CCD is India’s one of the most famous Coffee chains. However, the cafes are decreasing. Cafe Coffee Day outlet dropped to 450 in FY24. However, the number of vending machines in offices and hotels rose to 52,581. The Value Express kiosks also slightly fell to 265.
Cafe Coffee Day Decline To 141 Cities
Last year, Coffee Day Global, which owns Cafe Coffee Day, ran 469 cafes and 268 CCD (Cafe Coffee Day). CCD’s presence also declines to 141 cities in FY24. As compared to 154 cities the previous year. In FY22, CCD was in 158 cities.
However, there is a valuable increase in the number of operational vending machines. It has gone up to 52,581 in FY24. If we compare, it was 48,788 in FY23. In FY22, it was at 38,810.
CDEL reported that the company’s total revenue from its coffee business was Rs 966 crore in 2023-24. It increased 11.16% compared to previous years. CDEL has struggled since the death of its founder, V.G. Siddhartha, in July 2019. The company is reducing its debt by selling assets and has downsized a lot.
As of March 31, 2024, the total debt was Rs 1,159 crore. This includes Rs 102 crore in long-term loans and short-term loans of Rs 1,057 crore. CDEL’s net debt was Rs 881 crore in FY24, down from Rs 1,524 crore in FY23. The debt reduction was largely due to asset sales and other measures. The company said,
“The company’s total assets 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.”
CDEL’s investments (current and non-current) included those in equity-accounted companies. It dropped by 90% in FY24 to Rs 44 crore, down from Rs 440 crore the previous year. This was “mainly due to redemption of Rs 398 crore debentures held by the group for repayment of debt,” they added. Its current liabilities, excluding current borrowing of Rs 1,057 crore, were Rs 638 crore.
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