model which takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the
underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The following tables list the inputs
used for fair valuation of options for the ESOP plans:
For options granted during the year For options granted during the year
Particulars ended March 31, 2019 ended March 31, 2018
ESOP 2011 ESOP 2016 ESOP 2011 ESOP 2016
Dividend yield (%) 0.10 - 0.21% 0.10 - 0.21% 0.13 - 0.25% 0.13 - 0.25%
Expected volatility* (%) 34.30% - 37.00% 35.77% - 36.66% 33.78% - 38.87% 33.78% - 38.87%
Risk–free interest rate (%) 6.79% - 7.94% 7.16% - 7.41% 6.59% - 7.32% 6.96% - 7.41%
Expected life of share options* (years) 2-4 3.42-4.33 2-4 4.45-4.50
Share price at grant date (`) 1,195.75-2,453.15 1,195.75-2,453.15 1,008.15-1,943.35 1,008.15-1,943.35
*The expected life of the stock is based on historical data and current market expectations and is not necessarily indicative of exercise patterns that may occur. The expected
volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not necesssarily be the
actual outcome.
118
Notes
33. RELATED PARTY DISCLOSURE

i) The related parties as per the terms of Ind AS-24, ‘Related Party Disclosures‘, (specified under Section 133 of the Companies Act, 2013)
are disclosed below:-
(A) Names of related parties and description of relationship: Relationship

Jubilant FoodWorks Lanka (Pvt) Limited Related party where control exists. (A)
Jubilant Golden Harvest Limited
JFL Employees Welfare Trust #
(B) Names of other related parties with whom transactions have taken place during the year:
(i) Enterprises in which directors (ii) Post employment (iii) Key Management (iv) Non-Executive
are interested (B) benefit plan for the Personnel (D) Directors (D)
benefitted employees (C)
– Jubilant Consumer Pvt. Ltd. – Jubilant Foodworks Provident – Mr. Pratik R. Pota, CEO and – Mr. Shyam S. Bhartia
– Jubilant Life Sciences Limited Fund Trust Wholetime Director – Mr. Hari S. Bhartia
– HT Media Limited – Jubilant Foodworks – Mr. Prakash C. Bisht, CFO (w.e.f. – Mr. Vishal Marwaha
– The Hindustan Times Ltd. Gratuity Trust January 19, 2018)@ – Ms. Ramni Nirula
– Priority Vendor Technologies – Ms. Mona Aggarwal, Company (Resigned w.e.f.
Pvt. Ltd. Secretary@ March 30, 2019)
– Mr. Phiroz Vandrevala
– Jubilant Bhartia Foundation – Mr. Arun Seth
(Resigned w.e.f. Jan 31, 2019)
– Ms. Aashti Bhartia
– Mr. Vikram Singh Mehta
(w.e.f. Feb 01, 2019)
– Mr. Berjis Desai
– Mr. Shamit Bhartia
– Mr. Abhay Havaldar
(w.e.f. July 25, 2018)
– Mr. Ashwani Windlass
(w.e.f. July 25, 2018)
# JFL Employees Welfare Trust is not a related party as per the definition under IND AS 24. However, the same have been included voluntarily, following the best
corporate governance practices.
@ As per Section 203 of the Companies Act, 2013, definition of Key Managerial personnel includes Chief Financial Officer (CFO) and Company Secretary.
119
ii) Transactions with related parties
120
(` in lakhs)
Enterprise over which any
person described in (D) above or
their relative is able to exercise
Controlled entities Key Management Personnel & Notes
significant influence and Post Total
Particulars (A) Non-Executive Directors (D)
employee benefit plan for the
benefitted employees
(B) & (C)
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
A) Transactions
Investment in Equity Capital
- Jubilant FoodWorks Lanka (Pvt.) Limited 992.03 774.54 - - - - 992.03 774.54
- Jubilant Golden Harvest Limited 456.58 - - - - - 456.58 -
Export Sale of goods to
- Jubilant FoodWorks Lanka (Pvt.) Limited 141.19 - - - - - 141.19 -
Franchise Development and store opening fee (Sub-franchisee
income)
- Jubilant Golden Harvest Limited 425.16 - - - - 425.16 -
Royalty fee (Sub-franchisee income)
Reimbursement for expenses (Miscellaneous expenses)
Purchase of property, plant & equipment
- Jubilant FoodWorks Lanka (Pvt.) Limited 42.51 - - - - - 42.51 -
Sale of goods to
- Jubilant Consumer Pvt. Ltd. - - 1.07 - - - 1.07 -
Loan given to ESOP trust
- JFL Employees Welfare Trust - 3,592.86 - - - - - 3,592.86
Repayment of loan by ESOP trust
- JFL Employees Welfare Trust 1,693.35 1,899.51 - - - - 1,693.35 1,899.51
Purchase of goods from
- Jubilant Consumer Pvt. Ltd. - - 3,074.36 2,638.72 - - 3,074.36 2,638.72
Charges for services paid to
- HT Media Limited (Advertisment and Publicity expenses) - - 18.05 23.71 - - 18.05 23.71
- Jubilant Life Sciences Limited (AMC charges/ CSR expense/ Rent) - - 76.66 111.01 - - 76.66 111.01
- Jubilant Bhartia Foundation (CSR expense) - - 3.75 - - - 3.75 -
- The Hindustan Times Ltd. (Rent/ Power/ Miscellaneous charges) - - 17.69 18.24 - - 17.69 18.24
- Priority Vendor Technologies Pvt. Ltd. (Fee for bill discounting) - - 27.80 13.22 - - 27.80 13.22
Director's Sitting Fees/Commission (exclusive of GST)

- Mr. Shyam S. Bhartia - - - - - - - -
- Mr. Hari S. Bhartia - - - - 15.45 13.95 15.45 13.95
- Mr. Vishal Marwaha - - - - 17.00 15.25 17.00 15.25
- Ms. Ramni Nirula - - - - 17.10 15.85 17.10 15.85
- Mr. Phiroz Vandrevala - - - - 13.20 13.20 13.20 13.20
- Mr. Arun Seth - - - - 15.16 14.75 15.16 14.75
- Mr. Vikram Singh Mehta - - - - 2.09 - 2.09 -
- Ms. Aashti Bhartia - - - - 12.80 11.50 12.80 11.50
- Mr. Berjis Desai - - - - 14.30 11.00 14.30 11.00
- Mr. Abhay Havaldar - - - - 8.57 - 8.57 -
- Mr. Ashwani Windlass - - - - 8.57 - 8.57 -
- Mr. Shamit Bhartia - - - - 13.55 11.50 13.55 11.50
(` in lakhs)
Enterprise over which any
person described in (D) above or
Key Management Personnel &
Controlled entities (A) significant influence. Post Total
Particulars Non-Executive Directors (D) Notes
(B) & (C)
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Remuneration to Key Management Personnel
- Mr. Pratik R. Pota - - - - 377.68 292.22 377.68 292.22
- Mr Sachin Sharma
- - - - - 67.73 - 67.73
- Mr. Prakash C. Bisht - - - - 160.64 30.10 160.64 30.10
- Ms. Mona Aggarwal - - - - 63.24 44.96 63.24 44.96
Post-Employment benefit plan
- Jubilant FoodWorks Provident Fund Trust - - 1,315.28 944.11 - - 1,315.28 944.11
- Jubilant FoodWorks Gratuity Trust* - - 249.72 403.62 - - 249.72 403.62
Balance at year end:
Payables
- Mr. Vikram Singh Mehta - - - - 0.45 - 0.45 -
- HT Media Limited - - 18.05 - - - 18.05 -
- Jubilant Life Sciences Limited - - 5.16 98.40 - - 5.16 98.40

- Jubilant Consumer Pvt. Ltd. - - 79.09 245.79 - - 79.09 245.79
- The Hindustan Times Ltd. - - - 4.59 - - - 4.59
- Priority Vendor Technologies Pvt. Ltd. - - 5.37 2.22 - - 5.37 2.22
- Jubilant Bhartia Foundation - - - - - -
Investments
- Jubilant FoodWorks Lanka (Pvt) Limited (refer note 37) 9,209.09 8,217.06 - - - - 9,209.09 8,217.06
Receivables
- The Hindustan Times Ltd. - - 0.47 - - - 0.47 -
- Jubilant FoodWorks Lanka (Pvt) Limited 141.19 - - - - - 141.19 -
Payables in respect of capital goods
- Jubilant FoodWorks Lanka (Pvt) Limited 42.51 - - - - - 42.51 -
Loan to ESOP Trust

- JFL Employees Welfare Trust - 1,693.35 - - - - - 1,693.35
*Excludes ` 565.23 Lakhs as provison for gratuity provided on the basis of actuarial valuation, which will be paid in future and it includes ` 249.72 Lakhs paid directly to employees on behalf of Gratuity Trust. (Also refer note 34)
The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and
interest free and settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2019,
the Company has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining
the financial position of the related party and the market in which the related party operates.
121
Compensation of key management personnels
122
(` in lakhs)
Particulars March 31, 2019 March 31, 2018
Short-term employee benefits* 7.12 -
Post-employment gratuity - 5.09
Notes
Total 7.12 5.09
*During the year ended March 31, 2019, Key Management Personnels of the Company, were allotted/transfer 400 equity shares (Previous year NIL) under JFL Employees Stock Option Scheme, 2011 (‘ESOP 2011‘) of the
Company, ESOP Perquisite value is ` 7.12 Lakhs (Previous year ` NIL Lakhs).
Provision for incremental gratuity liability and leave encashment for the current year in respect of key management personnels has not been considered above, since the
provision is based on a actuarial basis for the Company as a whole.
Notes:
(a) No amount has been provided as doubtful debts or advances / written-off or written back in the year in respect of debts due from/ to above related parties.
(b) During the year ended March 31, 2019, 19,144 and 8,346 options were granted to Key Management Personnels under ESOP scheme 2011 and ESOP scheme
2016 respectively.
(c) The status of stock options pending vesting/exercise, granted to Key Management Personnels are as below:-
Name of Key Management Personel Mr. Pratik R. Pota Mr. Prakash C. Bisht Ms. Mona Aggarwal
ESOP Scheme ESOP scheme 2011 ESOP scheme 2016 ESOP scheme 2016 ESOP scheme 2011
Exercise Price 2,454 1,277 1,009 10 10 669 1,326 1,260 1,405
share options outstanding as at March 31, 2019* 4,601 14,543 32,370 21,145 2,517 - 1,500 2,200 3,350
share options oustanding as at March 31, 2018 - - 32,370 14,360 956 400 1,500 2,200 3,350
*Additionally, the KMPs are entitled to Bonus Shares in ratio of 1:1 upon exercise of 44,021 stock options under ESOP 2011 and 17,244 stock options under ESOP 2016 mentioned above.
Notes
34. EMPLOYEE BENEFITS IN RESPECT OF THE COMPANY HAVE BEEN CALCULATED AS UNDER:
a) Defined contribution plans:
The Company has certain defined contribution plan such as provident fund, employee state insurance, employee pension
scheme, employee superannuation fund wherein specified percentage is contributed to them. During the year, the Company
has contributed following amounts to:
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Employer’s contribution to provident fund 1,315.28 944.11
Employer’s contribution to employee’s pension scheme 1995 1,556.77 1,418.26
Employer’s contribution to superannuation fund 4.19 11.14
Employer’s contribution to employee state insurance 1,523.11 1,257.69
b) Defined benefit plan:

Gratuity:
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is partially funded.
The following tables summarises the components of net benefit expense recognised in the statement of profit and loss and the
amounts recognised in the balance sheet.
Statement of Profit and Loss

Net employee benefit expense (recognised in Employee Cost)
(` in lakhs)
Gratuity
Particulars
March 31, 2019 March 31, 2018
Current service cost 579.90 400.25
Interest cost on benefit obligation 128.40 177.52
Expected return on plan assets (177.61) (147.25)
Settlement cost - 784.89
Other adjustment (727.67) 0.56
Expenses recognised in the Statement of Profit and Loss (196.98) 1,215.97
Balance Sheet
Details of provision for Gratuity:
(` in lakhs)
Gratuity
Particulars
March 31, 2019 March 31, 2018
Defined benefit obligation 2,843.37 2,682.62
Fair value of plan assets 2,278.14 2,460.94
Plan (asset)/ liability 565.23 221.68
(` in lakhs)
Long-term Short-term
Particulars
Provision for Gratuity - - 565.23 221.68
123
Notes
Changes in the present value of the defined benefit obligation are as follows:
(` in lakhs)
Present value of obligation as at the beginning of the year 2,682.62 2,366.94
Acquisition cost 22.18 -
Interest cost 128.40 177.52
Other adjustment* (727.67) -
Settlement cost/(Credit) - 784.89
Benefits paid (617.50) (784.89)
Actuarial (gain)/loss on obligation 775.44 (262.09)
Present value of obligation as at the end of year 2,843.37 2,682.62
*mainly on account of asset ceiling.
Changes in the defined benefit obligation and fair value of plan assets as at March 31, 2019 and March 31, 2018:
Change in the net defined benefit obligation of plan assets are as follows:
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Net defined benefit liability at the beginning of the year 221.68 403.62
Net interest Income (49.21) 30.27
Benefits paid (249.72) (709.00)
Remesurement of (gain)/ loss recognised in the year 768.07 (285.29)
Contribution paid to the Fund - (403.62)
Net defined benefit liability at the end of the year 565.23 221.68
Change in the fair value of plan assets are as follows:

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 2,460.94 1,963.32
Expected return on plan assets 177.61 147.25
Contribution paid to the fund - 403.62
Other adjustment - (0.56)
Benefits paid (367.78) (75.89)
Actuarial gain/(loss) on plan assets 7.37 23.20
Fair value of plan assets at the end of the year 2,278.14 2,460.94
The Company expects to contribute ` 1,036.71 Lakhs (Previous year ` 221.68 Lakhs) to gratuity in the next year.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Insurance policy with SBI Life Insurance Company Limited 100% 100%
124
Notes
The principal assumptions used in determining gratuity for the Company’s plans are shown below:
Demographic Assumptions
Gratuity
Particulars
March 31, 2019 March 31, 2018
Discount Rate (%) 7.00 7.80
Future salary increase (%) 7.00 6.00
Expected rate of return on plan assets(%) 7.00 8.00
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.

Retirement Age 58 Years 58 Years
Mortality Table 100% of IALM (2006 - 08) 100% of IALM (2006-08)
Grade TM4 & Below#:
From 18 to 24 years: 45%
25 to 30 years: 30%
31 to 40 years: 25%
Up to 30 Years: 3%
Above 40 years: 10%
Withdrawal Rate (%) From 31 to 44 years: 2%
Grade TM5 & Above*:
Above 44 years: 1%
From 18 to 24 years: 30%
25 to 30 years: 25%
31 to 40 years: 20%
Above 40 years: 10%
# Grade TM4 & Below: Team Members
*Grade TM5 & Above: Shift Manager & above
Amounts for the current and previous years are as follows:

(` in lakhs)
Gratuity
Particulars Year ended Year ended Year ended Year ended Year ended
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015
Defined benefit obligation 2,843.37 2,682.62 2,366.94 1,836.02 1,319.62
Plan assets 2,278.14 2,460.94 1,963.30 1,423.48 1,116.68
Surplus / (deficit) (565.23) (221.68) (403.64) (412.54) (202.94)
Experience loss/(gain) on plan liabilities 775.44 (262.09) 74.00 84.61 118.13
Experience (loss)/gain on plan Assets 7.37 (22.64) 13.42 75.38 5.89
A quantitative sensitivity analysis for significant assumption as at March 31, 2019 is as shown below:
India gratuity plan:
Particulars Change in Discount rate Change in salary increase
Sensitivity Level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease
Impact on defined benefit obligation (` in lakhs) (67.41) 71.23 71.10 (67.90)
Maturity Profile of Defined Benefit Obligation

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Within the next 12 months (Next annual reporting year) 622.19 73.20
Between 1 and 2 years 521.69 35.57
Between 2 and 5 years 1,682.16 117.68
Beyond 10 years 17.33 2,456.17
Total expected Payment 2,843.37 2,682.62
125
Notes
c) Provident Fund
The Company makes monthly contributions to provident fund managed by trust for qualifying employees. Under the scheme,
the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. As per Ind AS 19 on
‘Employee Benefits‘, employer established provident fund trusts are treated as defined benefit plans, since the Company is
obliged to meet interest shortfall, if any, with respect to covered employees. The total liability of ` Nil (March 31, 2018: ` Nil)
as worked out by the actuary has been allocated to each entity based on the corpus value of each entity as at March 31, 2019.
Accordingly, liability of ` Nil (March 31, 2018: ` Nil) has been allocated to Company and ` Nil (March 31, 2018: ` Nil) has been
charged to Statement of Profit and Loss during the year.
Actuarial assumptions made to determine interest rate guarantee on exempt provident fund liabilities are as
follows:

Discounting rate 7.00% 7.80%
Expected guaranteed interest rate 8.65% 8.55%
Expected shortfall in interest earnings on the fund 0.05% 0.05%
The Company has contributed ` 2,872.05 Lakhs to provident fund (March 31, 2018: ` 2,362.37 Lakhs) for the year.
35. EXPENDITURE INCURRED DURING CONSTRUCTION PERIOD

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Opening Balance 128.51 213.95
Incurred during the year
- Salary, allowances and bonus 291.70 371.42
- Power and fuel 4.26 168.56
- Rent 43.21 48.20
- Rates and taxes (0.34) 3.26
- Miscellaneous expenses 97.05 133.28
564.40 938.67
Less: Allocated to Property, Plant and Equipment (509.63) (810.16)
TOTAL 54.77 128.51
Note: The above expenses have been netted off in the respective line items in the Statement of Profit and Loss.
36. DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES
DEVELOPMENT ACT, 2006
(` in lakhs)
As at March 31, As at March 31,
Particulars
2019 2018
(i) Principal amount remaining unpaid to MSME suppliers as on March 31, 2019 # 624.71 109.75
(ii) Interest due on unpaid principal amount to MSME suppliers as on March 31, 2019 0.28 -
(iii) The amount of interest paid along with the amounts of the payment made to the MSME suppliers - -
beyond the appointed day
(iv) The amount of interest due and payable for the year (without adding the interest under MSME - -
Development Act)
(v) The amount of interest accrued and remaining unpaid as on March 31, 2019* 15.31 -
(vi) The amount of interest due and payable to be disallowed under Income Tax Act, 1961 15.31 -
* includes under respective heads of expenses and trade payables.
# includes an amount of ` 203.29 Lakhs in relation to medium enterprises defined under the Micro, Small and Medium Enterprises Development Act, 2006.
Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.
126
Notes
37. INVESTMENT IN JUBILANT FOODWORKS LANKA (PRIVATE) LIMITED:

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Opening balance 8,217.06 7,442.52
Add: investment during the year 992.03 774.54
Less: Provision for diminution 793.00 -
Closing balance 8,416.09 8,217.06
During the current year, the Company has recognised provision for diminution in the value of investment in Jubilant FoodWorks Lanka
(Private) Limited (‘Srilanka subsidiary’) of ` 793 Lakhs towards closed stores, presented as an exceptional item in the Statement of
Profit and Loss, and made an assessment on the balance investment value in subsidiary and is of the view that no further impairment
is required as on March 31, 2019 considering approved management’s business plan/ future projections.
The key assumptions used for computation of value in use are the sales growth rate, gross profit margins, long-term growth rate and
the risk-adjusted pre-tax discount rate. The pre-tax discount rates are derived from the Company’s weighted average cost of capital,
taking into account the cost of capital, to which specific market-related premium adjustments are made for the Srilanka territory.
The Company has performed sensitivity analysis by changing the aforementioned variables independently by 50 basis points,
keeping the other variables constant, based upon which, there would be no material increase to the impairment charge which would
impact the decision of the user of the financial statements.
38. The Company has operating lease under non cancellable arrangements for commissary. The details of minimum lease obligations
and lease payment recognised during the year are as under:
(` in lakhs)
For the year Ended For the year Ended
Particulars
March 31, 2019 March 31, 2018
Operating lease payments recognised during the year 37.74 37.74
Minimum Lease obligation:
Not later than 1 year 37.74 37.74
Later than 1 year but not later than 5 years 150.96 150.96
Later than 5 years 3,036.84 3,074.58
39. Expenditure on leasehold improvement incurred during the year has been considered as revenue expenditure for computing
provision for Income tax expense, relying upon the internal/external expert advice. However the treatment does not impact the
statement of profit and loss. As deferred tax liability of ` 1,019.39 Lakhs (Previous year ` 356.41 Lakhs) has been provided in the books
since such item has been capitalised in the books.
40. Segment Reporting: As the Company’s business activity primarily falls within a single business and geographical segment i.e.
Food and Beverages, thus there are no additional disclosures to be provided under Ind AS 108 – ‘Operating Segment’. The Chief
Operating Decision Maker (CODM) considers that the various goods and services provided by the Company constitutes single
business segment, to assess the performance and to make decision about allocation of resources, since the risk and rewards from
these services are not different from one another.
41. Corporate Social Responsibility (CSR): As per Section 135 of the Companies Act, 2013, a CSR committee has been formed by the
Company. The CSR activities and spend are as per the CSR Policy recommended by the CSR Committee and approved by the Board.
The same has also been uploaded on the Company’s website www.jubilantfoodworks.com
42. The Company has an invesment of ` 9,209.09 Lakhs (Previous year ` 8,217.06 Lakhs)(includes investment made during the year
`992.03 Lakhs) in it wholly-owned subsidiary Company ‘Jubilant FoodWorks Lanka (Private) Limited‘ as on March 31, 2019 to cater to
the geographical market of Srilanka. The Company has agreed in its Board of Directors (BOD) meeting to provide continuous financial
support by way of equity investment until the subsidiary is able to generate sufficient cash flows to run its operations. Based upon
future business plan, the Company is confident that in foreseeable future, the subsidiary will be able to earn profits (also refer note 37).
Further, during the current year the Company has invested ` 456.58 Lakhs and as at March 31, 2019 the Company has an investment
of ` 456.58 Lakhs in Jubilant Golden Harvest Ltd. to cater to the geographical market of Bangladesh.
127
Notes
43. DETAIL OF DIVIDEND PAID AND DIVIDEND PROPOSED:

