CCD Cafe Count Drops, Vending Machines Rise in FY24
Sep 03, 2024 14:09
Cafe Coffee Day (CCD) outlets declined to 450 in FY24, while operational vending machines increased to 52,581. CCD's presence also shrunk to 141 cities. Read more.
Photograph: Shailesh Andrade/Reuters
New Delhi, Sep 3 (PTI) The number of Cafe Coffee Day (CCD) outlets declined to 450 in FY24, though the count of operational vending machines at corporate workplaces and hotels increased to 52,581.
The number of Value Express kiosks also declined marginally to 265, according to the latest annual report of Coffee Day Enterprises Ltd (CDEL), which owns the chain through its subsidiary Coffee Day Global Ltd.
Coffee Day Global was operating 469 cafes and 268 CCD Value Express kiosks in FY23.
Moreover, CCD's presence also declined to 141 cities in FY24, as compared to 154 cities a year before, the annual report showed. It had a presence in 158 cities in FY22.
However, there is a substantial increase in the number of operational vending machines, which has gone up to 52,581 in FY24 from 48,788 of FY23. It was at 38,810 in FY22.
CDEL further said gross revenue from the company's consolidated coffee business stood at Rs 966 crore in 2023-24, up 11.16 per cent year-on-year.
CDEL has been facing trouble since the death of founder Chairman V G Siddhartha in July 2019. It is paring its debt through asset resolutions and has significantly scaled down.
As on March 31, 2024 the total loan funds stood at Rs 1,159 crore, which comprises long-term borrowing of Rs 102 crore and short-term borrowing of Rs 1,057 crore.
Its net debt stood at Rs 881 crore in FY24. It was at Rs 1,524 crore in FY23, which has been substantially reduced through steps as asset monetisation.
"The company's total asset decreased to Rs 5,104 crore in 2023-24 from Rs 5,849 crore in FY23. This decrease...is mainly on account of impairment of goodwill of Rs 359 crore and redemption of Rs 398 crore debentures held by the group for repayment of debt and sale of properties given as security to the lenders," it said.
Moreover, CDEL's investments (current and non-current), including equity-accounted investees in FY24, decreased 90 per cent to Rs 44 crore from Rs 440 crore.
This was "mainly due to redemption of Rs 398 crore debentures held by the group for repayment of debt," it said.
Its current liabilities, excluding current borrowing of Rs 1,057 crore, stood at Rs 638 crore.
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