(i) Ravi Kant Jaipuria, is a Non-Executive Director of the Company. He is a promoter of the Company and has over three decades of experience in conceptualizing, executing, developing, and expanding food, beverages, and dairy business in South Asia and Africa. He has completed his higher secondary education from Delhi Public School Mathura Road, New Delhi. He has an established reputation as an entrepreneur and a business leader and has received PepsiCo’s award for International Bottler of the Year, awarded in 1997. He was also awarded the ‘Distinguished Entrepreneurship Award’ at the Ph.D. Annual Awards for Excellence 2018. (ii) Varun Jaipuria, is a Non-Executive Director of the Company. He attended Millfield School, Somerset, England, and holds a bachelor’s degree in international business from the Regent’s University, London. He has 12 years of experience in the soft drinks industry and has also completed a program for leadership development at the Harvard Business School. He has been a Director on the Board since November 13, 2009. (iii) Raj Pal Gandhi, is a Non-Executive Director of the Company. He holds a bachelor’s degree in commerce (honors course) from the University of Delhi and was admitted as an associate of the Institute of Chartered Accountant of India in 1981. He has over 28 years of experience with one of our group companies (Varun Beverages Limited) and has been instrumental in strategizing our diversification, expansion, mergers and acquisitions, Capex funding, and institutional relationship. He also has experience in the field of finance and accounts. Prior to this, he has worked with Electronic Trade and Technology Development Corporation Limited and Uptron Powertronics Limited. He has been a Director on the Board since August 13, 2007. (iv) Virag Joshi, is the Whole-time Director (President & CEO) of the Company. He holds a diploma course in hotel management and catering from the State Institute of Hotel Management and Catering, Lucknow, Uttar Pradesh. He has been a key strategist in the expansion of Pizza Hut, KFC, Costa Coffee outlets from a small base of five restaurants in 2002 to 600 plus outlets in the last 19 years. He has been earlier associated with Indian Hotels Company Limited, Domino’s Pizza India Limited, Milkfood Limited, and Priya Village Roadshow Limited. He has been a Director on the Board since November 10, 2004.

As per RHP, Devyani International has shown Jubilant Foodworks, Westlife Development and Burger King as its listed peers. They are currently trading at a P/E of around 133.56, NA and NA. However, business of Jubilant which is into pure Pizza and MacD and Burger King are into pure burgers can't be compared fully with Brands like KFC and Pizza Hut.

Review and Recommendation of Devyani International IPO from InvestorZone is 4/10 1. Devyani International has brand like KFC and Pizza Hut. However, the competition from Dominos in Pizza market is huge and has completely dominated the market from last few years. For KFC, the management says they don't have any competition but unorganised market which is serving chicken is huge and have big competition. 2. The Balance Sheet looks weak for Devyani International. In 2019,  Auditor mentioned that the Group and its Joint Venture’s current liabilities exceed its current assets as of March 31, 2019. These conditions indicate the existence of material uncertainty that may cast significant doubt about the Group and its Joint Venture’s ability to continue as a going concern. Plus their net-worth was completely eroded in 2019. 3. Valuation looks stretched as compared to Burger King or Jubilant Food considering their growth. Burger King currently trading at Mcap/Sales of 8.2x, Jubilant Foods at 12.5x and Devyani is asking 8x...Nothing much left on table for investors. 4. However, having said that, the market is in bull run and these IPO can be played for listing gain.

F-2/7, Okhla Industrial Area, Phase-I, New Delhi 110 020, India Tel: 011 4170 6720 Website: www.dil-rjcorp.com