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Dividend declared and paid during the year:
*Final Dividend paid for the year ended March 31, 2018 ` 2.5/- per share (March 31, 2017: ` 2.5/- per share) (3,299.23) (1,649.55)
Dividend Distribution Tax on Final Dividend (678.17) (335.81)
(3,977.40) (1,985.36)
Proposed Dividends on equity shares:
Final Dividend for the year ended March 31, 2019 ` 5/- per share (March 31, 2018: ` 2.5/- per share) (6,598.45) (3,299.23)
Dividend Distribution Tax on proposed dividend (1,356.33) (678.17)
(7,954.78) (3,977.40)
*The proposed dividend for the year ended March 31, 2018 has been adjusted from ` 5 per share to ` 2.5 per share post issuance of Bonus shares during the year.
The Board of Directors at its meeting held on May 15, 2019 has recommended the following for approval of the Dividend of ` 5 /- each
for every equity share of ` 10/- fully paid-up on existing share capital for the year ended March 31, 2019. The dividend payment is
expected to be ` 6,598.45 Lakhs (excluding the dividend distribution tax thereon `1,356.33 Lakhs).
44. All the amounts included in the financial statements are reported in lakhs of Indian Rupees ('INR' or '`') and are rounded to the nearest
Lakhs, unless stated otherwise.
45. STANDARDS ISSUED BUT NOT YET EFFECTIVE:

(i) Ind AS 116- Leases:
On March 30, 2019, Ministry of Corporate Affairs (‘MCA‘) has notified the Ind AS 116, Leases. Ind AS 116 will replace the
existing leases Standard, Ind AS 17 Leases, and related interpretations. This Standard set out the principles for the recognition,
measurement, presentation and disclosure of leases for both parties to a contract i.e. the lessee and the lessor. Ind AS 116
introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of
more than twelve months, unless the underlying asset is of low value. Currently, operating lease expenses are charged to the
Statement of Profit and Loss. The standard also contains enhanced disclosure requirements for lessees. Ind AS 116 substantially
carries forward the lessor accounting requirements in Ind AS 17.
The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits two
possible methods of transition:
yy F ull Retrospective approach – Retrospectively to each prior period presented applying Ind AS 8- Accounting Policies,
Changes in Accounting Estimates and Errors
yy odified Retrospective approach– Retrospectively, with the cumulative effect of initially applying the standard recognised
M
at the date of initial application.
Under modified retrospective approach, the lessee records the lease liability as the present value of the remaining lease
payments, discounted at the incremental borrowing rate and the right of use asset either as:
yy Its carrying amount as if the standard had been applied since the commencement date, but discounted at lessee's
incremental borrowing rate at the date of intial application or
yy n amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments related to that
A
lease recognised under Ind AS 17 immediately before the date of initial application.
Certain practical expedients are available under both the methods.
Currently, the Company is evaluating both the approach and the impact of transitioning to Ind AS 116 on the financial statement
as at March 31, 2019.
128
Notes
AMENDMENT TO IND AS 12- INCOME TAXES:

(i) Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments:
On March 30, 2019, Ministry of Corporate Affairs has notified Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments
which is to be applied while performing the determination of taxable profit (or loss), tax bases, unused tax losses, unused
tax credits and tax rates, when there is uncertainty over income tax treatments under Ind AS 12. According to the appendix,
companies need to determine the probability of the relevant tax authority accepting each tax treatment, or group of tax
treatments, that the companies have used or plan to use in their income tax filing which has to be considered to compute
the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases,
unused tax losses, unused tax credits and tax rates.
The standard permits two possible methods of transition:
i) Full retrospective approach – Under this approach, Appendix C will be applied retrospectively to each prior reporting
period presented in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors,
without using hindsight; and
ii) Retrospectively with cumulative effect of initially applying Appendix C recognised by adjusting equity on initial
application, without adjusting comparatives.
The effective date for adoption of Ind AS 12 Appendix C is annual periods beginning on or after April 1, 2019. The Company
will adopt the standard on April 1, 2019 and has decided to adjust the cumulative effect if any in equity on the date of
initial application i.e. April 1, 2019 without adjusting comparatives.
There will be no material impact on adoption of Ind AS 12 Appendix C in the financial statements.
(ii) On March 30, 2019, the amendments to the guidance in Ind AS 12, ‘Income Taxes’, in connection with accounting for
dividend distribution taxes.
The amendment clarifies that an entity shall recognise the income tax consequences of dividends in profit or loss, other
comprehensive income or equity according to where the entity originally recognised those past transactions or events.
The amendment is effective from annual period beginning from April 1, 2019. The Company is currently evaluating the
effect of this amendment.
46. FINANCIAL INSTRUMENTS

Financial assets and liabilities:
The accounting classification of each category of financial instruments, their carrying amounts and fair value amounts are
set out below:
March 31, 2019

(` in lakhs)
Fair value through
Financial assets Amortised cost Total carrying value Total fair value
profit or loss
Investments * 18,079.73 - 18,079.73 18,079.73
Trade receivables - 3,268.48 3,268.48 3,268.48
Other non-current financial assets - 9,508.28 9,508.28 9,508.28
Cash and cash equivalents (includes fixed deposits) - 2,483.98 2,483.98 2,483.98
Other bank balances - 46,421.65 46,421.65 46,421.65
Other financial assets - 499.84 499.84 499.84
Total 18,079.73 62,182.23 80,261.96 80,261.96
129
Notes
March 31, 2018

(` in lakhs)
Fair value through
profit or loss
Investments * 26,310.15 - 26,310.15 26,310.15
Loan - 1,693.35 1,693.35 1,693.35
Trade receivables - 1,508.25 1,508.25 1,508.25
Total 26,310.15 23,272.22 49,582.37 49,582.37
*Does not include investment in subsidiaries amounting to `8,872.67 Lakhs (Previous year `8,217.06 Lakhs) as at March 31, 2019 measured at cost in accordance with Ind
AS 27.
March 31, 2019

(` in lakhs)
Fair value through
Financial Liability Amortised cost Total carrying value Total fair value
profit or loss
Trade payables - 41,657.25 41,657.25 41,657.25
Other non-current financial liabilities - 50.00 50.00 50.00
Other payables - 396.83 396.83 396.83
Other financial liabilities - 4,946.70 4,946.70 4,946.70
Total - 47,050.78 47,050.78 47,050.78
March 31, 2018

(` in lakhs)
Fair value through
profit or loss
Trade payables - 38,682.70 38,682.70 38,682.70
Other payables - 607.44 607.44 607.44
Total - 42,204.86 42,204.86 42,204.86

47. FAIR VALUE HIERARCHY

The following table provides the fair value measurement hierarchy of the Companies’s assets
Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2019
(` in lakhs)
Fair value measurement using
Quoted prices in Significant Significant
Particulars Date of valuation
Total active markets observable inputs unobservable
(Level 1) (Level 2) inputs (Level 3)
Financial Assets
Assets measured at fair value:
Investments March 31, 2019 18,079.73 18,079.73 - -
Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2018:
(` in lakhs)
Particulars Date of valuation
Financial Assets
130
Notes
48. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s principal financial liabilities, comprise retention money payable, trade and other payables, security deposits, book
overdraft and unpaid dividend. The Company's principal financial assets include Investments, loan, trade and other receivables, cash
and cash equivalents and other financial assets that derive directly from its operations.
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company is
exposed to market risk, credit risk and liquidity risk.
The Company’s senior management oversees the management of these risks. The senior professionals work on to manage the
financial risks and the appropriate financial risk governance framework for the Company are accountable to the Board of Directors
and Audit Committee. This process provides assurance to Company’s senior management that the Company’s financial risk-taking
activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in
accordance with Company policies and risk objective.
The Board of Directors reviews and agrees policies for managing each of these risks which are summarised as below:
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market prices comprises three types of risk: currency rate risk, interest rate risk and other price risks, such as equity
price risk and commodity price risk. Financial instruments affected by market risks include deposits, investments and foreign
currency receivables and payables. The sensitivity analyses in the following sections relate to the position as at March 31, 2019.
The analysis exclude the impact of movements in market variables on: the carrying values of gratuity, pension obligation and
other post-retirement obligations; provisions; and the non-financial assets and liabilities.The sensitivity of the relevant Profit
and Loss item is the effect of the assumed changes in the respective market risks. This is based on the financial assets and
financial liabilities held as of March 31, 2019.
i. Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Company exposure to the risk of changes in foreign exchange rates relates primarily
to the Company operating activities (when revenue or expense is denominated in foreign currency and the Company net
investment in foreign subsidiaries). Foreign currency exchange rate exposure is party balanced by purchasing of goods
from the respective countries. The Company evaluates exchange rate exposure arising from foreign currency transactions
and follows appropriate risk management policies.
Foreign currency exposures recognised by the Company that have not been hedged by a derivative instrument or
otherwise are as under:
Receivables
Currency Foreign Currency Foreign Currency
` in lakhs ` in Lakhs
in lakhs in lakhs
USD 644.16 9.29 - -
Payables
Currency Foreign Currency Foreign Currency
` in lakhs ` in lakhs
in lakhs in lakhs
USD 400.55 5.78 336.83 5.18
EURO 4.67 0.06 - -
Foreign currency risk sensitivity

There is no material unhedged foreign currency exposures outstanding at year end and hence sensitivity analysis with
respect to currency risk has not been given.
131
Notes
ii. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company exposure to the risk of changes in market interest rates relates primarily to the
Company long-term debt obligations with floating interest rates.
This is not applicable to the Company as the Company is not having any loans and borrowings.
Interest rate sensitivity

Interest rate sensitivity is not applicable to the Company.
b) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from
its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other
financial instruments.
c) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in accordance
with the Company’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty’s potential failure to make payments.
d) Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable
price. The Company's objective is to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements.
The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate
source of financing through the use of short-term bank deposits and cash credit facility. Processes and policies related to
such risks are overseen by senior management. Management monitors the Company's liquidity position through rolling
forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to its debt and
concluded it to be low.
The table below summarises the maturity profile of the Company's financial liabilities based on contractual undiscounted payments.
(` in lakhs)
Year ended March 31, 2019 Year ended March 31, 2018
Particulars Other financial Other financial
Trade payables Other payables Trade payables Other payables
liabilities liabilities
On demand - - - - - -
Less than 3 months - - - - - -
3 to 12 months 41,657.25 396.83 4,946.70 38,682.70 607.44 2,864.72
1 to 5 years - - 50.00 - - 50.00
> 5 years - - - - - -
Total 41,657.25 396.83 4,996.70 38,682.70 607.44 2,914.72
e) Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s
performance to developments affecting a particular industry.
Based upon the Company's evaluation, there is no excessive risk concentration.
f) Collateral
There are no significant terms and conditions associated with the use of collateral.
132
Notes
49. CAPITAL MANAGEMENT

For the purposes of the Company's capital management, Capital includes equity attributable to the equity holders of the Company
and all other equity reserves. The primary objective of the Company's capital management is to ensure that it maintains an efficient
capital structure and maximise shareholder value. The Company manages its capital structure and makes adjustments in light of
changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders or issue new shares. The Company is not subject to any externally
imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the year
ended March 31, 2019 and March 31, 2018.
(` in lakhs)
Equity Share capital 13,196.90 6,598.45
Free Reserve (i.e. Retained Earnings) 114,225.92 85,795.21
Reserve to Share Capital (in no. of times) 8.66 13.00
For and on behalf of the Board of Directors of Jubilant FoodWorks Limited
Sd/- Sd/- Sd/-

Shyam S. Bhartia Hari S. Bhartia Pratik R. Pota
Chairman Co-Chairman CEO and Wholetime Director
[DIN No. 00010484] [DIN No. 00010499] [DIN No. 00751178]
Sd/- Sd/-
133
To the Members of Jubilant FoodWorks Limited statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters. We have
REPORT ON THE AUDIT OF THE CONSOLIDATED determined the matters described below to be the key audit
FINANCIAL STATEMENTS matters to be communicated in our report.
Opinion
We have audited the accompanying consolidated financial 1. Claims and Litigations:
statements of Jubilant FoodWorks Limited (”the Parent”) and its The Group is the subject of lawsuits and claims which could
subsidiaries, (the Parent and its subsidiaries together referred to as have a significant impact on the Consolidated profit if the
“the Group”), which comprise the Consolidated Balance Sheet as potential exposure were to materialise. For the current year
at March 31, 2019, and the Consolidated Statement of Profit and ended March 31, 2019, we believe there is a risk relating to
Loss (including Other Comprehensive Income), the Consolidated ongoing litigation on Anti-profiteering on Goods and Service
Statement of Cash Flows and the Consolidated Statement of Tax which is disclosed in Note 30 (a) of the consolidated
Changes in Equity for the year then ended, and a summary of financial statements. The amounts involved are significant
significant accounting policies and other explanatory information. and the application of accounting standard to determine
the amount, if any, to be provided as a liability or disclosed
In our opinion and to the best of our information and according as a contingent liability, is inherently subjective. This includes
to the explanations given to us, and based on the consideration of assumptions relating to the likelihood and/or timing of cash
reports of the other auditors on separate financial statements of outflows from the business and the pending decision of
the subsidiaries referred to in the Other Matters section below, the Hon'ble High Court of Delhi.
aforesaid consolidated financial statements give the information
required by the Companies Act, 2013 (“the Act”) in the manner Due to the level of significant judgement involved, the above
so required and give a true and fair view in conformity with the matter has been identified as a key audit matter.
Indian Accounting Standards prescribed under Section 133 of
the Act read with the Companies (Indian Accounting Standards) How the matter was addressed in our audit:
Rules, 2015, as amended (‘Ind AS’) and other accounting principles
generally accepted in India, of the consolidated state of affairs Our audit procedures in this area included, among others:
of the Group as at March 31, 2019, and their consolidated profit,
their consolidated total comprehensive income, their consolidated We evaluated the Parent’s processes and controls over
cash flows and their consolidated changes in equity for the year litigations operated by Management through regular
ended on that date. meetings with in-house legal counsels and review of
Board and audit committee meeting minutes;
Basis for Opinion
We conducted our audit of the consolidated financial statements Assessed correspondence with the Parent’s external
in accordance with the Standards on Auditing specified under counsel accompanied by formal confirmations from
Section 143 (10) of the Act (SAs). Our responsibilities under those that external counsel and discussions with and
Standards are further described in the Auditor’s Responsibility for representations from in-house counsel;
the Audit of the Consolidated Financial Statements section of our
report. We are independent of the Group in accordance with the Involved our tax specialists to assess relevant historical
Code of Ethics issued by the Institute of Chartered Accountants of and recent judgements passed by the judicial court
India (ICAI) together with the ethical requirements that are relevant authorities in order to challenge the basis used for the
to our audit of the consolidated financial statements under the accounting treatment and resulting disclosures; and
provisions of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these Assessed whether the Parent’s disclosures detailing
requirements and the ICAI’s Code of Ethics. We believe that the the litigation in note 30 (a)of the consolidated financial
audit evidence obtained by us and the audit evidence obtained by statements. Contingent liabilities adequately disclose
the other auditors in terms of their reports referred to in the Other relevant facts and circumstances and potential
Matters section below, is sufficient and appropriate to provide a liabilities of the Parent.
basis for our audit opinion on the consolidated financial statements.
Information Other than the Financial Statements and
Key Audit Matters Auditor’s Report Thereon
Key audit matters are those matters that, in our professional The Parent Company’s Board of Directors is responsible for the
judgement, were of most significance in our audit of the consolidated preparation of the other information. The other information
financial statements of the current period. These matters were comprises the information included in the Corporate
addressed in the context of our audit of the consolidated financial Overview, Statutory Reports including Management
134
Discussion and Analysis, Board Report and Corporate The respective Board of Directors of the companies included in the
Governance Report, but does not include the Consolidated Group are also responsible for overseeing the financial reporting
financial statements, standalone financial statements and our process of the Group.
auditor’s report thereon.
Auditor’s Responsibility for the Audit of the Consolidated
Our opinion on the consolidated financial statements does Financial Statements
not cover the other information and we do not express any Our objectives are to obtain reasonable assurance about whether
form of assurance conclusion thereon. the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
In connection with our audit of the consolidated financial an auditor’s report that includes our opinion. Reasonable assurance
statements, our responsibility is to read the other information, is a high level of assurance, but is not a guarantee that an audit
compare with the financial statements of the subsidiaries conducted in accordance with SAs will always detect a material
audited by other auditors, to the extent it relates to these misstatement when it exists. Misstatements can arise from fraud or
entities and, in doing so, place reliance on the work of the error and are considered material if, individually or in the aggregate,
other auditors and consider whether the other information they could reasonably be expected to influence the economic
is materially inconsistent with the consolidated financial decisions of users taken on the basis of these consolidated
statements or our knowledge obtained during the course of financial statements.
our audit or otherwise appears to be materially misstated.
Other information so far as it relates to the subsidiaries is traced As part of an audit in accordance with SAs, we exercise professional
from their financial statements audited by the other auditors. judgement and maintain professional skepticism throughout the
audit. We also:
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we Identify and assess the risks of material misstatement of the
are required to report that fact. We have nothing to report consolidated financial statements, whether due to fraud or
in this regard. error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
Management’s Responsibility for the Consolidated Financial appropriate to provide a basis for our opinion. The risk of not
Statements detecting a material misstatement resulting from fraud is
The Parent’s Board of Directors is responsible for the matters stated higher than for one resulting from error, as fraud may involve
in Section 134(5) of the Act with respect to the preparation of collusion, forgery, intentional omissions, misrepresentations,
these consolidated financial statements that give a true and fair or the override of internal control.
view of the consolidated financial position, consolidated financial
performance including other comprehensive income, consolidated Obtain an understanding of internal financial control relevant
cash flows and consolidated changes in equity of the Group in to the audit in order to design audit procedures that are
accordance with the Ind AS and other accounting principles appropriate in the circumstances. Under Section 143(3)(i) of
generally accepted in India. The respective Board of Directors of the the Act, we are also responsible for expressing our opinion
companies included in the Group are responsible for maintenance on whether the Parent has adequate internal financial
of adequate accounting records in accordance with the provisions controls system in place and the operating effectiveness
of the Act for safeguarding the assets of the Group and for of such controls.
preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making Evaluate the appropriateness of accounting policies used
judgements and estimates that are reasonable and prudent; and and the reasonableness of accounting estimates and related
design, implementation and maintenance of adequate internal disclosures made by the management.
financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to Conclude on the appropriateness of management’s use of
the preparation and presentation of the financial statements that the going concern basis of accounting and, based on the
give a true and fair view and are free from material misstatement, audit evidence obtained, whether a material uncertainty
whether due to fraud or error, which have been used for the exists related to events or conditions that may cast significant
purpose of preparation of the consolidated financial statements by doubt on the ability of the Group to continue as a going
the Directors of the Parent Company, as aforesaid. concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the
In preparing the consolidated financial statements, the respective related disclosures in the consolidated financial statements
Board of Directors of the companies included in the Group are or, if such disclosures are inadequate, to modify our opinion.
responsible for assessing the ability of the Group to continue as a Our conclusions are based on the audit evidence obtained
going concern, disclosing, as applicable, matters related to going up to the date of our auditor’s report. However, future events
concern and using the going concern basis of accounting unless or conditions may cause the Group to cease to continue as
the management either intends to liquidate or cease operations, or a going concern.
has no realistic alternative but to do so.
135
Evaluate the overall presentation, structure and content of the Other Matters
consolidated financial statements, including the disclosures, We did not audit the financial statements of the subsidiaries viz
and whether the consolidated financial statements represent Jubilant FoodWorks Lanka (Private) Limited, Jubilant Golden
the underlying transactions and events in a manner that Harvest Limited, and JFL Employees Welfare Trust, whose
achieves fair presentation. financial statements reflect total assets of ` 5,479.33 Lakhs as at
March 31, 2019, total revenues of ` 4,487.20 Lakhs and net cash
Obtain sufficient appropriate audit evidence regarding the inflows amounting to ` 300.96 Lakhs for the year ended on that
financial information of the branches, entities or business date, as considered in the consolidated financial statements.
activities within the Group to express an opinion on the These financial statements have been audited by other auditors
consolidated financial statements. We are responsible for the whose reports have been furnished to us by the Management and
direction, supervision and performance of the audit of the our opinion on the consolidated financial statements, in so far as it
financial statements of such branches or entities or business relates to the amounts and disclosures included in respect of these
activities included in the consolidated financial statements of subsidiaries and our report in terms of sub-section (3) of Section
which we are the independent auditors. For the other entities 143 of the Act, in so far as it relates to the aforesaid subsidiaries is
included in the consolidated financial statements, which have based solely on the reports of the other auditors.
been audited by the other auditors, such other auditors remain
responsible for the direction, supervision and performance of Our opinion on the consolidated financial statements above and
the audits carried out by them. We remain solely responsible our report on Other Legal and Regulatory Requirements below, is
for our audit opinion. not modified in respect of the above matters with respect to our
reliance on the work done and the reports of other auditors.
Materiality is the magnitude of misstatements in the consolidated
financial statements that, individually or in aggregate, makes Report on Other Legal and Regulatory Requirements
it probable that the economic decisions of a reasonably 1. As required by Section 143(3) of the Act, based on our audit
knowledgeable user of the consolidated financial statements may and on the consideration of the reports of other auditors on
be influenced. We consider quantitative materiality and qualitative the separate financial statements of the subsidiaries referred
factors in (i) planning the scope of our audit work and in evaluating to in the Other Matters section above we report, to the extent
the results of our work; and (ii) to evaluate the effect of any identified applicable that:
misstatements in the consolidated financial statements.
a) We have sought and obtained all the information and
We communicate with those charged with governance of the explanations which to the best of our knowledge and
Parent and such other entities included in the consolidated financial belief were necessary for the purposes of our audit of the
statements of which we are the independent auditors regarding, aforesaid consolidated financial statements.
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies b) In our opinion, proper books of account as required by
in internal control that we identify during our audit. law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears
We also provide those charged with governance with a statement from our examination of those books and the reports of
that we have complied with relevant ethical requirements regarding the other auditors.
independence, and to communicate with them all relationships
and other matters that may reasonably be thought to bear on our c)
The Consolidated Balance Sheet, the Consolidated
independence, and where applicable, related safeguards. Statement of Profit and Loss including Other
Comprehensive Income, the Consolidated Statement of
From the matters communicated with those charged with Cash Flows and the Consolidated Statement of Changes
governance, we determine those matters that were of most in Equity dealt with by this Report are in agreement with
significance in the audit of the consolidated financial statements the relevant books of account maintained for the purpose
of the current period and are therefore the key audit matters. of preparation of the consolidated financial statements.
We describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, d)
In our opinion, the aforesaid consolidated financial
in extremely rare circumstances, we determine that a matter statements comply with the Ind AS specified under
should not be communicated in our report because the adverse Section 133 of the Act.
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication. e) On the basis of the written representations received
from the directors of the Parent as on March 31,
2019 taken on record by the Board of Directors of the
136
Company, none of the directors of the Group companies i) The consolidated financial statements disclose the
incorporated in India is disqualified as on March 31, 2019 impact of pending litigations on the consolidated
from being appointed as a director in terms of Section financial position of the Group. Refer Note 30(a) to
164 (2) of the Act. the Consolidated financial statements.
f ) With respect to the adequacy of the internal financial ii) The Group did not have any material foreseeable
controls over financial reporting and the operating losses on long-term contracts including derivative
effectiveness of such controls, refer to our separate Report contracts. Refer Note 30(b) to the Consolidated
in “Annexure A” which is based on the auditors’ reports of financial statements.
the Parent. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of internal iii) There has been no delay in transferring amounts,
financial controls over financial reporting of the Parent. required to be transferred, to the Investor Education
and Protection Fund by the Parent.
g) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of For Deloitte Haskins & Sells LLP
Section 197(16) of the Act, as amended, Chartered Accountants
In our opinion and to the best of our information

