Global brand fast-food franchise owners in India have suffered plunging profits as hundreds of millions of the country’s middle-class and low-income consumers struggle to cope with rising living costs.
Even as India boasts of having the fastest-growing major economy in the world, sustained inflation since the coronavirus pandemic has forced many people to cut back on eating out or to turn to cheaper local alternatives.
Domino’s and Popeyes operator Jubilant FoodWorks on Wednesday capped a difficult financial year for international fast-food brands in India by reporting a 46 per cent year-on-year fall in profit from its operations in the country in the quarter through March.
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