Devyani International shares rose 6% after a 4.4% equity transfer worth Rs 871 crore in a block deal on 21 February 2024. Around 5.3 crore shares were traded at a floor price of Rs 153.5 per share, which is a 7.45% discount to the closing price on 20 February on BSE.

According to sources, on Tuesday, 20 February 2024, Yum Restaurant India Private Ltd, popularly known as the KFC Brand, was planning to sell its entire stake (4.4%) in Devyani International Ltd through block deals.

Devyani International operates KFC and Pizza Hut and has reported a significant decline in its quarterly profit due to challenging macroeconomic conditions and weak consumer sentiment. The company’s consolidated earnings – profit after tax (PAT) for the third quarter ended 31 December fell by 87%, from Rs 71.6 crore in the immediate previous year to Rs 9.6 crore in Q3FY24.

However, Devyani International’s revenue from operations rose 6% year-on-year to Rs 843 crore, against Rs 791 crore in the corresponding period of last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) were down by 17% at Rs 146 crore, against Rs 175 crore in the immediate previous year.

At 11:27 am, the shares of Devyani International were trading at Rs 168.60, 1.72% higher than its previous close on the National Stock Exchange (NSE).