Sd/-
and according to the explanations given to us, the Rajesh Kumar Agarwal
remuneration paid by the Parent to its directors during Partner
the year is in accordance with the provisions of Section Membership No. 105546
197 of the Act.
Place: Noida
Date: May 15, 2019
h) With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended
in our opinion and to the best of our information and
according to the explanations given to us:
137
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls Over Financial Our audit involves performing procedures to obtain audit evidence
Reporting under Clause (i) of sub-section 3 of Section 143 about the adequacy of the internal financial controls system over
of the Companies Act, 2013 (“the Act”) financial reporting and their operating effectiveness. Our audit
In conjunction with our audit of the consolidated Ind AS financial of internal financial controls over financial reporting included
statements of the Company as of and for the year ended March 31, obtaining an understanding of internal financial controls over
2019, we have audited the internal financial controls over financial financial reporting, assessing the risk that a material weakness
reporting of Jubilant FoodWorks Limited (hereinafter referred to exists, and testing and evaluating the design and operating
as “Parent”), as of that date. effectiveness of internal control based on the assessed risk.
The procedures selected depend on the auditor’s judgement,
Management’s Responsibility for Internal Financial Controls including the assessment of the risks of material misstatement of
The Board of Directors of the Parent is responsible for establishing the financial statements, whether due to fraud or error.
and maintaining internal financial controls based on internal
control over financial reporting criteria established by the We believe that the audit evidence we have obtained, is sufficient
Company considering the essential components of internal control and appropriate to provide a basis for our audit opinion on the
stated in the Guidance Note on Audit of Internal Financial Controls Parent’s internal financial controls system over financial reporting.
Over Financial Reporting issued by the Institute of Chartered
Accountants of India (“the ICAI)”. These responsibilities include the Meaning of Internal Financial Controls Over Financial
design, implementation and maintenance of adequate internal Reporting
financial controls that were operating effectively for ensuring the A company’s internal financial control over financial reporting is a
orderly and efficient conduct of its business, including adherence to process designed to provide reasonable assurance regarding the
the Parent’s policies, the safeguarding of its assets, the prevention reliability of financial reporting and the preparation of financial
and detection of frauds and errors, the accuracy and completeness statements for external purposes in accordance with generally
of the accounting records, and the timely preparation of reliable accepted accounting principles. A Company’s internal financial
financial information, as required under the Companies Act, 2013. control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that,
Auditor’s Responsibility in reasonable detail, accurately and fairly reflect the transactions
Our responsibility is to express an opinion on the Parent’s internal and dispositions of the assets of the Company; (2) provide
financial controls over financial reporting based on our audit. reasonable assurance that transactions are recorded as necessary
We conducted our audit in accordance with the Guidance Note on to permit preparation of financial statements in accordance with
Audit of Internal Financial Controls Over Financial Reporting (the generally accepted accounting principles, and that receipts and
“Guidance Note”) issued by the Institute of Chartered Accountants expenditures of the Company are being made only in accordance
of India and the Standards on Auditing, prescribed under Section with authorisations of management and directors of the company;
143(10) of the Companies Act, 2013, to the extent applicable to and (3) provide reasonable assurance regarding prevention or
an audit of internal financial controls. Those Standards and the timely detection of unauthorised acquisition, use, or disposition
Guidance Note require that we comply with ethical requirements of the Company’s assets that could have a material effect on the
and plan and perform the audit to obtain reasonable assurance financial statements.
about whether adequate internal financial controls over financial
reporting was established and maintained and if such controls
operated effectively in all material respects.
138
Inherent Limitations of Internal Financial Controls Over operating effectively as at March 31, 2019, based on the internal
Financial Reporting control over financial reporting criteria established by the
Because of the inherent limitations of internal financial controls over Company considering the essential components of internal control
financial reporting, including the possibility of collusion or improper stated in the Guidance Note on Audit of Internal Financial Controls
management override of controls, material misstatements due to Over Financial Reporting issued by the Institute of Chartered
error or fraud may occur and not be detected. Also, projections Accountants of India.
of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal
financial control over financial reporting may become inadequate For Deloitte Haskins & Sells LLP
because of changes in conditions, or that the degree of compliance Chartered Accountants
with the policies or procedures may deteriorate.
Sd/-
Opinion Rajesh Kumar Agarwal
In our opinion to the best of our information and according to the Partner
explanations given to us, the Parent, has, in all material respects, an Membership No. 105546
adequate internal financial controls system over financial reporting
Place: Noida
and such internal financial controls over financial reporting were
Date: May 15, 2019
139
Consolidated Balance Sheet
as at March 31, 2019
(` in lakhs)
As at As at
March 31, 2019 March 31, 2018
I. ASSETS
Non-current assets
Property, Plant and Equipment 3a 77,114.13 75,269.22
Capital work-in-progress 3a 1,522.35 1,241.43
Investment property 3b 3.41 3.41
Intangible assets 3c 3,828.80 3,649.65
Intangible assets under development 3c 49.56 180.78
Financial assets
(i) Other financial assets 5 9,620.91 7,205.93
Assets for current tax (net) 6 1,326.22 1,037.00
Other non-current assets 7 10,941.61 10,558.98
Total non-current assets (A) 104,406.99 99,146.40
Current assets
Inventories 8 7,707.78 6,421.09
Financial assets
(i) Investments 4 18,079.73 26,310.15
(ii) Trade receivables 9 2,743.62 1,565.24
(iii) Cash and cash equivalents (includes fixed deposits) 10 2,834.67 7,902.52
(iv) Bank balances other than cash and cash equivalents 10 46,591.95 5,000.00
(v) Other financial assets 11 499.84 84.37
Other current assets 12 2,709.52 3,244.40
Total current assets (B) 81,167.11 50,527.77
Total Assets (A +B ) 185,574.10 149,674.17
II. EQUITY AND LIABILITIES
Equity
Equity Share capital 13 13,196.90 6,598.45
Other equity 14 112,766.87 90,174.84
Non-Controlling Interest 257.79 -
Total Equity (A) 126,221.56 96,773.29
Liabilities
Non-current liabilities
(i) Security deposits 16 50.00 50.00
Deferred tax liabilities(net) 15 4,997.75 5,498.39
Total non-current liabilities (B) 5,047.75 5,548.39
Current liabilities
(i) Trade payables 17
(a) total outstanding dues of micro enterprises and small enterprises 421.42 109.75
(b) total outstanding dues of creditors other than micro enterprises and small 41,666.94 38,788.11
enterprises
(ii) Other payables 18 407.28 609.18
(iii) Other financial liabilities 19 5,139.79 3,165.23
Short-term provisions 20 2,447.15 1,403.78
Other current liabilities 21 4,222.21 3,276.44
Total current liabilities (C ) 54,304.79 47,352.49
Total Equity and Liabilities (A+B+C ) 185,574.10 149,674.17
Notes to the consolidated financial statements 3-47
The accompanying notes form an integral part of the consolidated financial statements.

Sd/- Sd/- Sd/- Sd/-
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140
Consolidated Statement of Profit and Loss

(` in lakhs)
March 31, 2019 March 31, 2018
I INCOME
Revenue from operations 22 356,314.46 301,840.01
Other Income 23 4,736.31 2,307.66
Total Income 361,050.77 304,147.67
II EXPENSES
Cost of raw materials consumed 24 79,438.00 67,360.50
Purchase of traded goods 25 9,092.69 9,382.33
Changes in inventories of raw material-in-progress and traded goods 25 80.20 (146.54)
Employee benefit expenses 26 68,181.63 61,397.27
Rent 34,430.30 31,884.01
Other expenses 27 105,115.50 87,953.46
Total expenses 312,083.37 273,841.61
III PROFIT BEFORE TAX ( I- II) 48,967.40 30,306.06
IV TAX EXPENSE
Current tax expense 15 17,474.69 12,214.47
Deferred tax (credit) 15 (305.33) (1,531.11)
Total tax expense 17,169.36 10,683.36
V PROFIT FOR THE YEAR ( III - IV) 31,798.04 19,622.70
VI OTHER COMPREHENSIVE INCOME (OCI)
(i) a) Items that will not be reclassified to profit or loss 29 (770.21) 289.41
b) Income Tax relating to items that will not be reclassified to profit or loss 29 268.39 (98.54)
(ii) Items that will be reclassified to profit or loss 29 (251.46) (56.76)
(753.28) 134.11
VII TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX (V + VI) 31,044.76 19,756.81
VIII PROFIT FOR THE YEAR ATTRIBUTABLE TO:
Equity holders of the parent 31,978.93 19,622.70
Non-controlling interest (180.89) -
31,798.04 19,622.70
IX OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Equity holders of the parent (753.28) 134.11
Non-controlling interest - -
(753.28) 134.11
X TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Equity holders of the parent 31,225.65 19,756.81
Non-controlling interest (180.89) -
31,044.76 19,756.81
XI EARNINGS PER EQUITY SHARE 28
Basic (in `) 24.23 14.87
Diluted (in `) 24.23 14.87
Notes to the consolidated financial statements 3-47

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141
142
Consolidated Statement of Changes in Equity
for year ended March 31, 2019
A. EQUITY SHARE CAPITAL

(` in lakhs)
Particulars Nos. Amount
As at March 31, 2018 65,984,520 6,598.45
Add: Bonus shares issued during the year 65,984,520 6,598.45
As at March 31, 2019 131,969,040 13,196.90
B. OTHER EQUITY*
Reserves and Surplus Other Comprehensive Income Total Amount
attributable to
Remeasurement Foreign currency Non-controlling
Particulars Securities Treasury shares Share-based Retained Equity holders Total other equity
of defined benefit translation interest
premium (refer note 31) payment reserve earnings of the Parent
obligations reserve Company
As at April 1, 2018 11,371.21 (2,204.34) 393.89 80,565.08 243.44 (194.44) 90,174.84 - 90,174.84
Non-Controlling Interest on net assets at the time 438.68 438.68
of acquisition
Profit for the year - - - 31,978.93 - - 31,978.93 (180.89) 31,798.04
Other comprehensive income (Note 29) - - - - (501.82) - (501.82) - (501.82)
Foreign Currency translation reserve - - - - - (251.46) (251.46) - (251.46)
Total comprehensive income - - 31,978.93 (501.82) (251.46) 31,225.65 257.79 31,483.44
Issue of bonus shares (Note 13(f ) ) (6,598.45) - - - - - (6,598.45) - (6,598.45)
Exercise/Lapsed of share options - - (127.63) 127.63 - - - - -
Share-based payments (Note 31) - - 177.63 - - - 177.63 - 177.63
Treasury share purchased during the year - - - - - - - - -
Exercise/ Sale of treasury shares (net of tax) - 888.65 - 866.18 - - 1,754.83 - 1,754.83
Dividend (Note 40) - - - (3,299.23) - (3,299.23) - (3,299.23)
Dividend distribution tax (DDT) (Note 40) - - - (678.17) - - (678.17) - (678.17)
Dividend on treasury shares - - - 9.77 - - 9.77 - 9.77
As at March 31, 2019 4,772.76 (1,315.69) 443.89 109,570.19 (258.38) (445.90) 112,766.87 257.79 113,024.66
Reserves and Surplus Other Comprehensive Income
Share Application
Particulars Remeasurement Foreign currency Money Pending Total other equity
Securities Treasury shares Share-based Retained
of defined benefit translation Allotment
premium (refer note 31 ) payments reserve earnings
obligations reserve
As at April 1, 2017 11,180.03 - 1,198.00 61,642.04 52.57 (137.68) 0.35 73,935.31
Profit for the year - - - 19,622.70 - - - 19,622.70
Other comprehensive income (Note 29) - - - - 190.87 - - 190.87
Foreign Currency translation reserve - - - - (56.76) - (56.76)
Total comprehensive income - - - 19,622.70 190.87 (56.76) - 19,756.81

Issue of share capital on securities premium (Notes 13,14) 191.18 - - - - - (0.35) 190.83
Exercise/Lapsed of share options - - (939.76) 939.76 - - - -
Share-based payments (Note 31) - - 135.65 - - - - 135.65
Treasury share purchased during the year - (3,593.15) - - - - (3,593.15)
Exercise/ Sale of treasury shares (net of tax) - 1,388.81 - 336.42 1,725.23
Dividend (Note 40) - - - (1,649.55) - - (1,649.55)
Dividend distribution tax (DDT) (Note 40) - - - (335.81) - - (335.81)
Dividend on treasury shares - - - 9.52 - - - 9.52

As at March 31, 2018 11,371.21 (2,204.34) 393.89 80,565.08 243.44 (194.44) - 90,174.84
*Also refer Note No. 14
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143
Consolidated Cash Flow Statement
(` in lakhs)
March 31, 2019 March 31, 2018
A) CASH FLOW FROM OPERATING ACTIVITIES
Net Profit before Tax 48,967.40 30,306.06
48,967.40 30,306.06
Adjustments for:
Gain on mark to market of current investments (net) designated at FVTPL (1,344.63) -
Liability no longer required written back 23 (11.60) (521.38)
Loss on disposal of Property, Plant and Equipment (net) 27 286.37 190.54
Interest Income on bank deposits 23 (1,999.41) (119.93)
Dividend Income from current investment 23 (579.63) (950.96)
Unrealised foreign exchange (gain)/ loss (net) (12.36) (3.39)
Exchange difference on translation of assets and liabilities 14 (251.46) (56.76)
Share based payment expense 26 177.63 135.65
Provision for doubtful debts and advances 9 74.80 -
Interest Income on security deposit as per IND AS 109 23 (560.65) (588.41)
Sundry balances written off 9.14 9.65
Operating Profit before Working Capital Changes 60,500.65 44,411.65
Adjustments for :
(Increase)/Decrease in Trade receivables 9 (1,253.18) 44.84
(Increase)/Decrease in Other Assets (2,175.52) 1,986.97
(Increase)/Decrease in Inventories 8 (1,274.33) (349.24)
(Increase)/Decrease in Trade payables 17 3,202.10 8,000.66
Increase/(Decrease) in Other Liabilities 1,358.34 (576.45)
Cash generated from Operating Activities 60,358.06 53,518.43
Income tax paid (net of refunds) 15 (17,793.36) (12,617.77)
Net Cash from Operating Activities 42,564.70 40,900.66
B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property, Plant and Equipment 3 (16,710.58) (11,928.68)
Proceeds from sale of Property, Plant and Equipment 3 142.10 331.73
Interest received on bank deposit 23 1,583.94 35.56
Dividend received from current investment 23 579.63 950.96
Investment in bank deposits not held as cash and cash equivalents 5,10 (40,919.26) (5,629.80)
Investments in Mutual Funds 4 (142,384.13) (187,167.85)
Proceeds from sales of mutual Funds 4 151,959.18 170,214.47
Net Cash (used) in Investing Activities (45,749.12) (33,193.61)
144
(` in lakhs)
March 31, 2019 March 31, 2018
C) CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of share capital (including securities premium) 13,14 - 194.37
Proceeds from issue of share capital to Non-Controlling Interests 438.68 -
Dividend paid on equity shares 14 (3,288.34) (1,639.43)
Tax on equity dividend paid 14 (678.17) (335.81)
Treasury share purchased during the year 14 - (3,593.15)
Proceeds from exercise of shares held by ESOP trust 14 1,857.36 1,902.15
Net cash (used) in financing activities (1,670.47) (3,471.87)
Net increase/(decrease) in cash and cash equivalents (A+B+C) (4,854.89) 4,235.18
Cash and cash equivalents as at beginning of the year 7,599.09 3,363.91
Cash and cash equivalents as at end of the year 2,744.20 7,599.09
Components of cash and cash equivalents:
Cash-in-Hand 10 1,668.01 1,242.56
Cheques in Hand 10 5.78 1.63
Balances with Scheduled Banks in
- Current Accounts* 10 1,158.82 1,596.84
- unpaid dividend accounts * 19 2.06 0.94
- Deposits with original maturity of less than 3 months 10 - 5,060.55
Less: Book Overdraft 19 (90.47) (303.43)
Cash and Cash Equivalents in Cash Flow Statement: 2,744.20 7,599.09
* Includes ` 2.06 Lakhs (Previous year ` 0.94 Lakhs) for Unpaid Dividend account and is restrictive in nature.

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145
Notes
Forming part of the Consolidated Financial Statements for the year ended March 31, 2019
Generally, there is a presumption that a majority of voting

1. CORPORATE INFORMATION
rights result in control. To support this presumption and
Jubilant FoodWorks Limited (the Group) is a public limited
when the Group has less than a majority of the voting or
Company domiciled in India and incorporated under the
similar rights of an investee, the Group considers all relevant
provisions of Companies Act, 1956. The Company was
facts and circumstances in assessing whether it has power
incorporated in 1995 and initiated operations in 1996.
over an investee, including:
The Company’s share is listed on National Stock Exchange
of India Limited and Bombay Stock Exchange Limited. (i)
The contractual arrangement with the other vote
The Company is a food service company and engaged in holders of the investee;
retail sales of food through two strong international brands,
(ii) Rights arising from other contractual arrangements;
Domino’s Pizza and Dunkin’ Donuts addressing different
food market segments. For Domino’s Pizza, the Company (iii) The Group’s voting rights and potential voting rights;
has exclusive rights to open and operate Domino’s Pizza
(iv) The size of the group’s holding of voting rights relative
Restaurants in India, Sri Lanka, Bangladesh and Nepal.
to the size and dispersion of the holdings of the other
Currently, Domino’s Pizza is operated by the Company in India
voting rights holders.
and by its subsidiaries in Sri Lanka and Bangladesh.
The Group re-assesses whether or not it controls an investee

The consolidated financial statements were authorised
if facts and circumstances indicate that there are changes to
for issue in accordance with a resolution of the directors
one or more of the three elements of control. Consolidation
on May 15, 2019.
of a subsidiary begins when the Group obtains control over
the subsidiary and ceases when the Group loses control
2. SIGNIFICANT ACCOUNTING POLICIES
of the subsidiary. Assets, liabilities, income and expenses
2.1 Basis of preparation of Financial Statements
of a subsidiary acquired or disposed of during the year are
The consolidated financial statements of the Company
included in the consolidated financial statements from the
have been prepared in accordance with Indian Accounting
date the Group gains control until the date the Group ceases
Standards (Ind AS) notified under the Section 133 of the
to control the subsidiary.
Companies Act, 2013 (to the extent notified) read with Rule
3 of the Companies (Indian Accounting Standards) Rules,

Consolidated financial statements are prepared using
2015 and relevant amendment rules issued thereafter
uniform accounting policies for like transactions and other
(Indian GAAP).
events in similar circumstances. If a member of the group
uses accounting policies other than those adopted in the
The accounting policies adopted in the preparation of the
consolidated financial statements for like transactions and
financial statements are consistent with those followed in
events in similar circumstances, appropriate adjustments
the previous year.
are made to that group member’s financial statements in
preparing the consolidated financial statements to ensure
2.2 Basis of Consolidation
conformity with the group’s accounting policies.

