Cafe Coffee Day (CCD) saw a reduction in its number of outlets to 450 in FY24, according to the latest annual report from Coffee Day Enterprises Ltd (CDEL). This decrease follows a previous count of 469 cafes and 268 Value Express kiosks in FY23.
The number of CCD Value Express kiosks has also marginally decreased to 265. The chain's footprint has shrunk, with CCD present in 141 cities as of FY24, down from 154 cities in FY23 and 158 cities in FY22.
In contrast, the number of operational vending machines has significantly increased to 52,581 in FY24 from 48,788 in FY23, and 38,810 in FY22.
CDEL reported a rise in gross revenue from its consolidated coffee business to Rs 966 crore for FY24, marking an 11.16 per cent increase year-on-year.
Following the death of founder Chairman V G Siddhartha in July 2019, the company has been working to reduce its debt through asset sales and restructuring.
As of March 31, 2024, total loan funds amounted to Rs 1,159 crore, including Rs 102 crore in long-term borrowing and Rs 1,057 crore in short-term borrowing.
Net debt decreased to Rs 881 crore in FY24 from Rs 1,524 crore in FY23, reflecting substantial asset monetisation efforts.
CDEL's total assets decreased to Rs 5,104 crore in FY24 from Rs 5,849 crore in FY23. This decline is attributed to a Rs 359 crore impairment of goodwill and the redemption of Rs 398 crore in debentures used to repay debt and sell secured properties.
Investments, including equity-accounted investees, fell by 90 per cent to Rs 44 crore from Rs 440 crore. This reduction is largely due to the redemption of debentures for debt repayment.
Current liabilities, excluding the Rs 1,057 crore in short-term borrowings, stood at Rs 638 crore.
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