Buy Devyani International Ltd For Target Rs. 210 by Motilal Oswal Financial Services Ltd

* Consolidated revenue is expected to grow 9%.
* PH SSSG is likely to remain flat despite a weak base. We model 12 new store additions in PH, resulting in 10% YoY revenue growth.
* KFC revenue is expected to grow 8% YoY, led by store additions. We model 28 store additions (+17% YoY), while same-store sales are expected to decline by 2%.
* Margin pressure will persist due to lower demand and negative operating leverage.
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