The consolidated financial statements comprises the
financial statement of Jubilant FoodWorks Lanka Pvt Limited
The financial statements of all entities used for the purpose
and Jubilant Golden Harvest Limited (‘the Company’), its
of consolidation are drawn up to same reporting date as
subsidiaries as at March 31, 2019. Control is achieved when
that of the parent Company, i.e. year ended on March 31,
the Group is exposed, or has rights, to variable returns from
2019. When the end of the reporting period of the parent is
its involvement with the investee and has the ability to affect
different from that of a subsidiary, the subsidiary prepares, for
those returns through its power over the investee. Specifically,
consolidation purposes, additional financial information as
the Group controls an investee if and only if the Group has:
of the same date as the financial statements of the parent to
(i) Power over the investee (i.e. existing rights that give enable the parent to consolidate the financial information of
it the current ability to direct the relevant activities the subsidiary, unless it is impracticable to do so.
of the investee);
2.3 Consolidation Procedure :
(ii)
Exposure, or rights, to variable returns from its
a) Subsidiaries:
involvement with the investee, and
(i) Combine like items of assets, liabilities, equity, income,
(iii)
The ability to use its power over the investee to expenses and cash flows of the parent with those of its
affect its returns. subsidiaries. For this purpose, income and expenses of
146
Notes
the subsidiary are based on the amounts of the assets to make judgements, estimates and assumptions that affect
and liabilities recognised in the consolidated financial the reported amounts of revenues, expenses, assets and
statements at the acquisition date. liabilities and disclosure of contingent liabilities at the end
of the reporting period. Although these estimates are based
(ii) Offset (eliminate) the carrying amount of the parent’s
upon management’s best knowledge of current events and
investment in each subsidiary and the parent’s portion
actions, uncertainty about these assumptions and estimates
of equity of each subsidiary. Business combinations
could result in the outcomes requiring a material adjustment
policy explains how to account for any related goodwill.
to the carrying amounts of assets or liabilities in future
(iii) Eliminate in full intragroup assets and liabilities, equity, periods. Changes in estimates are reflected in the Financial
income, expenses and cash flows relating to transactions Statements in the period in which changes are made and
between entities of the group (profits or losses resulting if material, their effects are disclosed in the notes to the
from intragroup transactions that are recognised in Financial Statements.
assets, such as inventory and fixed assets, are eliminated
in full). Intragroup losses may indicate an impairment Critical accounting estimates and judgements:
that requires recognition in the consolidated financial The areas involving critical estimates and judgements are:
statements. Ind AS - 12 “Income Taxes” applies to
temporary differences that arise from the elimination of I. Useful lives and residual value of property, plant
profits and losses resulting from intragroup transactions. and equipment and intangible assets
Useful life and residual value are determined by
Profit or loss and each component of Other Comprehensive the management based on a technical evaluation
Income (OCI) are attributed to the equity holders of the considering nature of asset, past experience, estimated
parent of the Group and to the non-controlling interests, usage of the asset, vendor’s advice etc and same is
even if this results in the non-controlling interests having a reviewed periodically, including at each financial year
deficit balance. When necessary, adjustments are made to the end. Management reviews the useful economic lives
financial statements of subsidiaries to bring their accounting atleast once a year and any changes could affect the
policies into line with the Group’s accounting policies. depreciation rates prospectively and hence the asset
All intra-group assets and liabilities, equity, income, expenses carrying values changes accordingly. The Company
and cash flows relating to transactions between members of also reviews its property, plant and equipment and
the Group are eliminated in full on consolidation. intangible assets, for possible impairment if there are
events or changes in circumstances that indicate that
A change in the ownership interest of a subsidiary, without a carrying amount of assets may not be recoverable.
loss of control, is accounted for as an equity transaction. If the In assessing the property, plant and equipment and
Group loses control over a subsidiary, it: intangible assets for impairment, factors leading to
significant reduction in profits, the Company’s business
(i)
Derecognises the assets (including goodwill) and
plans and changes in regulatory/ economic environment
liabilities of the subsidiary,
are taken into consideration.
(ii)
Derecognises the carrying amount of any
non-controlling interests, II. Claims and Litigations
The Group is the subject of lawsuits and claims arising
(iii)
Derecognises the cumulative translation differences
in the ordinary course of business from time to time.
recorded in equity,
The Group reviews any such legal proceedings and
(iv) Recognises the fair value of the consideration received, claims on an ongoing basis and follow appropriate
accounting guidance when making accrual and
(v) Recognises the fair value of any investment retained,
disclosure decisions. The Group establishes accruals
(vi) Recognises any surplus or deficit in profit or loss, for those contingencies where the incurrence of a
loss is probable and can be reasonably estimated,
(vii) Reclassifies the parent’s share of components previously
and it discloses the amount accrued and the amount
recognised in OCI to profit or loss or retained earnings,
of a reasonably possible loss in excess of the amount
as appropriate, as would be required if the Group had
accrued, if such disclosure is necessary for the Group’s
directly disposed of the related assets or liabilities.
financial statements to not be misleading. To estimate
whether a loss contingency should be accrued by a
2.4 Summary of significant accounting policies
charge to income, the Group evaluates, among other
a) Use of estimates
factors, the degree of probability of an unfavourable
The preparation of financial statements in conformity with
outcome and the ability to make a reasonable estimate
Indian Accounting Standards (Ind AS) requires management
147
Notes
of the amount of the loss. The Group does not record Franchisee Fee (Sub-franchisee income)
liabilities when the likelihood that the liability has Franchisee fee is based on a percentage of franchise retail
been incurred is probable, but the amount cannot be sales and are recognised when the items are delivered to
reasonably estimated. Based upon present information, or carried out by franchisees’ customers, on accrual basis in
the Group determined that there were no matters that accordance with the terms of the relevant agreement.
required an accrual as of March 31, 2019 other than
the accruals already recognised, nor were there any Store opening fees and area development fee received from
asserted or unasserted claims for which material losses international sub-franchisees are recognised as revenue on a
are reasonably possible. straight-line basis over the term of respective franchise store
agreement by the parent company. Fee received in excess of
b) Revenue recognition revenues are classified as contract liabilities (which we refer to
Effective April 1, 2018, the group adopted Ind AS 115 “Revenue as unearned income).
from Contracts with Customers” using the cumulative
catch up transition method, applied to contracts that were c) Foreign currencies
not completed as of April 1, 2018. In accordance with the Foreign currency transactions
cumulative catch-up transition method, the comparatives Initial Recognition
have not been retrospectively adjusted. The effect on Foreign currency transactions are recorded in the functional
adoption of Ind AS 115 is insignificant. currency, by applying to the foreign currency amount the
exchange rate between the reporting currency and the
Revenue is recognised upon transfer of control of promised foreign currency on the date of the transaction.
products or services to customers in an amount that reflects
the consideration we expect to receive in exchange for those Conversion
products or services. Foreign currency monetary items are reported using the
closing rate. Non-monetary items which are carried in terms of
Sale of manufacture goods historical cost denominated in a foreign currency are reported
The group recognises revenue from sale of food through using the exchange rate at the date of the transaction.
group’s owned stores and are recognised when the items are
delivered to or carried out by customers. Customer’s payments Exchange Differences
are generally due at the time of sale. Exchange differences arising on the settlement of monetary
items, or on reporting such monetary items of Group at rates
Sale of traded goods different from those at which they were initially recorded
The parent company recognises revenue from sale of supplies during the year, or reported in previous financial statements,
to its franchised stores upon delivery or shipment of the are recognised as income or as expenses in the year in
related products, based on shipping terms and payments for which they arise.
supplies are generally due within 90 days of the shipping date.
Functional and presentation currency
Revenue is measured based on the consideration to which The functional currency of the Company in the Indian rupee.
the group expects to be entitled from a customer, net of These financial statements are presented in Indian rupees.
returns and allowances, discounts, volume rebates and cash
discounts and excludes sales taxes or Value added tax or Exchange Difference on consolidation of Foreign
Goods and Service Tax collected from customer and remitted operations
to the appropriate taxing authorities and are not reflecting in For the purposes of presenting these consolidated financial
the Statement of Profit and Loss as “Revenue”. statements, the assets and liabilities of the Group’s foreign
operations are translated into Indian Rupees using exchange
Interest rates prevailing at the end of each reporting period.
Revenue is recognised on a time proportion basis taking into Income and expense items are translated at the average
account the amount outstanding and the rate applicable. exchange rates for the period, unless exchange rates
fluctuate significantly during that period, in which case the
Dividends exchange rates at the dates of the transactions are used.
Revenue is recognised when the right to receive the payment Exchange differences arising, if any, are recognised in other
is established by the balance sheet date. comprehensive income and accumulated in equity (and
attributed to non-controlling interests as appropriate).
148
Notes
On the disposal of a foreign operation (i.e. a disposal of the Goods and Service Tax (GST)
Group’s entire interest in a foreign operation, a disposal Expenses and assets are recognised net of the amount of
involving loss of control over a subsidiary that includes a Goods and Service Tax paid, except:
foreign operation, or a partial disposal of an interest in a joint
When the tax incurred on a purchase of assets or
arrangement or an associate that includes a foreign operation
services is not recoverable from the taxation authority,
of which the retained interest becomes a financial asset), all
in which case, the tax paid is recognised as part of the
of the exchange differences accumulated in equity in respect
cost of acquisition of the asset or as part of the expense
of that operation attributable to the owners of the group are
item, as applicable
reclassified to profit or loss.
When receivables and payables are stated with the
d) Taxes amount of tax included.
Income tax expense represents the sum of the tax currently
payable and deferred tax. The net amount of tax recoverable from, or payable to,
the taxation authority is included as part of receivables or
Current tax payables in the balance sheet.
The income tax expense or credit for the period is the tax
payable on the current period’s taxable income based on the e) Property, plant and equipment
applicable income tax rate for each jurisdiction adjusted by Property, plant and equipment are carried at cost less
changes in deferred tax assets and liabilities attributable to accumulated depreciation and accumulated impairment
temporary differences and to unused tax losses/credits. losses, if any. Cost includes its purchase price, including
import duties and non-refundable purchase taxes, after
The current income tax charge is calculated on the basis of deducting trade discounts and rebates. It includes other costs
the tax laws enacted or substantively enacted at the end of directly attributable to bringing the asset to the location and
reporting period in the country where the Group operate and condition necessary for it to be capable of operating in the
generate taxable income. manner intended by management.
Deferred tax When significant parts of plant and equipment are required
Deferred tax is recognised on temporary differences to be replaced at intervals, the Group depreciates them
between the carrying amounts of assets and liabilities in the separately based on their specific useful lives. Likewise, when
standalone financial statements and the corresponding tax a major inspection is performed, its cost is recognised
bases used in the computation of taxable profit. Deferred tax in the carrying amount of the plant and equipment as a
liabilities are generally recognised for all taxable temporary replacement if the recognition criteria are satisfied. All other
differences. Deferred tax assets are generally recognised for repair and maintenance costs are recognised in profit or loss
all deductible temporary differences to the extent that it is as incurred. The present value of the expected cost for the
probable that taxable profits will be available against which decommissioning of an asset after its use is included in the
those deductible temporary differences can be utilised. cost of the respective asset if the recognition criteria for a
provision are met.
Deferred tax liabilities and assets are measured at the tax
rates that are expected to apply in the period in which the Depreciation on property, plant and equipment is calculated
liability is settled or the asset realised, based on tax rates (and on straight-line basis using the rates arrived at based on the
tax laws) that have been enacted or substantively enacted by useful lives estimated by the management.
the end of the reporting period.
Subsequent expenditures relating to property, plant and
The carrying amount of deferred tax assets is reviewed at the equipment is capitalised only when it is probable that future
end of each reporting period and reduced to the extent that economic benefits associated with these will flow to the
it is no longer probable that sufficient taxable profits will be Group and the costs of the item can be measured reliably.
available to allow all or part of the asset to be recovered. Repairs and maintenance costs are charged to the statement
of profit and loss when incurred.
Current and deferred tax for the year
Current and deferred tax are recognised in profit or loss, The management has estimated, supported by assessment
except when they relate to items that are recognised in other by internal professionals, the useful lives of the following
comprehensive income or directly in equity, in which case, classes of assets and has used the following rates to provide
the current and deferred tax are also recognised in other depreciation on its property, plant and equipment which are
comprehensive income. different from those indicated in schedule II of Companies Act,
149
Notes
2013. The management believe that the above assessment are recognised in the statement of profit and loss when the
truly represents the useful life of assets in the specific asset is derecognised.
condition, these assets are put to use by the Group.
A summary of amortisation policies applied to the Group
intangible assets is as below:
Fixed Assets Estimated Useful Life (in no. of years)
Leasehold Improvements 9 or Actual lease period, whichever is

lower Intangible assets Estimated Useful Life (in no. of years)
Building 30 Software 5-7
Plant and Machinery 5 to 20 Store opening fees 5
Office Equipment 2 to 10 Territory fees 15
Furniture and Fixtures 5 to 10
Vehicles 6
The territory fee has been paid to the franchisor for running
and operating Dunkin’ Donuts Restaurants. The period
An item of property, plant and equipment and any significant of contract is for 15 years, during which the Group shall
part initially recognised is derecognised upon disposal or be deriving the economic benefits, and has accordingly
when no future economic benefits are expected from its use amortised the same.
or disposal. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal Internally-generated intangible assets – research and
proceeds and the carrying amount of the asset) is included in development expenditure
the income statement when the asset is derecognised. Expenditure on research activities is recognised as an expense
in the period in which it is incurred. An internally-generated
The residual values, useful lives and methods of depreciation intangible asset arising from development (or from the
of property, plant and equipment are reviewed at each development phase of an internal project) is recognised if,
financial year end and adjusted prospectively, if appropriate. and only if, all of the following have been demonstrated:
the technical feasibility of completing the intangible

f) Investment properties
asset so that it will be available for use or sale;
Investment properties are properties held to earn rentals
and/or for capital appreciation. Investment properties the intention to complete the intangible asset and
are measured initially at cost, including transaction costs. use or sell it;
Subsequent to initial recognition, investment properties
the ability to use or sell the intangible asset;
are measured in accordance with Ind AS 40’s requirements
for cost model. how the intangible asset will generate probable future
economic benefits;
g) Intangible assets
the availability of adequate technical, financial and
Intangible assets acquired separately are measured on initial
other resources to complete the development and to
recognition at cost. Following initial recognition, intangible
use or sell the intangible asset; and
assets are carried at cost less accumulated amortisation and
accumulated impairment losses, if any.
the ability to measure reliably the expenditure
attributable to the intangible asset during
Intangible assets are amortised on a straight-line basis over its development.
the estimated useful economic life. If the persuasive evidence
exists to the affect that useful life of an intangible asset The amount initially recognised for internally-generated
exceeds ten years, the Group amortises the intangible asset intangible assets is the sum of the expenditure incurred from
over the best estimate of its useful life. Such intangible assets the date when the intangible asset first meets the recognition
are tested for impairment annually, either individually or at criteria listed above. Where no internally-generated intangible
the cash-generating unit level. All other intangible assets are asset can be recognised, development expenditure is
assessed for impairment whenever there is an indication that recognised in profit or loss in the period in which it is incurred.
the intangible asset may be impaired.

Subsequent to initial recognition, internally-generated
Gains or losses arising from derecognition of an intangible intangible assets are reported at cost less accumulated
asset are measured as the difference between the net amortisation and accumulated impairment losses, on the
disposal proceeds and the carrying amount of the asset and same basis as intangible assets that are acquired separately.
150
Notes
h) Expenditure during Construction Period j) Leases

Expenditure directly relating to construction activity Leases are classified as finance leases whenever the terms
are capitalised. Other expenditure incurred during the of the lease transfer substantially all the risks and rewards
construction period which are not related to the construction of ownership to the lessee. All other leases are classified as
activity nor are incidental thereto, are charged to the operating leases.
statement of profit and loss.
Where the Group is a lessee
i) Impairment of tangible and intangible assets Finance Lease, which effectively transfer to the Group
The Group assesses at each reporting date whether there is substantially all the risks and benefits incidental to the
an indication that an asset may be impaired. If any indication ownership of the leased items, are capitalised at the inception
exists, or when annual impairment testing for an asset is of the lease term at the lower of fair value of the leased
required, the Group estimates the asset’s recoverable amount. item and the present value of minimum lease payments.
An asset’s recoverable amount is the higher of an asset’s or Lease payments are apportioned between the finance
Cash-Generating Unit’s (CGU) net selling price and its value in charges and reduction of the lease liability so as to achieve
use. The recoverable amount is determined for an individual a constant rate of interest on the remaining balance of the
asset, unless the asset does not generate cash inflows that are liability. Finance charges are recognised as finance costs in the
largely independent of those from other assets or Group of statement of profit and loss. Lease management fees, legal
assets. Where the carrying amount of an asset or CGU exceeds charges and other initial direct costs of lease are capitalised.
its recoverable amount, the asset is considered impaired and
is written down to its recoverable amount. In assessing value A leased asset is depreciated on a straight-line basis over the
in use, the estimated future cash flows are discounted to useful life of the asset except if the escalation in lease is within
their present value using a pre-tax discount rate that reflects General inflation rate and Consumer price index. However, if
current market assessments of the time value of money and there is no reasonable certainty that the Group will obtain the
the risks specific to the asset. In determining net selling price, ownership by the end of the term of hire, the capitalised asset
recent market transactions are taken into account, if available. is depreciated on a straight-line basis over the shorter of the
If no such transactions can be identified, an appropriate estimated useful life of the asset.
valuation model is used.
Rental expense from operating leases is generally recognised
The Group bases its impairment calculation on detailed on a straight-line basis over the term of the relevant
budgets and forecast calculations which are prepared lease. Where the rentals are structured solely to increase
separately for each of the Group cash-generating units to in line with expected general inflation to compensate
which the individual assets are allocated. These budgets and for the lessor’s expected inflationary cost increases, such
forecast calculations are generally covering a period of five increases are recognised in the year in which such benefits
years. For longer periods, a long-term growth rate is calculated accrue. Contingent rentals arising under operating leases
and applied to project future cash flows after the fifth year. are recognised as an expense in the period in which
they are incurred.
After impairment, depreciation is provided on the revised
carrying amount of the asset over its remaining useful life. k) Inventories
Basis of valuation:
An assessment is made at each reporting date as to whether Inventories other than scrap materials are valued at lower of
there is any indication that previously recognised impairment cost and net realisable value, if any. The comparison of cost
losses may no longer exist or may have decreased. and net realisable value is made on an item-by-item basis.
If such indication exists, the Group estimates the asset’s or
cash-generating unit’s recoverable amount. A previously Method of Valuation:
recognised impairment loss is reversed only if there has Cost of raw materials has been determined by using
been a change in the assumptions used to determine the FIFO method and comprises all costs of purchase, duties,
asset’s recoverable amount since the last impairment loss taxes (other than those subsequently recoverable from
was recognised. The reversal is limited so that the carrying tax authorities) and all other costs incurred in bringing
amount of the asset does not exceed its recoverable amount, the inventories to their present location and condition.
nor exceed the carrying amount that would have been
Cost of traded goods has been determined by using
determined, net of depreciation, had no impairment loss
FIFO method and comprises all costs of purchase, duties,
been recognised for the asset in prior years. Such reversal is
taxes (other than those subsequently recoverable from
recognised in the statement of profit and loss.
tax authorities) and all other costs incurred in bringing
the inventories to their present location and condition.
151
Notes
Net realisable value is the estimated selling price The principal or the most advantageous market must be
in the ordinary course of business, less estimated accessible by the Group.
costs of completion and estimated costs necessary
to make the sale. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing
l) Provisions the asset or liability, assuming that market participants act in
A provision is recognised when the Group has a present their economic best interest.
obligation (legal or constructive) as a result of past event, it is
probable that an outflow of resources embodying economic A fair value measurement of a non-financial asset takes into
benefits will be required to settle the obligation and a reliable account a market participant’s ability to generate economic
estimate can be made of the amount of the obligation. benefits by using the asset in its highest and best use or by
These estimates are reviewed at each reporting date and selling it to another market participant that would use the
adjusted to reflect the current best estimates. If the effect of asset in its highest and best use.
the time value of money is material, provisions are discounted
using a current pre-tax rate that reflects, when appropriate, The Group uses valuation techniques that are appropriate in
the risks specific to the liability. When discounting is used, the circumstances and for which sufficient data are available to
the increase in the provision due to the passage of time is measure fair value, maximising the use of relevant observable
recognised as a finance cost. inputs and minimising the use of unobservable inputs.
m) Contingent liabilities All assets and liabilities for which fair value is measured
A contingent liability is a possible obligation that arises or disclosed in the financial statements are categorised
from past events whose existence will be confirmed by the within the fair value hierarchy, described as follows, based
occurrence or non-occurrence of one or more uncertain on the lowest level input that is significant to the fair value
future events beyond the control of the Group or a present measurement as a whole:
obligation that is not recognised because it is not probable
that an outflow of resources will be required to settle the Level 1 - Quoted (unadjusted) market prices in active markets

obligation. A contingent liability also arises in extremely rare for identical assets or liabilities.
cases where there is a liability that cannot be recognised
because it cannot be measured reliably. The Group does not Level 2 - Valuation techniques for which the lowest level input

recognise a contingent liability but discloses its existence in that is significant to the fair value measurement is directly or
the financial statements. indirectly observable.
n) Dividend Distributions Level 3 - Valuation techniques for which the lowest level

The Group recognises a liability to make payment of dividend input that is significant to the fair value measurement
to owners of equity when the distribution is authorised and is unobservable.
is no longer at the discretion of the Group and is declared
by the shareholders. A corresponding amount is recognised For assets and liabilities that are recognised in the financial
directly in equity. statements on a recurring basis, the Group determines
whether transfers have occurred between levels in the
o) Fair value measurement hierarchy by re-assessing categorisation (based on the lowest
The Group measures financial instruments at fair value at level input that is significant to the fair value measurement as
each balance sheet date. a whole) at the end of each reporting period.
Fair value is the price that would be received to sell an For the purpose of fair value disclosures, the Group has
asset or paid to transfer a liability in an orderly transaction determined classes of assets and liabilities on the basis of the
between market participants at the measurement date. nature, characteristics and risks of the asset or liability and the
The fair value measurement is based on the presumption level of the fair value hierarchy as explained above.
that the transaction to sell the asset or transfer the liability
takes place either: p) Employee Benefits
Short-term obligations

In the principal market for asset or liability, or
Liabilities for wages and salaries, including
In the absence of a principal market, in the most non-monetary benefits that are expected to be settled
advantageous market for the asset or liability. wholly within twelve months after the end of the period
in which the employees render the related service are
152
Notes
recognised in respect of employee service upto the end its employees, which is a defined benefit plan to the
of the reporting period and are measured at the amount extent that the Parent Company has an obligation to
expected to be paid when the liabilities are settled. make good the shortfall, if any, between the return from
The liabilities are presented as current employee benefit the investments of the trust and the notified interest
obligations in the balance sheet. rate. The Parent Company’s obligation in this regard is
determined by an independent actuary and provided
Post-employment benefit obligations for if the circumstances indicate that the Trust may
Gratuity not be able to generate adequate returns to cover the
The Employee’s Gratuity Fund Scheme, which is defined interest rates notified by the Government.
benefit plan, is managed by Trust maintained with SBI Life
Insurance Company limited. The liabilities with respect (ii) Parent Company’s contribution to the provident fund is
to Gratuity Plan are determined by actuarial valuation charged to Statement of Profit and Loss.
on projected unit credit method on the balance sheet
date, based upon which the Group contributes to the Other long-term employee benefit obligation
Group Gratuity Scheme. The difference, if any, between Compensated Absences/Leave Encashment
the actuarial valuation of the gratuity of employees Accumulated leaves which is expected to
at the year end and the balance of funds with SBI Life be utilised within next 12 months is treated
Insurance Company limited is provided for as assets/ as short-term employee benefit. The Group
(liability) in the books. Net interest is calculated by measures the expected cost of such absences as
applying the discount rate to the net defined benefit the additional amount that it expects to pay as a
liability or asset. Future salary increases and pension result of the unused entitlement and discharge
increases are based on expected future inflation rates at the year end.
for the respective countries. Further details about the
assumptions used, including a sensitivity analysis, are Liabilities recognised in respect of other long-term
given in Note No. 33. employee benefits are measured at the present
value of the estimated future cash outflows
The Group recognises the following changes in the net expected to be made by the Group in respect
defined benefit obligation under Employee benefit expense of services provided by employees up to the
in statement of profit or loss: reporting date.

Service costs comprising current service costs,
Share-based payments
past-service costs, gains and losses on curtailments and

Employees (including senior executives) of
non-routine settlements.
the Group receive remuneration in the form of
Net interest expense or income. share-based payments, whereby employees render
services as consideration for equity instruments
Remeasurements, comprising of actuarial gains and losses, (equity-settled transactions).
the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability and the return Equity-settled transactions
on plan assets (excluding amounts included in net interest on
The cost of equity-settled transactions is
the net defined benefit liability), are recognised immediately determined by the fair value at the date
in the Balance Sheet with a corresponding debit or credit to when the grant is made using an appropriate
retained earnings through OCI in the period in which they valuation model.
occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.
That cost is recognised, together with a
corresponding increase in Share-Based Payment
Superannuation (SBP) reserves in equity, over the period in which
Certain employees of the Company are also participants in the performance and/or service conditions
the superannuation plan (‘the Plan’), a defined contribution are fulfilled in employee benefits expense.
plan. Contribution made by the Company to the plan during The cumulative expense recognised for
the year is charged to Statement of Profit and Loss. equity-settled transactions at each reporting date
until the vesting date reflects the extent to which
Provident Fund the vesting period has expired and the Group best
(i) The Parent Company makes contribution to its own estimate of the number of equity instruments that
provident fund Jubilant FoodWorks Provident Trust for will ultimately vest. The statement of profit and
153
Notes
loss expense or credit for a period represents the Shareholders by the weighted average number of equity
movement in cumulative expense recognised as shares outstanding during the period. The weighted average
at the beginning and end of that period and is number of equity shares outstanding during the period is
recognised in employee benefits expense. adjusted for events such as Bonus Issue, Bonus element in a
rights issue, share split, and reverse share split (consolidation
Service and non-market performance conditions of shares) that have changed the number of equity shares
are not taken into account when determining the outstanding, without a corresponding change in resources.
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part For the purpose of calculating diluted earnings per share,
of the Group best estimate of the number of the net profit or loss for the period attributable to Equity
equity instruments that will ultimately vest. Shareholders and the weighted average number of shares
Market performance conditions are reflected outstanding during the period are adjusted for the effect of
within the grant date fair value. Any other all potentially dilutive equity shares.
conditions attached to an award, but without an
associated service requirement, are considered to s) Financial instruments
be non-vesting conditions. Non-vesting conditions A financial instrument is any contract that gives rise to a
are reflected in the fair value of an award and lead to financial asset of one entity and a financial liability or equity
an immediate expensing of an award unless there instrument of another entity.
are also service and/or performance conditions.
Financial assets
No expense is recognised for awards that do not he Group classifies its financial assets in the following
T
ultimately vest because non-market performance measurement categories:
and/or service conditions have not been met.
Those to be measured subsequently at fair value (either
Where awards include a market or non-vesting
through other comprehensive income, or through
condition, the transactions are treated as
profit or loss).
vested irrespective of whether the market or
non-vesting condition is satisfied, provided Those measured at amortised cost.
that all other performance and/or service
conditions are satisfied. Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in
When the terms of an equity-settled award are the case of financial assets not recorded at fair value through
modified, the minimum expense recognised profit or loss, transaction costs that are attributable to the
is the expense had the terms had not been acquisition of the financial asset.
modified, if the original terms of the award are
met. An additional expense is recognised for any Subsequent measurement
modification that increases the total fair value For purposes of subsequent measurement, financial assets
of the share-based payment transaction, or is are classified in four categories:
otherwise beneficial to the employee as measured
i.
Debt instruments at Fair Value Through Other
at the date of modification. Where an award is
Comprehensive Income (FVTOCI)
cancelled by the entity or by the counterparty, any
remaining element of the fair value of the award is ii.
Debt instruments at Fair Value Through Profit
expensed immediately through profit or loss. and Loss (FVTPL)
iii. Debt instruments at amortised cost

The dilutive effect of outstanding options is
reflected as additional share dilution in the iv. Equity instruments
computation of diluted earnings per share.
Debt instruments at amortised cost
q) Exceptional Items A debt instrument is measured at amortised cost if both the
Exceptional items are transactions which due to their size following conditions are met:
or incidence are separately disclosed if any to enable a full
Business Model Test: The objective is to hold the debt
understanding of the group financial performance.
instrument to collect the contractual cash flows (rather
than to sell the instrument prior to its contractual
r) Earnings Per Share
maturity to realise its fair value changes).
Basic earnings per share are calculated by dividing the
net profit or loss for the period attributable to Equity
154
Notes
Cash flow characteristics test: The contractual terms of

Equity investments of other entities
the Debt instrument give rise on specific dates to cash All equity investments in scope of Ind AS 109 are measured
flows that are solely payments of principal and interest at fair value. Equity instruments which are held for trading
on principal amount outstanding. and contingent consideration recognised by an acquirer
in a business combination to which Ind AS 103 applies are

This category is most relevant to the Group. classified as at FVTPL. For all other equity instruments, the
After initial measurement, such financial assets are Group may make an irrevocable election to present in Other
subsequently measured at amortised cost using the effective Comprehensive Income all subsequent changes in the Fair
interest rate (EIR) method. Amortised cost is calculated by Value. The Group makes such election on an instrument-by-
taking into account any discount or premium on acquisition instrument basis. The classification is made on initial
and fees or costs that are an integral part of EIR. EIR is the recognition and is irrevocable.
rate that exactly discounts the estimated future cash receipts
over the expected life of the financial instrument or a shorter If the Group decides to classify an equity instrument as
period, where appropriate, to the gross carrying amount of at FVTOCI, then all Fair Value changes on the instrument,
the financial asset. When calculating the effective interest rate, excluding dividends, are recognised in the OCI. There is no
the Group estimates the expected cash flows by considering recycling of the amounts from OCI to Profit and Loss, even
all the contractual terms of the financial instrument but does on sale of investment. However, the Group may transfer the
not consider the expected credit losses. The EIR amortisation cumulative gain or loss within equity. Equity instruments
is included in finance income in profit or loss. The losses included within the FVTPL category are measured at Fair
arising from impairment are recognised in the profit or loss. Value with all changes recognised in the Profit and Loss.
This category generally applies to trade and other receivables.
Derecognition
Debt instruments at fair value through OCI A financial asset (or, where applicable, a part of a financial
A Debt instrument is measured at Fair Value Through Other asset or part of a group of similar financial assets) is primarily
Comprehensive Income if following criteria are met: derecognised (i.e removed from the Group statement of
financial position) when:
Business Model Test: The objective of financial
instrument is achieved by both collecting contractual i.
The rights to receive cash flows from the asset
cash flows and for selling financial assets. have expired, or
Cash flow characteristics test: The contractual terms

ii. The Group has transferred its rights to receive cash flows
of the financial asset give rise on specific dates to cash from the asset or has assumed an obligation to pay the
flows that are solely payments of principal and interest received cash flows in full without material delay to a third
on principal amount outstanding. party under a “pass through” arrangement and either;
iii. The Group has transferred the rights to receive cash

Financial Asset included within the FVTOCI category are
flows from the financial assets; or
measured initially as well as at each reporting date at fair
value. Fair value movements are recognised in the Other iv. The Group has retained the contractual right to receive
Comprehensive Income (OCI). However, the Group recognised the cash flows of the financial asset, but assumes a
the interest income, impairment losses and reversals and contractual obligation to pay the cash flows to one or
foreign exchange gain or loss in the P&L. On derecognition more recipients.
of asset, cumulative gain or loss previously recognised in
OCI is reclassified from the equity to P&L. Interest earned Where the Group has transferred an asset, the Group
whilst holding FVTOCI debt instrument is reported as interest evaluates whether it has transferred substantially all the risks
income using the EIR method. and rewards of the ownership of the financial assets. In such
cases, the financial asset is derecognised. Where the entity
Debt instruments at FVTPL has not transferred substantially all the risks and rewards of
FVTPL is a residual category for financial instruments. the ownership of the financial assets, the financial asset is
Any financial instrument, which does not meet the criteria for not derecognised.
amortised cost or FVTOCI, is classified as at FVTPL. A gain or
loss on a debt instrument that is subsequently measured at Where the Group has neither transferred a financial asset nor
FVTPL and is not a part of a hedging relationship is recognised retains substantially all risks and rewards of ownership of the
in profit or loss and presented net in the statement of profit financial asset, the financial asset is derecognised if the Group
and loss within other gains or losses in the period in which has not retained control of the financial asset. Where the Group
it arises. Interest income from these Debt instruments is retains control of the financial asset, the asset is continued to
included in other income.
155
Notes
be recognised to the extent of continuing involvement in the Trade Payables

financial asset. These amounts represents liabilities for goods and services
provided to the Group prior to the end of financial year which
Impairment of financial assets are unpaid. The amounts are unsecured and are usually paid
In accordance with Ind AS 109, the Group applies expected within 120 days of recognition. Trade and other payables
credit losses (ECL) model for measurement and recognition are presented as current liabilities unless payment is not
of impairment loss on the following financial asset and due within 12 months after the reporting period. They are
credit risk exposure recognised initially at fair value and subsequently measured
at amortised cost using EIR method.
Financial assets measured at amortised cost;
Financial assets measured at Fair Value Through Other Financial liabilities at fair value through profit or loss
Comprehensive Income (FVTOCI); Financial liabilities at fair value through profit or loss include
financial liabilities held for trading and financial liabilities
The Group follows “simplified approach” for recognition of designated upon initial recognition as at fair value through
impairment loss allowance on: profit or loss. Financial liabilities are classified as held for
trading if they are incurred for the purpose of repurchasing
Trade receivables or contract revenue receivables;
in the near term. This category also includes derivative
All lease receivables resulting from the transactions financial instruments entered into by the Group that are not
within the scope of Ind AS 17 designated as hedging instruments in hedge relationships as
defined by Ind AS 109. Separated embedded derivatives are
Under the simplified approach, the Group does not track also classified as held for trading unless they are designated
changes in credit risk. Rather, it recognises impairment loss as effective hedging instruments.
allowance based on lifetime ECLs at each reporting date,
right from its initial recognition. The Group uses a provision The Group has not designated any financial liability as at fair
matrix to determine impairment loss allowance on the value through profit and loss.
portfolio of trade receivables. The provision matrix is based
on its historically observed default rates over the expected Reclassification of financial assets:
life of trade receivable and is adjusted for forward-looking The Group determines classification of financial assets and
estimates. At every reporting date, the historical observed liabilities on initial recognition. After initial recognition, no
default rates are updated and changes in the forward-looking reclassification is made for financial assets which are equity
estimates are analysed. instruments and financial liabilities. For financial assets which
are debt instruments, a reclassification is made only if there
For recognition of impairment loss on other financial assets is a change in the business model for managing those assets.
and risk exposure, the Group determines whether there Changes to the business model are expected to be infrequent.
has been a significant increase in the credit risk since initial The Group senior management determines change in the
recognition. If credit risk has not increased significantly, business model as a result of external or internal changes
12-month ECL is used to provide for impairment loss. which are significant to the Group operations. Such changes
However, if credit risk has increased significantly, lifetime are evident to external parties. A change in the business
ECL is used. If, in subsequent period, credit quality of the model occurs when the Group either begins or ceases to
instrument improves such that there is no longer a significant perform an activity that is significant to its operations. If the
increase in credit risk since initial recognition, then the Group Group reclassifies financial assets, it applies the reclassification
reverts to recognising impairment loss allowance based on prospectively from the reclassification date which is the first
12- months ECL. day of the immediately next reporting period following the
change in business model. The Group does not restate any
Financial liabilities previously recognised gains, losses (including impairment
Initial recognition and measurement gains or losses) or interest.
Financial liabilities are classified at initial recognition as
financial liabilities at fair value through profit or loss, loans t) Cash and cash equivalents
and borrowings, and payables, net of directly attributable Cash and cash equivalent in the balance sheet comprise
transaction costs. The Group financial liabilities include loans cash at banks and on hand and short-term deposits with an
and borrowings including trade payables, trade deposits, original maturity of three months or less, which are subject to
retention money and liability towards services, sales incentive, an insignificant risk of changes in value.
other payables and derivative financial instruments.
u) Segment Reporting Policies
The measurement of financial liabilities depends on their As the Group business activity primarily falls within a single
classification, as described below: business and geographical segment and the Executive
Management Committee monitors the operating results of
156
Notes
its business units not separately for the purpose of making All other assets are classified as non-current.
decisions about resource allocation and performance
assessment. Segment performance is evaluated based on A liability is current when:
profit or loss and is measured consistently with profit or
- It is expected to be settled in normal operating cycle;
loss in the standalone financial statements, thus there are
no additional disclosures to be provided under Ind AS 108 - It is held primarily for the purpose of trading;
– “Segment Reporting”. The management considers that the
- It is due to be settled within twelve months after the
various goods and services provided by the Group constitutes
reporting period, or
single business segment, since the risk and rewards from
these services are not different from one another. The Group - There is no unconditional right to defer the settlement
operating businesses are organised and managed separately of the liability for at least twelve months after the
according to the nature of products and services provided, reporting period.
with each segment representing a strategic business
unit that offers different products and serves different The Group classifies all other liabilities as non-current.
markets. The analysis of geographical segments is based on
geographical location of the customers. Deferred tax assets and liabilities and advance against current
tax are classified as non-current assets and liabilities.
v) Cash Flow Statement
Cash flows are reported using indirect method, whereby The operating cycle is the time between the acquisition of
profit before tax is adjusted for the effects transactions of assets for processing and their realisation in cash and cash
a non-cash nature and any deferrals or accruals of past or equivalents. The Group has identified twelve months as its
future cash receipts or payments. The cash flows from regular operating cycle.
revenue generating, financing and investing activities of
the Group are segregated. Cash and cash equivalents in the
cash flow comprise cash at bank, cash/cheques in hand and
short-term investments with an original maturity of three
months or less.
w) Current/Non-Current classification
The Group presents assets and liabilities in the balance sheet
based on current/non-current classification. An asset is
treated as current when it is:
- Expected to be realised or intended to be sold or

consumed in normal operating cycle;
- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the

reporting period, or
- Cash or cash equivalent unless restricted from being

exchanged or used to settle a liability for at least twelve
months after the reporting period.
157
158
Notes
Forming part of the consolidated financial statements for the year ended March 31, 2019
3. a) Property, Plant and Equipment

(` in lakhs)
Leasehold Plant and
Gross carrying amount as at April 1, 2017: - 35,637.05 48,189.30 3,307.17 8,554.63 3,985.03 99,673.18
Additions 5,161.88 1,508.88 7,199.53 228.59 711.34 214.24 15,024.46
Disposals/transfer - (2,339.27) (810.69) (330.14) (167.73) (537.73) (4,185.56)
Exchange differences 1.42 (0.14) 0.50 (0.56) 2.50 3.72
Gross carrying amount as at April 1, 2018: 5,161.88 34,808.08 54,578.00 3,206.12 9,097.68 3,664.04 1,10,515.80
Additions 351.47 4,138.68 9,546.34 233.02 1,346.01 1,250.53 16,866.06
Disposals/transfer - (1,234.42) (2,031.60) (34.60) (488.76) (534.17) (4,323.55)
Exchange differences - (69.30) (77.97) (0.73) (20.22) (8.18) (176.39)
Gross carrying amount as at March 31, 2019 (A) 5,513.35 37,643.04 62,014.78 3,403.81 9,934.72 4,372.22 1,22,881.92
(` in Lakhs)
Leasehold Plant and
Accumulated depreciation as at April 1, 2017 - 9,274.69 10,285.61 966.00 2,456.93 1,191.15 24,174.38
Disposals - (2,291.97) (610.16) (326.66) (138.40) (341.50) (3,708.69)
Exchange differences 21.47 17.38 1.86 3.40 3.57 47.68
Accumulated depreciation as at April 1, 2018 35.79 12,573.45 15,891.39 1,330.59 3,780.06 1,635.30 35,246.58
Disposals (0.21) (1,209.09) (1,804.89) (29.18) (431.06) (420.65) (3,895.08)
Exchange differences - (34.53) (33.46) (0.49) (10.14) (3.83) (82.45)
Accumulated depreciation as at March 31, 2019 (B) 210.69 16,206.66 20,874.56 1,805.49 4,770.01 1,900.38 45,767.79
As at March 31, 2019 5,302.66 21,436.38 41,140.21 1,598.33 5,164.71 2,471.84 77,114.13
As at March 31, 2018 5,126.09 22,234.63 38,686.61 1,875.53 5,317.62 2,028.74 75,269.22

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Plant, property and equipment 77,114.13 75,269.22
Capital work in progress * 1,522.35 1,241.43
*Also refer note: 34
Notes
b) Investment Property
(` in lakhs)
Freehold land and
Particulars
buildings
Gross carrying amount as at April 1, 2017: 3.41
Gross carrying amount as at April 1, 2018 3.41
Gross carrying amount as at March 31, 2019 3.41
Net carrying amount
As at March 31, 2019 3.41
As at March 31, 2018 3.41
c) Intangible Assets
(` in lakhs)
Intangible Asset
Intangible
Particulars Store Opening Fees
Software Asset under Total
and Territory Fees
Development
Gross carrying amount as at April 1, 2017: 3,635.35 2,731.20 - 6,366.55
Additions 309.72 106.12 180.78 596.62
Disposals/transfer - (2.72) - (2.72)
Exchange differences 27.57 (27.53) 0.04
Gross carrying amount as at April 1, 2018 3,972.64 2,807.07 180.78 6,960.49
Additions 832.93 594.92 49.56 1,477.40
Disposals/transfer - (67.39) (180.78) (248.17)
Exchange differences (3.61) (2.94) - (6.55)
Gross carrying amount as at March 31, 2019 (A) 4,801.96 3,331.65 49.56 8,183.17
Accumulated amortisation as at April 1, 2017 821.49 1,032.45 - 1,853.94
Disposals - (2.41) - (2.41)
Exchange differences 2.92 (1.76) 1.16
Accumulated amortisation as at April 1, 2018 1,534.55 1,595.51 - 3,130.06
Disposals - (67.45) - (67.45)
Exchange differences (1.92) (2.18) - (4.10)
Accumulated amortisation as at March 31, 2019 (B) 2,336.63 1,968.19 - 4,304.82
As at March 31, 2019 2,465.33 1,363.46 49.56 3,878.36
As at March 31, 2018 2,438.09 1,211.56 180.78 3,830.43

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Intangible assets 3,828.80 3,649.65
Intangible assets under development 49.56 180.78
d) Depreciation and Amortisation expense

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Depreciation on property, plant and equipment 14,498.74 14,733.21
Amortisation expense on intangible assets 1,246.31 1,277.37
Total 15,745.05 16,010.58
159
Notes
4. INVESTMENTS
(` in lakhs)
Current
Particulars As at As at
March 31, 2019 March 31, 2018
Investments in Mutual Funds (Unquoted )
(Valued at fair value)
(i) DSP Liquidity Fund- Direct Plan - Growth
1,47,995.855 units (Previous year NIL) of ` 2,673.3912 (Previous year ` NIL) each in DSP Liquidity Fund - 3,956.51 -
Direct Plan - Growth
(ii) Axis Liquid Fund - Direct Plan - Growth
3,40,323.601 units (Previous year NIL) of ` 2,073.5234 (Previous year ` NIL) each in Axis Liquid Fund - Direct 7,056.69 -
Plan-Growth
(iii) HDFC Floating Rate Debt Fund - Wholesale Option - Direct Plan - Dividend Reinvestment (formerly
known as HDFC Floating Rate Income Fund - Short-term Plan - Wholesale Option - Direct Plan -
Dividend Reinvestment)
NIL Units (Previous year 6,78,42,931.695 Units) of ` NIL (Previous year ` 10.0809) each In HDFC Floating Rate - 6,836.83
Debt Fund - Wholesale Option - Direct Plan - Dividend Reinvestment.
(iv) Aditya Birla Sun Life Money Manager -Direct Plan- Growth
20,63,845.162 units (Previous year NIL) of ` 251.70 (Previous year ` NIL) each in Aditya Birla Sun Life Money 5,194.70 -
Manager - Direct Plan - Growth
(v) Aditya Birla Sun Life Saving Fund - Daily Dividend - Direct Plan - Reinvestment
NIL Units (Previous year 77,71,472.616 ) of ` NIL (Previous year ` 100.1888) each In Aditya Birla Sunlife Saving - 7,786.15
Fund - Daily Dividend - Direct Plan - Reinvestment
(vi) IDFC Corporate Bond Fund- Direct Plan- Growth
1,45,54,980.912 units (Previous year NIL) of ` 12.8604 (Previous year ` NIL) each in IDFC Corporate Bond 1,871.83 -
Fund- Direct Plan -Growth
(vii) ICICI Prudential Savings Fund- Direct Plan - Daily Dividend - Dividend Reinvestment (formerly known
as ICICI Prudential Flexible Income - Direct Plan - Daily Dividend - Dividend Reinvestment)
NIL Units (Previous year 76,00,974.467) of ` NIL (Previous year `105.7949) each In ICICI Prudential Savings - 8,041.44
Fund- Direct Plan- Daily Dividend - Dividend Reinvestment
(viii) Kotak Savings Fund - Direct Plan - Daily Dividend (formerly known as Kotak Treasuary Advantage
Fund - Direct Plan - Daily Dividend)
NIL Units (Previous year 3,61,66,180.224 ) of ` NIL (Previous year ` 10.0805) each In Kotak Savings Fund- - 3,645.73
Direct Plan - Daily Dividend
TOTAL 18,079.73 26,310.15
Aggregate amount of investments designated at Fair Value Through Profit and Loss (FVTPL) 18,079.73 26,310.15
Aggregate amount of market value of investments 18,079.73 26,310.15

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Security Deposits - Unsecured considered good 9,526.90 6,439.23
Bank deposits with remaining maturity of more than 12 months 94.01 766.70
[Fixed deposits aggregating to ` 94.01 Lakhs (Previous year ` 766.70 Lakhs) are pledged with government
authorities]
TOTAL 9,620.91 7,205.93
6. ASSETS FOR CURRENT TAX

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Advance tax (net of provision for tax) (Also refer note 15) 1,326.22 1,037.00
TOTAL 1,326.22 1,037.00
160
Notes
7. OTHER NON-CURRENT ASSETS

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Capital advances
- Considered good 889.76 681.37
- Considered doubtful 49.53 49.53
939.29 730.90
Less: Provision for doubtful capital advance (49.53) (49.53)
889.76 681.37
Balances with statutory/government authorities 2,937.31 307.92
Leasehold land prepayment (refer note 37) 3,187.79 3,225.54
Prepaid rent long-term 3,926.75 6,344.15
TOTAL 10,941.61 10,558.98
8. INVENTORIES*
(valued at lower of cost and net realisable value)
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Traded goods {including material in transit ` 7.29 Lakhs (Previous year ` 17.39 Lakhs )} 357.14 504.31
Raw materials {including raw material in transit ` 367.39 Lakhs (Previous year ` 128.21 Lakhs)} 5,143.58 4,477.79
Stores, spares and packing materials 2,022.48 1,321.08
Material-in-process 184.58 117.91
TOTAL 7,707.78 6,421.09
* The cost of inventories recognised as an expense during the year was `1,02,769.00 Lakhs (Previous year: ` 87,595.41)
9. TRADE RECEIVABLES
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Receivables - unsecured, considered good 2,713.78 1,515.00
Receivables which have significant increase in credit risk 29.84 50.24
Receivables - credit impaired 74.80 -
2,818.42 1,565.24
Less: Provision for expected credit loss (74.80) -
TOTAL 2,743.62 1,565.24
10. CASH AND BANK BALANCES (Includes Fixed Deposits)

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
A. Cash and cash equivalents
Cash in hand 1,668.01 1,242.56
Cheques in hand 5.78 1.63
Balances with scheduled banks in:
- Current accounts* 1,160.88 1,597.78
- Deposits with original maturity of less than 3 months - 5,060.55
Total Cash and cash equivalent (A) 2,834.67 7,902.52
B. Bank balances other than cash and cash equivalents
Bank balances held as margin money 1.32 -
Fixed deposits with original maturity of more than 3 months 46,590.63 5,000.00
Bank balances other than cash and cash equivalents (B) 46,591.95 5,000.00
TOTAL (A+ B) 49,426.62 12,902.52
* Includes ` 2.06 Lakhs (Previous year ` 0.94 Lakhs) Unpaid Dividend account and is restrictive in nature.
161
Notes

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Interest accrued but not due 209.80 84.37
Advance recoverable from suppliers 290.04 -
TOTAL 499.84 84.37
12. OTHER CURRENT ASSETS

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Advances recoverable in kind:
- Unsecured considered good, 1,849.05 2,042.36
- Unsecured considered doubtful 234.43 235.19
2,083.48 2,277.55
Less: Provision for doubtful advances (234.43) (235.19)
1,849.05 2,042.36
Goods and service tax (GST) receivable 145.91 438.03
Insurance claim recoverable 30.90 13.62
Leasehold land prepayment (Refer note 37) 37.74 37.74
Pre-paid rent short-term 645.92 712.65
TOTAL 2,709.52 3,244.40
13. SHARE CAPITAL

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Authorised Shares
15,00,00,000 (Previous year 8,00,00,000) equity shares of ` 10 each 15,000.00 8,000.00
Issued, subscribed and fully paid -up shares
13,19,69,040 (Previous year 6,59,84,520) equity shares of ` 10 each fully paid-up 13,196.90 6,598.45
TOTAL 13,196.90 6,598.45
(a) Reconciliation of the shares outstanding at the beginning and at the end of the reporting period
(` in lakhs)
Particulars
No. of shares Amount No. of shares Amount
As at beginning of the year 65,984,520 6,598.45 65,949,070 6,594.91
Add: Issued during the year - ESOP - - 35,450 3.54
Add: Issued during the year - Bonus 65,984,520 6,598.45 - -
Outstanding at the end of the year 131,969,040 13,196.90 65,984,520 6,598.45
(b) Terms/rights attached to equity shares

The Group has only one class of equity shares having par value of ` 10 per share. Each holder of equity shares is entitled to one vote
per share. In the event of liquidation of the group, the holders of equity shares will be entitled to receive remaining assets of the
group, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders. (Also refer note 40).
(c) Shares held by holding/ultimate holding Company and/or their subsidiaries/associates

The Group does not have holding, ultimate holding company and associates.
(d) Details of shareholders holding more than 5% shares in the Parent Company
(` in Lakhs)
Particulars No. of Shares % age No. of Shares % age
Equity shares of ` 10 each fully paid-up
Jubilant Consumer Pvt. Ltd. 55,346,483 41.94% 29,652,777 44.94%
162
Notes
(e) Shares reserved for issue under options

For details of shares reserved for issue under the Employee Stock Option (ESOP) scheme of the Parent company, refer note 31.
(f) Increase in Authorised Share Capital and Paid-up Share capital

Pursuant to the recommendation of the Board of Directors at its Meeting held on May 8, 2018 and approval of the Members of the
Company through a Postal Ballot, Company has allotted 65,984,520 Equity Shares of ` 10 each as fully paid-up Bonus Shares in the
ratio of one Bonus share for every one existing share of the Company held by the shareholders as on the Record Date i.e. June 23,
2018. The above said bonus shares were issued by capitalisation of a part of the Securities Premium. Consequently, the authorised
share capital of the Company increased to ` 1,500,000,000 divided into 150,000,000 Equity Shares of ` 10 each and paid-up Equity
Share Capital of the Company increased to ` 1,319,690,400 divided into 131,969,040 Equity Shares of ` 10 each, fully paid-up.
14. (I) OTHER EQUITY

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
a) Securities Premium :
Add: Premium on issue of equity shares - 191.18
Less: Issue of bonus shares (refer note 13 (f ) ) 6,598.45 -
b) Treasury shares:
Balance at the beginning of financial year (2,204.34) -
Treasury share purchased during the year - (3,593.15)
Exercise/Sale of shares held by ESOP trust (net of tax) 888.65 1,388.81
Balance at the end of financial year (1,315.69) (2,204.34)
c) Share Based Payments (Also refer note 31)
Balance at the beginning of financial year 393.89 1,198.00
Add: Compensation options granted during the year/Changes during the year 177.63 135.65
Less: Transfer to retained earnings (Exercise/Lapsed of share options) 127.63 939.76
Balance at the end of financial year 443.89 393.89
d) Retained Earnings
Add: Profit for the year 31,978.93 19,622.70
Add: Exercise/Lapsed of share options 127.63 939.76
Add: Exercise/Sale of shares held by ESOP trust ( net of tax) 866.18 336.42
Less: Dividend Paid ( Note 40) 3,299.23 1,649.55
Less: Dividend distribution tax ( Note 40) 678.17 335.81
Add: Dividend on shares held by ESOP trust 9.77 9.52
e) Other Comprehensive Income
Balance at the beginning of financial year 243.44 52.57
Add: Remeasurement of defined benefit obligations during the year (501.82) 190.87
Balance at the end of financial year (258.38) 243.44
f) Currency translation reserves
Balance at the beginning of financial year (194.44) (137.68)
Add: Addition during the year (251.46) (56.76)
Balance at the end of financial year (445.90) (194.44)
Total other Equity (a+b+c+d+e+f) 112,766.87 90,174.84
(ii) The description of the nature and purpose of each reserves within equity is as follows:

Securities Premium:
Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the
Companies Act, 2013.
Share-based payments reserve:

The Share-based payments reserve is used to recognise the grant date fair value of options issued to employees under employees
stock options scheme.
163
Notes
Retained Earnings:
Retained Earnings represents the undistributed profits of the Company.
Remeasurement of defined benefit obligations:

The Company transfers acturial gain/ (loss) arising at the time of valuation of defined benfit obligations.
Currency translation reserve:

The exchange differences arising from the translation of the financial statements of foreign operations with functional currency other
than Indian rupees is recognised in the other comprehensive income.
15. INCOME TAX

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Current tax 17,474.69 12,214.47
Deferred tax (credit) (305.33) (1,531.11)
A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate
to the income before income taxes is summarised below:
Profit before tax 48,967.40 30,306.06
Accounting profit before income tax 48,967.40 30,306.06
Enacted tax rates in India 34.94% 34.61%
Income tax expense calculated @ 34.944% ( PY 34.608%) 17,111.17 10,488.32
Adjustments in respect of current income tax of previous years:
Dividend income (202.55) (329.11)
Expense incurred on exempted Income (Section 14A read with rule 8D) 43.29 72.81
Effect of non-deductible expenses 164.39 83.60
Deduction u/s 80G (29.40) -
Tax relating to earlier years 21.66 53.16
Deduction u/s 80JJAA (406.88) (122.62)
Impact of change in future tax rate - 51.92
Current year unrecognised tax losses 447.16 352.23
Others 20.52 33.05
At the effective income tax rate of 35.06% (March 31, 2018: 34.11%) 17,169.36 10,683.36
The following table provides the details of income tax assets and income tax liablities as on March 31, 2019 and March 31, 2018.
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Assets for current tax 55,522.07 37,730.17
Provision for current tax liabilities (54,195.85) (36,693.17)
Assets for current tax (net) 1,326.22 1,037.00
The gross movement in the current income tax assets/(liability) for the year ended March 31, 2019 and March 31, 2018 are as follows:
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Assets for current tax (net) at the beginning 1,037.00 810.62
Provision for income tax paid during the year 17,793.36 12,617.77
Current tax expense (17,474.69) (12,214.47)
Tax expense on treasury shares directly recognised in equity (29.45) (176.92)
Income tax on other comprehensive income - -
Net current income tax asset/(liability) at the end* 1,326.22 1,037.00
*Note: Includes ` 300 Lakhs paid against filing appeal at CIT(A) for AY 2012-13 and 2013-14.

164
Notes
Deferred tax
(` in lakhs)
Balance Sheet Statement of profit and loss
As at As at Year ended As at
Particulars
Deferred tax Asset/(Liability)
A. Tax effect of items constituting deferred tax liability
On difference between book balance and tax balance of Property, (6,990.30) (7,296.44) 306.14 1,584.98
Plant and Equipment and intangibles assets
Financial asset carried at market value through P&L (192.29) - (192.29) -
Impact of tax on treasury shares (73.08) - -# -
Total deferred tax liability Total (A) (7,255.67) (7,296.44) 113.85 1,584.98
B. Tax effect of items constituting deferred tax asset
Expenditure allowed on actual payment basis 733.05 1,026.25 (293.20) 55.58
Provision for compensated absences 855.13 490.54 364.59 (210.90)
Provision for doubtful debts 180.52 154.39 26.13 1.49
Impact of security deposits 209.90 178.01 31.89 52.56
Share based payment expense 109.47 47.40 62.07 47.40
Tax on remeasurement of defined benefit obligations 169.85 (98.54) -* -
Total deferred tax assets Total (B) 2,257.92 1,798.05 191.48 (53.87)
Net Deferred tax assets/(liabilities) Total (A-B) (4,997.75) (5,498.39) 305.33 1,531.11
* Tax on remeasurement of defined obligation amounting to ` (-) 268.39 Lakhs recognised in other comprehensive income.
# Tax on sale of treasury shares amounting to ` (-) 73.08 Lakhs recognised in equity.
Amounts on which deferred tax asset has not been created:

In absence of reasonable certainty that future taxable profit will be available against which the long-term capital loss and busuness losses
of Sri Lanka will be set-off, the Company has not recognised deferred tax asset to the extent of ` 1,829.76 Lakhs as on March 31, 2019
(Previous year ` 185.04 Lakhs).
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
A. Amounts on which deferred tax asset has not been created
Carry forward business losses of Sri lanka 5,879.01
Total (A) 6,667.32 794.32
B. Tax effect of amounts on which deferred tax asset has not been created
Carry forward business losses of Sri lanka 1,646.12
Total (B) 1,829.76 185.04
16. FINANCIAL LIABILITIES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Security deposits 50.00 50.00
Total 50.00 50.00
17. TRADE PAYABLES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Sundry creditors for goods and services
- Total outstanding dues of micro enterprises and small enterprises (Refer note 35) 421.42 109.75
- Total outstanding dues of creditors other than micro enterprises and small enterprises 41,666.94 38,788.11
TOTAL 42,088.36 38,897.86
165
Notes
18. OTHERS PAYABLES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Retention money payable 330.78 582.60
Security deposit 76.50 26.58
Total 407.28 609.18
Terms and conditions of the above financial liabilities:

- Trade payables are non-interest bearing and are normally settled on 30-60-day terms
- Other payables are non-interest bearing and have an average term of six months
For explanations on the Group's credit risk management processes, refer to Note 45.
19. OTHER FINANCIAL LIABILITIES (AT AMORTISED COST)

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Payables in respect of capital goods 4,468.90 2,623.81
Book overdraft 90.47 303.43
Unpaid dividend 2.06 0.94
Gratuity (Refer Note 33) 578.36 237.05
Total 5,139.79 3,165.23
20. SHORT-TERM PROVISIONS

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Provision for employee benefits compensated absences 2,447.15 1,403.78
Total 2,447.15 1,403.78
21. OTHER CURRENT LIABILITIES

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Unearned income 973.31 459.41
Statutory dues 3,248.90 2,817.03
Total 4,222.21 3,276.44
22. REVENUE FROM OPERATIONS

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Sale of products:
Manufactured goods 330,397.16 2,75,374.83
Traded goods 25,311.01 26,399.24
Other operating income:
Sub-franchisee Income 82.58 65.94
Other Operating Income 523.71 -
Revenue from operation 356,314.46 3,01,840.01
Details of products sold:

Manufactured goods sold
Pizza 276,321.84 2,36,987.80
Others 54,075.32 38,387.03
Total 330,397.16 2,75,374.83
Traded goods sold
Beverages 13,850.61 12,882.66
Dessert 6,502.56 9,535.42
Dips 3,468.13 3,050.27
Others 1,489.71 930.89
Total 25,311.01 26,399.24
166
Notes
23. OTHER INCOME

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Interest income on :
- Bank deposits 1,999.41 119.93
- Security deposit income As per IND AS 109 560.65 588.41
Gain on mark to market of current investments (net) designated at FVTPL# 1,344.63 -
Liability no longer required written back 11.60 521.38
Dividend income from current investments- other than trade 579.63 950.96
Miscellaneous income 240.39 126.98
TOTAL 4,736.31 2,307.66
# includes profit on sale of current investments
24. COST OF RAW MATERIALS CONSUMED

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Inventory at the beginning of the year 4,477.79 4,422.32
Add: Purchases during the year 80,115.85 67,415.46
84,593.64 71,837.78
Less: Inventory at the end of the year {including Raw material in transit ` 367.39 Lakhs (5,143.58) (4,477.79)
(Previous year ` 128.21 Lakhs)}
Adjustment for fluctuation in exchange rate (12.06) 0.51
Cost of raw materials consumed 79,438.00 67,360.50
Details of raw materials consumed
Cheese 31,466.96 28,020.83
Others 47,971.04 39,339.67
Total 79,438.00 67,360.50
Details of Inventory
Cheese 2,292.85 1,818.97
Others 2,850.73 2,658.82
Total 5,143.58 4,477.79
167
Notes
25. a) Details of purchase of traded goods

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Prepackaged beverages 6,533.25 6,546.92
Dessert 1,516.53 1,921.78
Dips 1,042.91 913.63
9,092.69 9,382.33
b) Changes in inventories of Raw material-in-progress and traded goods
Opening Stock
- Raw material-in-progress 117.91 61.34
- Traded goods 504.31 414.91
Adjustment for fluctuation in exchange rate (0.07) (0.57)
Total (A) 622.15 475.68
Less: Closing stock
Closing stock - Raw material-in-progress (184.58) (117.91)
Closing stock - Traded goods (357.14) (504.31)
Adjustment for fluctuation in exchange rate (0.23) -
Total (B) (541.95) (622.22)
(Increase)/ Decrease In Inventories Total (A-B) 80.20 (146.54)
Details of (increase)/decrease in inventories
Traded goods:
Beverages 41.75 (50.45)
Dessert 96.01 (2.27)
Dips 9.41 (36.62)
Adjustment for fluctuation in exchange rate (0.30) (4.13)
Total (A) 146.87 (93.47)
Raw material-in-process - Dough Total (B) (66.67) (53.07)
(Increase)/ Decrease in Inventories (A+B) 80.20 (146.54)
Details of inventory at the end of the year
Traded goods:
Beverages 235.29 277.04
Dessert Including Raw material-in-transit ` 7.29 Lakhs (Previous year ` 17.39 Lakhs) 46.94 142.95
Dips 74.91 84.32
Total 357.14 504.31
Raw material-in-process:
Dough 184.58 117.91
Total 184.58 117.91
26. EMPLOYEE BENEFIT EXPENSES

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Salaries, allowances , gratuity and bonus ( Also refer note 33 and 34) 60,962.78 54,967.79
Contribution to provident and other funds 4,535.22 3,744.37
Share based payment expense 177.63 135.65
Staff welfare expenses 2,506.00 2,549.46
TOTAL 68,181.63 61,397.27
168
Notes
27.
OTHER EXPENSES
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Stores and spares consumed 2,267.32 1,705.18
Packing materials consumed 11,890.79 9,293.93
Power and fuel (Refer note 34) 16,898.90 16,031.00
Repairs - plant and machinery 4,490.37 3,756.15
Repairs - others 4,658.66 4,133.50
Rates and taxes (Refer note 34) 408.18 597.58
Insurance 240.35 277.82
Travelling and conveyance 1,819.65 1,412.38
Freight and forwarding charges 10,682.69 8,562.67
Communication costs 3,479.91 2,871.03
Legal and professional charges (Refer note b below) 4,573.87 3,544.69
Director's sitting fees and commission 171.99 123.73
Franchisee fee 12,522.90 9,986.96
Advertisement and publicity expenses (Refer note a below) 17,521.47 14,688.16
House Keeping and Security guard expenses 3,704.61 3,137.22
Sundry balances written off 9.14 9.65
Provision for doubtful debts and advances 74.80 -
Corporate social responsibility expense(Refer note d) 380.19 284.00
Loss on disposal of Property, Plant and Equipment 286.37 190.54
Donation ( Refer note e) 350.00 -
Miscellaneous expenses(Refer note 34) 8,683.34 7,347.27
Total 105,115.50 87,953.46
Notes:
a) Advertisement and Publicity expenses are net of amount received from business partner ` 749.13 Lakhs (Previous year
` 733.33 Lakhs).
b) Includes payment to auditors as below :
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
As Auditor: #
Audit fees 47.52 32.57
Tax audit fees 5.31 7.00
Limited review 28.32 34.24
In other capacity:
Other services (certification fees) 9.74 -
Reimbursement of expenses 6.47 6.10
TOTAL 97.37 79.91
# (Inclusive of Goods and Services tax on entire fee, net of credit)
c) The stores and office premises are obtained on operating leases. The lease term is generally for 1-28 years and the same are generally
renewable at the option of the lessee. There are no subleases and the leases are generally cancellable in nature. The aggregate lease
rentals are charged as rent in statement of Profit and Loss.
d) Details of Corporate social responsibility expenditure

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
a) Gross amount required to be spent during the year 379.16 284.00
b) Detail of amount spent in Corporate Social Responsibility
(i) Construction/acquisition of any asset
- In Cash - -
- Yet to be paid in Cash - -
(ii) On purposes other than (i) above
- In Cash 379.93 255.26
- Yet to be paid in Cash 0.26 28.74
TOTAL 380.19 284.00
169
Notes
e) Information in respect of Political contribution

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Donation to Prudent Electoral Trust 300.00 -
28. EARNING PER SHARE (EPS)

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Profit attributable to equity shareholders of the parent 31,978.93 19,622.70
Weighted average number of equity shares used in computing earnings per share
For basic earnings per share: Nos.* 131,969,040 131,959,704
For diluted earnings per share:
No. of shares for basic earnings per share* 131,969,040 131,959,704
Add: weighted average outstanding options related to employee stock options.
No. of shares for diluted earnings per share: Nos. 131,969,040 131,959,704
Basic EPS (in `) 24.23 14.87
Diluted EPS (in `) 24.23 14.87
* Number of shares for year ended March 31, 2018 have been adjusted for bonus shares issued during current year.
29. COMPONENTS OF OTHER COMPREHENSIVE INCOME (OCI)

(` in lakhs)
Retained Earnings
Particulars
March 31, 2019 March 31, 2018
i) Items that will not be reclassified to profit or (loss)
Remeasurement of defined benefit obligations (770.21) 289.41
Income tax relating to items that will not be reclassified to profit or (loss) 268.39 (98.54)
ii) Items that will be reclassified to profit or loss
Exchange difference on translation of foreign operations (251.46) (56.76)
TOTAL (753.28) 134.11
30. CONTINGENT LIABILITY AND OTHER COMMITMENTS

a) Contingent Liability not Provided for:
(` in lakhs)
Sr.
No.
1 Claims not acknowledged as debt:
- Income tax matters* (Refer Note (a)) - 1,420.97
- Sales tax/ Value added tax/GST matters (Refer Note (b)) 4,870.00 284.46
2 - Others 103.45 74.00
* Excluding interest of ` 2,111.20 Lakhs (Previous year ` 1,674.56 Lakhs), wherever specified in the order.
Notes:
(a) (i) Previous year ` 1,420.97 Lakhs related to Transfer Pricing matter in which Transfer Pricing Officer (TPO) has passed unfavourable
order on account of franchisee fee pertaining to the Assessment Year 2012-13 and 2013-14 against which the Parent Company
has filed appeal before CIT(A) against the order of the TPO. Further, during the Current year, the Parent Company has received a
favourable order from CIT (A) for the AY 2012-13 and AY 2013-14.
(ii) The Parent Company has received a demand of ` 4,720.03 Lakhs (excluding interest) in relation to expenditure on leasehold
improvement considered as revenue expenditure for computing income tax, for Assessment Years 2012-13, 2013-14, 2014-15
& 2016-17. During the current year, the Parent Company has received favourable order from CIT (A) for the Assessment Years
2012-13 and 2013-14. However the Department has preferred appeal before the Income Tax Appellate Tribunal (ITAT). The Parent
Company is of the view that the above said demand will not have any impact in the Statement of Profit and Loss as the Parent
Company has created deferred tax liability on the same, excluding interest of ` 2,111.20 Lakhs which has been considered as
contingent liability.
170
Notes
(b) (i) Includes demand of ` Nil Lakhs (Previous year ` 137.11 Lakhs) related to surcharge on value added tax (VAT) in the matter of
classification of Company's business under 'Single Commodity Chain' under Kerala VAT Taxes Act, 1957 against which the Parent
Company has received favourable order from high court (Single Bench). However, the department has preferred an appeal
at higher level.
(ii) Includes VAT demand of ` 89.19 Lakhs (Previous year ` 89.19 Lakhs) on franchisee fee for right to use "Domino's" brand name
under Master Franchisee Agreement. However, the Parent Company has paid service tax on franchisee fee since there is no sale
of goods involved rather there is purchase of services.
(iii) Includes demand of ` 579.67 Lakhs ( previous year ` Nil) for the year 2013-14 to 2017-18 & April-June-17 relating to VAT on
service tax component charged from customers at the restaurant wherein question of VAT on service tax was raised by the
Assistant Commissioner, Deprartment of Commercial taxes. The Parent Company is of the view that the demand is not tenable
as VAT and Service tax are mutually exclusive and can not be levied on same value.
(iv) GST rate on restaurant services was reduced from 18% to 5% subject to the condition that input tax credit on input services/
goods will not be allowed w.e.f. November 15, 2017 resulting in loss of input tax credit for the restaurant companies. The Parent
Company reduced the GST rate from 18% to 5% w.e.f. November 15, 2017 and increased menu prices of various SKUs to recoup
the loss of input tax credit in such a manner that at overall level the loss of input credit was higher than the price increase
resulting a net loss to the Parent Company at entity level. Based on customer complaint an Anti-Profiteering investigation
was conducted by Director General Anti profiteering (DG). The DG extended the scope of investigation to all products of the
company and submitted its report to National Anti Profiteering Authority (NAA) on July 16, 2018.
The National Anti-Profiteering Authority vide its Final Order dated January 31, 2019 determined the profiteering amount of
` 4,142.98 Lakhs by the Parent Company for the period November 15, 2017 to May 31, 2018 and also directed the Parent
company to reduce its price by way of commensurate reduction, keeping in view the reduced rate of tax and the benefit of ITC
denied, directed the DG to conduct further investigation to ascertain whether the Parent Company has subsequently passed
on the benefit of tax reduction to its customers and directed issuance of a Show Cause Notice on the Company for imposition
of penalty. The said Show Cause Notice was issued on February 4, 2019.
The Parent Company filled a writ petition in Hon’ble Delhi High court challenging the order of the NAA and initiation of penalty
proceeding on February 25, 2019. Delhi High Court in an Interim Order passed on March 13, 2019 stayed the NAA order and the
Penalty proceeding against the Parent Company subject to deposit of ` 2,000 Lakhs in Central Consumer Welfare Fund (CWF)
within 4 weeks from the date of the order. The Parent Company has deposited ` 2,000 Lakhs with CWF on March 29, 2019 in
compliance with the stay order of Hon’ble Delhi High Court.
The Parent Company is of the view, based upon legal expert opinion and other legal and commercial grounds presented in the
writ petition, the demand is not tenable as the Parent Company has incurred losses at the entity level and thus the said liability
on account of Anti Profiteering has not been provided in the books of account as of March 31, 2019.
(c ) Based upon the legal opinion by the management, there are various interpretation issues and thus the Parent Company is
in the process of evaluating the impact of the recent Supreme Court Judgement in the case of "Vivekananda Vidyamandir vs
Regional Provident Fund Commissioner (II), West Bengal" in relation to non-exclusion of certain allowances from the definition
of "basis wages" of the relevant employees for the purpose of determining contribution to provident fund under the Employees
Provident Fund & Miscellaneous Provisions Act, 1952.
b) Capital and other Commitments

a) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for ` 3,601.47
Lakhs (Previous year ` 1,912.57 Lakhs).
b) The Parent Company has entered Master Franchisee agreement with Domino's Pizza International Franchising Inc. and Dunkin
Donuts Franchising LLC based on such agreement the Parent Company is having commitment to open specified number
of stores/restaurants under respective franchisee agreements from time to time. The amount of such commitment is
not quantifiable.
171
Notes
31. EMPLOYEE STOCK OPTION PLAN

For the financial year ended March 31, 2019, the following schemes were in operation:
a) JFL Employees Stock Option Scheme, 2011 (ESOP 2011); and

b) JFL Employees Stock Option Scheme, 2016 (ESOP 2016)
ESOP 2011* ESOP 2016
Particulars Date of Number of Date of Number of
grant options granted grant options granted
Grant-I October 5, 2011 232,500 December 30, 2016 14,528
Grant-II December 14, 2012 202,050 April 19, 2017 14,360
Grant-III November 11, 2013 278,500 July 17, 2017 1,820
Grant-IV December 8, 2014 167,300 January 19, 2018 4,767
Grant-V December 30, 2016 10,272 N.A.
Grant-VI April 19, 2017 32,370 N.A.
Grant-VII January 19, 2018 1,562 N.A.
Grant-VIII April 10, 2018 4,601 April 10, 2018 1,928
Grant-IX July 25, 2018 3,678 July 25, 2018 4,075
Grant-X N.A. January 30, 2019 5,659
Grant-XI March 3, 2019 18,251 March 3, 2019 6,715
Date of Board Approval of the relevant scheme July 12, 2011 September 19, 2016
Date of Shareholder’s approval of the relevant scheme August 20, 2011 November 2, 2016
Date of Last Modification September 3, 2015 N.A.
Method of Settlement (Cash/Equity) Equity Equity
Vesting Period From the grant date: As determined by Nomination,
- 20% at the end of first year Remuneration & Compensation
- 30% at the end of second year Committee subject to minimum of
- 50% at the end of third year 1 year and maximum of 5 years from
the grant date.
Exercise Period 7 years from first vesting date As determined by Nomination,
Remuneration & Compensation
Committee subject to minimum of 1
year and maximum of 5 years from the
grant date.
Exercise Price The options are granted to eligible Exercise price shall be determined by
employees at the latest available NRC and specified in Grant Letter but it
closing price of the shares of the shall not be less than the face value of
Company, prior to the grant date, shares of the Company.
at the NSE or BSE (whichever stock
exchange is having the highest trading
volume of the shares).
Vesting Conditions # @
# Vesting of options is a function of achievement of performance criteria or any other criteria as specified by the Nomination, Remuneration and Compensation
Committee and communicated in the grant letter. Further, the vesting takes place on staggered basis over the respective vesting period.
@ Vesting of options is a function of achievement of performance criteria or any other criteria as specified by the Nomination, Remuneration and Compensation
Committee and communicated in the grant letter.
* During the financial year 2015-16, ESOP 2011 was modified to align the provisions of the Scheme with SEBI (Share Based Employee Benefits) Regulations, 2014
including but not limited to facilitating secondary acquisition of shares or acquisition by way of gift in accordance with applicable laws.
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Expense arising from equity-settled share-based payment transactions (Refer note 26) 177.63 135.65
Total expense arising from share-based payment transactions recognised in 177.63 135.65
Notes:
(i) The Parent Company has given stock options to certain employees of Jubilant FoodWorks Limited and has considered the
related compensation cost in its books.
172
Notes
(ii) The Parent Company has decided to issue equity shares on exercise of ESOPs through ESOP trust. The loan has been given to
ESOP trust to purchase the Equity Shares of the Parent Company from open market as permitted by SEBI (Share Based Employee
Benefits) Regulations, 2014.
(iii) During FY 2018-19, JFL Employee Welfare Trust (a trust set up for administration of Employee Stock Option Plan (‘ESOP’) of the
Parent Company) has acquired Nil equity shares ( March 31, 2018 3,80,670 equity shares) of the Parent Company from the open
market at an average price of ` Nil (March 31, 2018 ` 943.90 per share). As of March 31, 2019, JFL Employee Welfare Trust (‘the
Trust’) holds 2,73,946 shares (including 1,17,784 bonus shares) (Face Value of ` 10 each) (March 31, 2018 2,29,489 equity shares)
of the Parent Company.
As at As at As at As at
Particulars
Number of Shares ` in Lakhs
Opening Balance 229,489 - 2,204.34 -
Share purchased from open market - 380,670 - 3,593.15
Bonus Shares received during the year 202,426 - -
less : Issued/ Sale during the year (157,969) (151,181) (888.65) (1,388.81)
Closing Balance 273,946 229,489 1,315.69 2,204.34
The details of activity under the ESOP Plans have been summarised below:
(` in lakhs)
ESOP 2011 ESOP 2016
Particulars Year ended March 31, 2019 Year ended March 31, 2018 Year ended March 31, 2019 Year ended March 31, 2018
Weighted Weighted Weighted Weighted
Number of Average Number of Average Number of Average Number of Average
options Exercise options Exercise options Exercise options Exercise
Price (`) Price (`) Price (`) Price (`)
Outstanding at the beginning of the 121,676 1,196.46 472,309 1,240.11 27,092 10.00 14,528 10.00
year
Granted during the year 26,530 1,503.30 33,932 1,052.04 18,377 10.00 20,947 10.00
Forfeited during the year ^ 2,028 1,084.05 204,934 1,305.33 4,285 10.00 8,383 10.00
Exercised during the year 37,513 1,248.40 179,631 1,159.75 - - - -
Expired during the year - - - - - - - -
Outstanding at the end of the year 108,665* 1,255.55 121,676 1,196.46 41,184* 10.00 27,092 10.00
Exercisable at the end of the year 54,989 1,236.47 87,744 1,252.32 - - - -
Remaining Contractual Life (in years) 0.5-8 1.5-8 2-4 3-4
^ Forfeited options include vested options not exercised within the stipulated time prescribed under the respective ESOP schemes, vested/ unvested options
forfeited in accordance with terms prescribed under the respective ESOP Schemes.
* Additionally, the employees holding 86,736 stock options under ESOP 2011 and 24,735 stock options under ESOP 2016 are entitled to bonus shares in the ratio of
1:1 upon exercise of these options.
During the year the weighted average market price of the Company’s share was ` 1,305.11 (Previous year ` 1,479.42)
Fair value of options granted

The weighted average fair value of stock options granted during the year pertaining to ESOP 2011 scheme is ` 516.53 (previous year
` 367.89) and for ESOP 2016 is ` 1,393.48 (previous year ` 1,212.11). The fair value at grant date is determined using the Black- Scholes
model which takes into account the exercise price, the term of the option, the share price at grant date and expected price volatility
of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The following tables list
the inputs used for fair valuation of options for the ESOP plans:
(` in lakhs)
For options granted For options granted
Particulars during the year ended March 31, 2019 during the year ended March 31, 2018
ESOP 2011 ESOP 2016 ESOP 2011 ESOP 2016
Dividend yield (%) 0.10 - 0.21% 0.10 - 0.21% 0.13 - 0.25% 0.13 - 0.25%
Expected volatility* (%) 34.30% - 37.00% 35.77% - 36.66% 33.78% - 38.87% 33.78% - 38.87%
Risk–free interest rate (%) 6.79% - 7.94% 7.16% - 7.41% 6.59% - 7.32% 6.96% - 7.41%
Expected life of share options* (years) 2-4 3.42-4.33 2-4 4.45-4.50
Share price at grant date (` ) 1195.75-2453.15 1195.75-2453.15 1008.15-1943.35 1008.15-1943.35
* The expected life of the stock is based on historical data and current market expectations and is not necessarily indicative of exercise patterns that may occur. The
expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not
necesssarily be the actual outcome.
173
Notes
32. RELATED PARTY DISCLOSURE

(i) The related parties as per the terms of Ind AS-24,"Related Party Disclosures", (specified under Section 133 of the Companies Act, 2013)
are disclosed below:-
(A) Names of related parties and description of relationship :

(i) Enterprises in which directors (iii) Key Management Personnel (C) (iv) Non-Executive Directors (D)
are interested (A)
Jubilant Consumer Pvt. Ltd.
Mr. Pratik R. Pota, CEO and Wholetime Director Mr. Shyam S. Bhartia
Jubilant Life Sciences Limited
Mr. Prakash C Bisht, CFO (w.e.f. January 19, 2018)@ Mr. Hari S. Bhartia
HT Media Limited
Ms. Mona Aggarwal, Company Secretary@ Mr. Vishal Marwaha
The Hindustan Times Ltd. Ms. Ramni Nirula (Resigned w.e.f. March 30, 2019)
Priority Vendor Technologies Pvt. Ltd. Mr. Phiroz Vandrevala
Jubilant Bhartia Foundation Mr. Arun Seth (Resigned w.e.f. Jan 31, 2019)
Ms. Aashti Bhartia
Mr. Vikram Singh Mehta (w.e.f. Feb 01, 2019)
Mr. Berjis Desai
(ii) Post employment benefit plan for the benefitted employees ( B) Mr. Shamit Bhartia
Jubilant Foodworks Provident Fund Trust Mr. Abhay Havaldar (w.e.f. July 25, 2018)
Jubilant Foodworks Gratuity Trust Mr. Ashwani Windlass (w.e.f. July 25, 2018)
@ As per Section 203 of the Companies Act, 2013, definition of Key Managerial personnel includes Chief Financial Officer (CFO) and Company Secretary.
(ii) Transactions with Related parties
(` in lakhs)
Particulars Enterprise over which any Key Management Personnel & Total
person described in ( D) above or Non-Executive Directors (C)
significant influence and post
(A) & (B)
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
A) Transactions
Purchase of goods from
- Jubilant Consumer Pvt. Ltd. 3,074.36 2,638.72 - - 3,074.36 2,638.72
(Purchase of raw material)
Charges for services paid to
- HT Media Limited (Advertisment 18.05 23.71 - - 18.05 23.71
and Publicity expenses)
- Jubilant Life Sciences Limited (AMC 76.66 111.01 - - 76.66 111.01
charges/ CSR expense/ Rent)
- Jubilant Bhartia Foundation (CSR 3.75 - - - 3.75 -
expense)
- The Hindustan Times Ltd. (Rent/ 17.69 18.24 - - 17.69 18.24
Power/ Miscellaneous charges)
- Priority Vendor Technologies Pvt Ltd 27.80 13.22 - - 27.80 13.22
(Fee for bill discounting)
Sale of goods to
- Jubilant Consumer Pvt. Ltd. 1.07 - 1.07 -
Director's Sitting Fees/Commission
(exclusive of GST)
- Mr. Shyam S. Bhartia - - - - - -
- Mr. Hari S. Bhartia - - 15.45 13.95 15.45 13.95
- Mr. Vishal Marwaha - - 17.00 15.25 17.00 15.25
- Ms. Ramni Nirula - - 17.10 15.85 17.10 15.85
- Mr. Phiroz Vandrevala - - 13.20 13.20 13.20 13.20
- Mr. Arun Seth - - 15.16 14.75 15.16 14.75
- Mr. Vikram Singh Mehta - - 2.09 - 2.09 -
- Ms. Aashti Bhartia - - 12.80 11.50 12.80 11.50
- Mr. Berjis Desai - - 14.30 11.00 14.30 11.00
- Mr. Abhay Havaldar - - 8.57 - 8.57 -
- Mr. Ashwani Windlass - - 8.57 - 8.57 -
- Mr. Shamit Bhartia - - 13.55 11.50 13.55 11.50
174
Notes
(` in lakhs)
significant influence. Post
(A) & (B)
Remuneration to Key Management
Personnel
- Mr. Pratik R. Pota - - 377.68 292.22 377.68 292.22
- Mr Sachin Sharma - - - 67.73 - 67.73
- Mr. Prakash C. Bisht - - 160.64 30.10 160.64 30.10
- Ms Mona Aggarwal - - 63.24 44.56 63.24 44.56
Post-Employment benefit plan
- Jubilant FoodWorks Provident Fund 1,315.28 944.11 - - 1,315.28 944.11
Trust
- Jubilant FoodWorks Gratuity Trust* 249.72 403.62 - - 249.72 403.62
(iii) Balance at year end :

(` in lakhs)
significant influence. Post
(A) & (B)
Payables
- Mr. Vikram Singh Mehta - - 0.45 - 0.45 -
- HT Media Limited 18.05 - - - 18.05 -
- Jubilant Life Sciences Limited 5.16 98.40 - - 5.16 98.40
- Jubilant Consumer Pvt. Ltd. 79.09 245.79 - - 79.09 245.79
- The Hindustan Times Ltd - 4.59 - - - 4.59
- Priority Vendor Technologies Pvt. Ltd. 5.37 2.22 - - 5.37 2.22
- Jubilant Bhartia Foundation - - - - - -
Receivables
- The Hindustan Times Ltd. 0.47 - - - 0.47 -
* Excludes ` 565.23 Lakhs as provison for gratuity provided on the basis of actuarial valuation, which will be paid in future and it includes ` 249.72 Lakhs paid directly to
employees on behalf of Gratuity Trust. (Also refer note 33)
(i) Balances and transactions between the parent and its subsidiaries, which are related parties of the parent company, have been
eliminated on consolidation and are not disclosed.
(ii) The transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions.
Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash. There have been no
guarantees provided or received for any related party receivables or payables. For the year ended March 31, 2019, the Company
has not recorded any impairment of receivables relating to amounts owed by related parties .This assessment is undertaken each
financial year through examining the financial position of the related party and the market in which the related party operates.
Compensation of Key Management Personnel

(` in lakhs)
Short-term employee benefits* 7.12 -
Post-employment gratuity - 5.09
Total 7.12 5.09
* During the year ended March 31, 2019, Key Management Personnels of the Company, were allotted/transfer 400 equity shares (Previous year NIL) under JFL Employees
Stock Option Scheme, 2011 (“ESOP 2011”) of the Company, ESOP Perquisite value is ` 7.12 Lakhs (Previous year ` NIL Lakhs).

175
Notes
Provision for incremental gratuity liability and leave encashment for the current year in respect of key management
personnels has not been considered above, since the provision is based on a actuarial basis for the Company as a
whole.
Notes:
(a) No amount has been provided as doubtful debts or advances/written off or written back in the year in respect of debts due
from/ to above related parties.
(b) During the year ended March 31, 2019, 19,144 and 8,346 options were granted to Key Management Personnels under ESOP
2011 and ESOP 2016 respectively.
(c) The status of stock options pending vesting/exercise, granted to Key Management Personnels are as below:-
Name of Key Management Mr. Prakash

Mr. Pratik R. Pota Ms. Mona Aggarwal
Personel C. Bisht
ESOP ESOP
ESOP Scheme ESOP scheme 2011 scheme scheme ESOP scheme 2011
2016 2016
Exercise Price 2,454 1,277 1,009 10 10 669 1,326 1,260 1,405
share options outstanding as at 4,601 14,543 32,370 21,145 2,517 - 1,500 2,200 3,350
March 31, 2019*
share options oustanding as at - - 32,370 14,360 956 400 1,500 2,200 3,350
March 31, 2018
* Additionally, the KMPs are entitled to Bonus Shares in ratio of 1:1 upon exercise of 44,021 stock options under ESOP 2011 and 17,244 stock options under ESOP 2016
mentioned above.
33. EMPLOYEE BENEFITS IN RESPECT OF THE COMPANY HAVE BEEN CALCULATED AS UNDER
a) Defined contribution plans :
The Parent Company has certain defined contribution plan such as provident fund , employee state insurance, employee
pension scheme, employee superannuation fund wherein specified percentage is contributed to them. During the year, the
Company has contributed following amounts to:
(` in lakhs)
For the Year ended For the Year ended
Particulars
March 31, 2019 March 31, 2018
Employer’s contribution to provident fund 1,315.28 944.11
Employer’s contribution to employee’s pension scheme 1995 1,556.77 1,418.26
Employer’s contribution to superannuation fund 4.19 11.14
Employer’s contribution to employee state insurance 1,523.11 1,257.69
b) Defined benefit plan:

Gratuity :
The group has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity
on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is partially funded.
The following tables summarises the components of net benefit expense recognised in the statement of Profit And Loss and the
amounts recognised in the balance sheet.
176
Notes

Net employee benefit expense (recognised in Employee Cost)
(` in lakhs)
Gratuity
Particulars
March 31, 2019 March 31, 2018
Interest cost on benefit obligation 130.13 179.11
Expected return on plan assets (177.61) (147.25)
Expenses recognised in the Statement of Profit and Loss (192.08) 1,224.64
Balance Sheet
Details of provision for Gratuity
(` in lakhs)
Gratuity
Particulars
March 31, 2019 March 31, 2018
Defined benefit obligation 2,856.50 2,697.99
Fair value of plan assets 2,278.14 2,460.94
Plan (asset)/liability 578.36 237.05
(` in lakhs)
Long-term Short-term
Particulars
Provision for Gratuity - - 578.36 237.05
Changes in the present value of the defined benefit obligation are as follows :
(` in lakhs)
Present value of obligation as at the beginning of the year 2,697.99 2,380.37
Interest cost 130.13 179.11
Other adjustment* (727.67) -
Exchange difference (1.09) -
Settlement cost/(Credit) 782.49
Benefits paid (625.70) (785.09)
Actuarial (gain)/loss on obligation 777.59 (263.82)
Present value of obligation as at the end of year 2,856.50 2,697.99
* mainly on account of asset ceiling.
Changes in the defined benefit obligation and fair value of plan assets as at March 31, 2019 and
March 31, 2018:
Change in the net defined benefit obligation of plan assets are as follows:
(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Net defined benefit liability at the beginning of the year 237.05 417.05
Net interest Income (47.48) 31.86
Exchange difference (1.09) -
Benefits paid (257.92) (706.72)
Remesurement of (gain)/ loss recognised in the year 770.22 (289.41)
Contribution paid to the Fund - (403.62)
Net defined benefit liability at the end of the year 578.36 237.05
177
Notes
Change in the fair value of plan assets are as follows:

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Fair value of plan assets at the beginning of the year 2,460.94 1,964.76
Expected return on plan assets 177.61 147.25
Contribution paid to the fund - 403.62
Other adjustment - (4.39)
Benefits paid (367.78) (75.89)
Actuarial gain/(loss) on plan assets 7.37 25.59
Fair value of plan assets at the end of the year 2,278.14 2,460.94
The Parent Company expects to contribute ` 1,036.71 Lakhs (Previous year ` 221.68 Lakhs) to gratuity in the next year.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
Insurance policy with SBI Life Insurance Company Limited 100% 100%
The principal assumptions used in determining gratuity for the Company’s plans are shown below:
Demographic Assumptions
Gratuity
Discount Rate (%) 7.00 7.80
Future salary increase (%) 7.00 6.00
Expected rate of return on plan assets(%) 7.00 8.00
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
Retirement Age 58 Years 58 Years
Mortality Table 100% of IALM (2006 - 08) 100% of IALM (2006 - 08)
Grade TM4 & Below#:
From 18 to 24 years : 45%
25 to 30 years : 30%
31 to 40 years : 25%
Above 40 years : 10% Up to 30 Years : 3%
Withdrawal Rate (%) From 31 to 44 years: 2%
Grade TM5 & Above*: Above 44 years : 1%
From 18 to 24 years : 30%
25 to 30 years : 25%
31 to 40 years : 20%
Above 40 years : 10%
# Grade TM4 & Below: Team Members
* Grade TM5 & Above: Shift Manager & above
178
Notes
Amounts for the current and previous years are as follows:

(` in lakhs)
Gratuity
Year ended Year ended Year ended Year ended Year ended
Particulars
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015
Defined benefit obligation 2,856.50 2,697.99 2,380.37 1,849.91 1,319.62
Plan assets 2,278.14 2,460.94 1,964.76 1,423.48 1,116.68
Surplus/(deficit) (578.36) (237.05) (415.61) (426.43) (202.94)
Experience loss/(gain) on plan liabilities 777.59 (263.82) 68.15 84.61 118.13
Experience (loss)/gain on plan Assets 7.37 (25.59) (13.42) 75.38 5.89
A quantitative sensitivity analysis for significant assumption as at March 31, 2019 is as shown below:
India gratuity plan:
Particulars Change in Discount rate Change in Salary increase
Sensitivity Level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease
Impact on defined benefit obligation (` in Lakhs) (67.41) 71.23 71.10 (67.90)
Maturity Profile of Defined Benefit Obligation

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Within the next 12 months (Next annual reporting year) 622.19 73.20
Between 1 and 2 years 521.69 35.57
Between 2 and 5 years 1,682.16 117.68
Beyond 10 years 30.46 2,471.54
Total expected Payment 2,856.50 2,697.99
b) Provident Fund
The Parent Company makes monthly contributions to provident fund managed by trust for qualifying employees. Under the
scheme, the Parent Company is required to contribute a specified percentage of the payroll costs to fund the benefits. As per Ind
AS 19 on “Employee Benefits”, employer established provident fund trusts are treated as defined benefit plans, since the Parent
Company is obliged to meet interest shortfall, if any, with respect to covered employees. The total liability of ` Nil (March 31,
2018: ` Nil) as worked out by the actuary has been allocated to each entity based on the corpus value of each entity as at
March 31, 2019. Accordingly, liability of ` Nil (31 March 2018: ` Nil) has been allocated to Parent Company and ` Nil (March 31,
2018: ` Nil) has been charged to Statement of Profit and Loss during the year.
Actuarial assumptions made to determine interest rate guarantee on exempt provident fund liabilities are as
follows:
Discounting rate 7.00% 7.80%
Expected guaranteed interest rate 8.65% 8.55%
Expected short fall in interest earnings on the fund 0.05% 0.05%
The Parent Company has contributed ` 2,872.05 Lakhs to provident fund (March 31, 2018: ` 2,362.37 Lakhs) for the year.
179
Notes
34. EXPENDITURE INCURRED DURING CONSTRUCTION PERIOD

(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
Opening Balance 128.52 213.96
Incurred during the year
- Salary, allowances and bonus 392.55 392.67
- Power and fuel 4.26 168.56
- Rent 58.49 48.20
- Rates and taxes 1.96 3.26
- Miscellaneous expenses 118.68 135.62
704.46 962.27
Less: Allocated to Property, Plant and Equipment (649.69) (833.75)
Total 54.77 128.52
Note: The above expenses have been netted off in the respective line items in the Statement of Profit and Loss.
35.
DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM ENTERPRISES
DEVELOPMENT ACT, 2006
(` in lakhs)
As at As at
Particulars
March 31, 2019 March 31, 2018
(i) Principal amount remaining unpaid to MSME suppliers as on March 31, 2019 # 624.71 109.75
(ii) Interest due on unpaid principal amount to MSME suppliers as on March 31, 2019 0.28 -
(iii) The amount of interest paid along with the amounts of the payment made to the MSME suppliers beyond - -
the appointed day
(iv) The amount of interest due and payable for the year (without adding the interest under MSME Development - -
Act)
(v) The amount of interest accrued and remaining unpaid as on March 31, 2019* 15.31 -
(vi) The amount of interest due and payable to be disallowed under Income Tax Act, 1961 15.31 -
* includes under respective heads of expenses and trade payables.
# includes an amount of ` 203.29 Lakhs in relation to medium enterprises defined under the Micro, Small and Medium Enterprises Development Act, 2006.
Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.
36. Expenditure on leasehold improvement incurred during the year has been considered as revenue expenditure for computing
provision for Income tax expense, relying upon the internal/external expert advice. However the treatment does not impact the
statement of profit and loss. As deferred tax liability of ` 1,019.39 Lakhs (Previous year ` 356.41 Lakhs) has been provided in the books
since such item has been capitalised in the books.
37. The Parent Company has operating lease under non-cancellable arrangements for commissary. The details of minimum lease
obligations and lease payment recognised during the year are as under:
(` in lakhs)
For the year Ended For the year Ended
Particulars
March 31, 2019 March 31, 2018
Operating lease payments recognised during the year 37.74 37.74
Minimum Lease obligation:
Not later than 1 year 37.74 37.74
Later than 1 year but not later than 5 years 150.96 150.96
Later than 5 years 3,036.84 3,074.58
180
Notes
38. SEGMENT REPORTING: The Group's business activity falls within a single business i.e. Food and Beverages in terms of Ind AS 108
on Segment Reporting.
Information about secondary segment (Consolidated basis)

The geographical segments considered for disclosure are as follows:
Sales within India include sales to customers located within India
Sales outside India include sales to customers located outside India
Revenue, Trade Receivables, Fixed Assets and Capital expenditure during the year as per Geographical Markets.
(` in lakhs)
Capital Expenditure
Revenue Trade Receivables Fixed Assets
during the year
Particulars 2019 2018 2019 2018 2019 2018 2019 2018
India 352,842.68 298,044.06 2,735.38 1,508.25 80,035.51 78,067.93 17,618.01 10,272.51
Outside India 3,471.78 3,795.95 8.24 56.99 2,482.74 2,276.56 825.59 513.11
Total 356,314.46 301,840.01 2,743.62 1,565.24 82,518.25 80,344.49 18,443.60 10,785.62
39.
CORPORATE SOCIAL RESPONSIBILITY (CSR): As per Section 135 of the Companies Act, 2013, a CSR committee has been
formed by the Parent Company. The CSR activities and spend are as per the CSR Policy recommended by the CSR Committee and
approved by the Board. The same has also been uploaded on the Parent Company’s website www.jubilantfoodworks.com
40. DETAIL OF DIVIDEND PAID AND DIVIDEND PROPOSED:

(` in lakhs)
Particulars
March 31, 2019 March 31, 2018
Dividend declared and paid during the year:
*Final Dividend paid for the year ended March 31, 2018 ` 2.5/- per share (March 31, 2017: ` 2.5/- per share) (3,299.23) (1,649.55)
Dividend Distribution Tax on Final Dividend (678.17) (335.81)
(3,977.40) (1,985.36)
Proposed Dividends on equity shares:
Final Dividend for the year ended March 31, 2019 ` 5/- per share (March 31, 2018: ` 2.5/- per share) (6,598.45) (3,299.23)
Dividend Distribution Tax on proposed dividend (1,356.33) (678.17)
(7,954.78) (3,977.40)
*The proposed dividend for the year ended March 31, 2018 has been adjusted from ` 5 per share to ` 2.5 per share post issuance of Bonus shares during the year.
The Board of Directors at its meeting held on May 15, 2019 has recommended the following for approval of the shareholders : Dividend of
` 5 /- each for every equity share of ` 10/- fully paid-up on existing share capital for the year ended March 31, 2019. The dividend payment
is expected to be ` 6,598.45 Lakhs (excluding the dividend distribution tax thereon ` 1,356.33 Lakhs).
41. All the amounts included in the financial statements are reported in Lakhs of Indian Rupees ('INR' or "`") and are rounded to the
nearest Lakhs, unless stated otherwise.
42. STANDARDS ISSUED BUT NOT YET EFFECTIVE

(i) Ind AS 116- Leases: On March 30, 2019, Ministry of Corporate Affairs ("MCA") has notified the Ind AS 116, Leases. Ind AS 116
will replace the existing leases Standard, Ind AS 17 Leases, and related interpretations. This Standard set out the principles for
the recognition, measurement, presentation and disclosure of leases for both parties to a contract i.e. the lessee and the lessor.
Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases
with a term of more than twelve months, unless the underlying asset is of low value. Currently, operating lease expenses are
charged to the Statement of Profit and Loss. The standard also contains enhanced disclosure requirements for lessees. Ind AS
116 substantially carries forward the lessor accounting requirements in Ind AS 17.
181
Notes
The effective date for adoption of Ind AS 116 is annual periods beginning on or after April 1, 2019. The standard permits two
possible methods of transition:
Full Retrospective approach - Retrospectively to each prior period presented applying Ind AS 8- Accounting Policies,
Changes in Accounting Estimates and Errors
Modified Retrospective approach- Retrospectively, with the cumulative effect of initially applying the standard recognised
at the date of initial application.
Under modified retrospective approach, the lessee records the lease liability as the present value of the remaining lease
payments, discounted at the incremental borrowing rate and the right of use asset either as:
- Its carrying amount as if the standard had been applied since the commencement date, but discounted at lessee's
incremental borrowing rate at the date of intial application or
- An amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments related to that
lease recognised under Ind AS 17 immediately before the date of initial application.
Certain practical expedients are available under both the methods.
Currently, the Company is evaluating both the approach and the impact of transitioning to Ind AS 116 on the financial statement
as at March 31, 2019.
Amendment to Ind AS 12- Income Taxes:

(i) Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments: On March 30, 2019, Ministry of Corporate Affairs
has notified Ind AS 12 Appendix C, Uncertainty over Income Tax Treatments which is to be applied while performing
the determination of taxable profit (or loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is
uncertainty over income tax treatments under Ind AS 12. According to the appendix, companies need to determine the
probability of the relevant tax authority accepting each tax treatment, or group of tax treatments, that the companies
have used or plan to use in their income tax filing which has to be considered to compute the most likely amount or the
expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax
credits and tax rates.
The standard permits two possible methods of transition:
i) Full retrospective approach – Under this approach, Appendix C will be applied retrospectively to each prior reporting
period presented in accordance with Ind AS 8 – Accounting Policies, Changes in Accounting Estimates and Errors,
without using hindsight; and
ii) Retrospectively with cumulative effect of initially applying Appendix C recognised by adjusting equity on initial
application, without adjusting comparatives.
The effective date for adoption of Ind AS 12 Appendix C is annual periods beginning on or after April 1, 2019. The Parent
Company will adopt the standard on April 1, 2019 and has decided to adjust the cumulative effect if any in equity on the
date of initial application i.e. April 1, 2019 without adjusting comparatives.
There will be no material impact on adoption of Ind AS 12 Appendix C in the financial statements.
(ii) On March 30, 2019, the amendments to the guidance in Ind AS 12, ‘Income Taxes’, in connection with accounting for
dividend distribution taxes.
The amendment clarifies that an entity shall recognise the income tax consequences of dividends in profit or loss, other
comprehensive income or equity according to where the entity originally recognised those past transactions or events.
The amendment is effective from annual period beginning from April 1, 2019. The Parent Company is currently evaluating the
effect of this amendment.
182
Notes
43. FINANCIAL INSTRUMENTS

Financial assets and liabilities:
The accounting classification of each category of financial instruments, their carrying amounts and fair value amounts are set out below:
March 31, 2019

(` in lakhs)
Fair value through
profit or loss
Investments 18,079.73 - 18,079.73 18,079.73
Trade and other receivables - 2,743.62 2,743.62 2,743.62
Total 18,079.73 62,290.99 80,370.72 80,370.72
March 31, 2018

(` in lakhs)
Fair value through
profit or loss
Investments 26,310.15 - 26,310.15 26,310.15
Trade and other receivables - 1,565.24 1,565.24 1,565.24
Total 26,310.15 21,758.06 48,068.21 48,068.21
March 31, 2019

(` in lakhs)
Fair value through
profit or loss
Trade payables - 42,088.36 42,088.36 42,088.36
Other payables - 407.28 407.28 407.28
Total - 47,685.43 47,685.43 47,685.43
March 31, 2018

(` in lakhs)
Fair value through

profit or loss
Trade payables - 38,897.86 38,897.86 38,897.86
Other payables - 609.18 609.18 609.18
Total - 42,722.27 42,722.27 42,722.27
183
Notes
44. FAIR VALUE HIERARCHY

The following table provides the fair value measurement hierarchy of the group’s assets
(` in lakhs)
Financial assets Date of valuation
Financial Assets
(` in lakhs)
Financial assets Date of valuation
Financial Assets
45. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group’s principal financial liabilities, comprise retention money payable, trade and other payables, security deposits, book
overdraft and unpaid dividend. The Group's principal financial assets include Investments, loan, trade and other receivables, cash
and cash equivalents and other financial assets that derive directly from its operations.
The Group’s financial risk management is an integral part of how to plan and execute its business strategies. The group is exposed to
market risk, credit risk and liquidity risk.
The Group’s senior management oversees the management of these risks. The senior professionals work on to manage the financial
risks and the appropriate financial risk governance framework for the group are accountable to the Board of Directors and Audit
Committee. This process provides assurance to group’s senior management that the group’s financial risk-taking activities are
governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with
group policies and risk objective.
The Board of Directors reviews and agrees policies for managing each of these risks which are summarised as below:
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market prices comprises three types of risk: currency rate risk, interest rate risk and other price risks , such as equity
price risk and commodity price risk. Financial instruments affected by market risks include deposits, investments and foreign
currency receivables and payables. The sensitivity analyses in the following sections relate to the position as at March 31, 2019.
The analysis exclude the impact of movements in market variables on: the carrying values of gratuity, pension obligation and
other post-retirement obligations; provisions; and the non-financial assets and liabilities.The sensitivity of the relevant Profit
and Loss item is the effect of the assumed changes in the respective market risks. This is based on the financial assets and
financial liabilities held as of March 31, 2019.
i) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The group exposure to the risk of changes in foreign exchange rates relates primarily
to the group operating activities (when revenue or expense is denominated in foreign currency and the group net
investment in foreign subsidiaries). Foreign currency exchange rate exposure is party balanced by purchasing of goods
from the respective countries.The group evaluates exchange rate exposure arising from foreign currency transactions and
follows appropriate risk management policies.
184
Notes
Foreign currency exposures recognised by the group that have not been hedged by a derivative instrument or
otherwise are as under:
Receivables
Foreign Foreign
Currency
` in Lakhs Currency in ` in Lakhs Currency in
Lakhs Lakhs
USD 16.87 0.24 - -
Payables
Foreign Foreign
Currency
` in Lakhs Currency in ` in Lakhs Currency in
Lakhs Lakhs
USD 358.04 5.17 336.83 5.18
EURO 4.67 0.06 - -
Foreign currency risk sensitivity

There is no material unhedged foreign currency exposures outstanding at year end and hence sensitivity analysis with
respect to currency risk has not been given.
ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The group exposure to the risk of changes in market interest rates relates primarily to the group
long-term debt obligations with floating interest rates.
This is not applicable to the group as the group is not having any loans and borrowings.
Interest rate sensitivity

Interest rate sensitivity is not applicable to the group.
b) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The group is exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other
financial instruments.
c) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the group’s treasury department in accordance
with the group’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The limits are set to minimise the concentration of risks and therefore mitigate financial loss
through counterparty’s potential failure to make payments.
d) Liquidity risk
Liquidity risk is defined as the risk that the group will not be able to settle or meet its obligations on time or at reasonable
price. The group's objective is to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements.
The group closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate source
of financing through the use of short-term bank deposits and cash credit facility. Processes and policies related to such risks are
overseen by senior management. Management monitors the group's liquidity position through rolling forecasts on the basis of
expected cash flows. The group assessed the concentration of risk with respect to its debt and concluded it to be low.
185
Notes
The table below summarises the maturity profile of the group’s financial liabilities based on contractual undiscounted payments.
(` in lakhs)
Year ended March 31, 2019 Year ended March 31, 2018
Particulars Other financial Other financial
Trade payables Other payables Trade payables Other payables
liabilities liabilities
On demand - - - - - -
Less than 3 months - - - - - -
3 to 12 months 42,088.36 407.28 5,139.79 38,897.86 609.18 3,165.23
1 to 5 years - - 50.00 - - 50.00
> 5 years - - - - - -
Total 42,088.36 407.28 5,189.79 38,897.86 609.18 3,215.23
e) Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly
affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s
performance to developments affecting a particular industry.
Based upon the Company's evaluation, there is no excessive risk concentration.
f) Collateral
There are no significant terms and conditions associated with the use of collateral.
46. STATUTORY GROUP INFORMATION

The Consolidated financial statement of the group includes components mentioned below :-
(` in lakhs)
Net Assets, i.e. total assets minus Share in Share in other Share in total
Name of the entity in the group
total liabilities profit and loss Comprehensive income Comprehensive income
As % of
As % of As % of consolidated As % of total
consolidated Amount consolidated Amount other Amount comprehensive Amount
net assets profit and loss comprehensive income
income
Jubilant FoodWorks Ltd. 104.87% 132,371.71 101.52% 32,280.48 66.33% (499.67) 102.37% 31,780.81
Foreign Subsidiary
Jubilant FoodWorks Lanka (Pvt.) Ltd. (5.41%) (6,829.17) (2.85%) (905.59) 21.85% (164.60) (3.45%) (1,070.19)
Jubilant Golden Harvest Ltd. 0.15% 191.39 (0.59%) (188.27) 10.22% (76.92) (0.85%) (265.19)
Controlled Trust
JFL Employee Welfare Trust (0.35%) (439.74) - - - - - -
Sub Total 99.27% 125,294.19 98.08% 31,186.62 98.40% (741.19) 98.07% 30,445.43
Inter Company Elimination and 0.53% 669.58 2.49% 792.31 1.60% (12.09) 2.51% 780.22
Consolidation Adjustments
Non-Controlling Interest 0.20% 257.79 (0.57%) (180.89) - - (0.58%) (180.89)
Grand Total 100% 126,221.56 100% 31,798.04 100% (753.28) 100% 31,044.76
186
Notes
47. CAPITAL MANAGEMENT

For the purposes of the group's capital management, Capital includes equity attributable to the equity holders of the group and
all other equity reserves. The primary objective of the group capital management is to ensure that it maintains an efficient capital
structure and maximise shareholder value. The group manages its capital structure and makes adjustments in light of changes in
economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the group may
adjust the dividend payment to shareholders or issue new shares. The group is not subject to any externally imposed capital
requirements. No changes were made in the objectives, policies or processes for managing capital during the year ended March 31,
2019 and March 31, 2018.
(` in lakhs)
Equity Share capital 13,196.90 6,598.45
Free Reserve (i.e. Retained Earnings) 109,570.19 80,565.08
Reserve to Share Capital (in no. of times) 8.30 12.21
Sd/- Sd/- Sd/-

Chairman Co-Chairman CEO and Whole Time Director
Sd/- Sd/-
187
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/ASSOCIATE

COMPANIES/JOINT VENTURES
Part “A”: Subsidiaries

(` in Lakhs except otherwise stated)
Name of the Subsidiary/ Trust
S.
Particulars Jubilant FoodWorks JFL Employees Jubilant Golden
No.
Lanka (Pvt.) Ltd. Welfare Trust Harvest Ltd.
1 Date since when subsidiary was acquired/ incorporated 14-Sep-10 29-Aug-11 11-Dec-18
2 Reporting period for the subsidiary concerned, if different from the holding Same as holding Same as holding Same as holding
Company's reporting period Company Company Company
3 Reporting currency and Exchange rate as on the last date of the relevant Financial Year Sri Lanka Rupee ` Bangladesh taka
in the case of foreign subsidiaries (LKR) & Exchange (BDT) & Exchange
Rate 2.5329 Rate 1.2264
4 Share capital* ` 9,209.09 ` 0.1 ` 815.39
5 Reserves & surplus ` (6,829.09) ` 1,219.93 ` (366.25)
6 Total Assets ` 2,696.37 ` 1,500.23 ` 1,282.73
7 Total Liabilities ` 316.37 ` 280.20 ` 833.59
8 Investments Nil Nil Nil
9 Turnover ` 3,278.40 ` 978.81 ` 193.44
10 Profit/(Loss) before taxation ` (904.50) ` 977.06 ` (368.01)
11 Provision for taxation ` (1.09) ` (102.53) ` (1.18)
12 Profit/(Loss) after taxation ` (905.59) ` 874.53 ` (369.19)
13 % of shareholding 100% 100% 51%
* Corpus for JFL Employees Welfare Trust
II. Names of subsidiaries which are yet to commence operations N.A. N.A.
III. Names of subsidiaries which have been liquidated or sold during the year N.A. N.A.
Part "B": Associates and Joint Ventures

1 Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to N.A. N.A.
Associate Companies and Joint Ventures
2 Names of associates or joint ventures which are yet to commence operations N.A. N.A.
3 Names of associates or joint ventures which have been liquidated or sold during N.A. N.A.
the year
Sd/- Sd/- Sd/-

Chairman Co-Chairman CEO and Wholetime Director
Sd/- Sd/-
188
Corporate Information
BOARD OF DIRECTORS REGISTRAR & SHARE TRANSFER AGENT
Link Intime India Private Limited
Executive and Non-Executive Directors Noble Heights, 1st Floor, Plot No. NH 2, C-1 Block, LSC,
Near Savitri Market, Janakpuri,
Mr. Shyam S. Bhartia
New Delhi - 110 058
Chairman & Director
Tel: +91 011 41410592/93/94
Mr. Hari S. Bhartia Fax: +91 011 41410591
Co-Chairman & Director E-mail: [email protected]
Mr. Pratik R. Pota

STATUTORY AUDITORS
CEO and Wholetime Director
Deloitte Haskins & Sells LLP
Ms. Aashti Bhartia
Non-Executive Director BANKERS
HDFC Bank Limited
Mr. Shamit Bhartia
Yes Bank Limited
Non-Executive Director
Axis Bank Limited
ICICI Bank Limited
Independent Directors
IndusInd Bank Limited
Mr. Abhay Prabhakar Havaldar IDBI Bank Limited
(Appointed w.e.f. July 25, 2018)
REGISTERED OFFICE
Mr. Ashwani Windlass
Plot 1A, Sector 16-A
(Appointed w.e.f. July 25, 2018)
Noida – 201 301, U.P., India
Mr. Berjis Minoo Desai
CORPORATE OFFICE
Ms. Deepa Misra Harris
5th Floor, Tower-D, Plot No. 5,
(Appointed w.e.f. June 21, 2019)
Logix Techno Park,
Mr. Vikram Singh Mehta Sector 127, Noida – 201 304, U.P., India
(Appointed w.e.f. February 1, 2019) Tel: +91-120-4090 500
Fax: +91-120-4090 599
Chief Financial Officer CIN: L74899UP1995PLC043677
Mr. Prakash C. Bisht
E-mail ID for Investors: [email protected]
Company Secretary and Compliance Officer Websites: www.jubilantfoodworks.com
www.dominos.co.in
Ms. Mona Aggarwal
www.dunkinindia.com
www.hongskitchen.in
www.jubilantfoodworks.com

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ANNUAL REPORT 2018–19

Scale up Dunkin’ Donuts, Nurture and build a strong

Backed by its tech-based innovation and delivery, as well as digital-driven customer

OPERATIONAL HIGHLIGHTS FY 2019

Ventured into the Chinese

• Robust integrated supply chain systems

• Investments in technology - Delivered a stellar performance in

DOMINO’S PIZZA – INDIA

DUNKIN’ DONUTS – INDIA

DOMINO’S PIZZA – BANGLADESH DOMINO’S PIZZA – SRI LANKA

Foray into the Chinese

Live and transparent kitchen

Separate preparation area

• There is scope to leverage backend infrastructure.

The metrics are on the basis of published financial statements.

Our quality offerings and best-in-class delivery services

Two of our most important

In a consumer-driven tech-first world where food-tech Our strategic focus

Acquiring Momentum for

FY 2019 STRATEGIC PILLARS

1. Product and Innovation 2. Value for Money 3. Customer Experience

We believe the key to outperform in challenging times

• Fortress Domino’s in India by expanding

• Elevate customer experience for both dine-in and

• Sustained technology investment in digital assets

• Scale up Dunkin’ Donuts and Hong’s Kitchen and

• Nurture and build a strong international business

4. Digital and Technology 5. Dunkin’ Donuts Profitability

Sitting (Left to Right)

Mr. Hari S. Bhartia

Standing (Left to Right)

Mr. Abhay Prabhakar Havaldar

Sitting (Left to Right)

Standing (Left to Right)

Mr. Subroto Gupta Mr. Anand Thakur Mr. Kapil Grover

Mr. Avinash Kant Kumar Mr. Sanjay Mohta

Engaging with Communities

Form AOC-1 188

1. COMPANY OVERVIEW years. However, economic activities decelerated towards

Innovation and differentiation – With so many different

Food aggregators – Food delivery applications have been

Outlook outlets. Moreover, a new and growing class of social media

Hong’s Kitchen Other Campaigns

(vii) Return on Net Worth Focus on enhancing employee engagement

Retaining talent Risk management framework

Risk Statement Mitigation Plans

Cyber Risk 11. OUTLOOK

The Company has two strong international brands Dominos’ Pizza

DOMINO’S PIZZA - INDIA HONG’S KITCHEN

QSR Ltd. (Golden Harvest), part of Golden Harvest group of

No dilution in paid up share capital of the Company is expected due

a) Details of Board & Committee Meetings.

(C) Foreign Exchange Earnings & Outgo

d) No Sweat Equity shares were issued.

For and on behalf of the Board of Directors

FORM NO. MGT-9

I. REGISTRATION AND OTHER DETAILS

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

• Investments in technology - Delivered a stellar performance in

(C) Foreign Exchange Earnings & Outgo

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MANAGING DIRECTOR/MANAGER/WHOLETIME

(iv) Sustainability and Corporate Social Responsibility