Westlife Development posts net profit of Rs 20.82 crore in Dec quarter

Westlife Development Ltd reported a multifold jump in its consolidated net profit to Rs 20.82 crore for the third quarter ended December 2021.

Westlife Development Ltd, which owns Hardcastle Restaurants, the master franchisee of McDonald's restaurants for western and southern India, on Thursday reported a multifold jump in its consolidated net profit to Rs 20.82 crore for the third quarter ended December 2021.

The company had posted a net profit of Rs 0.11 crore in the corresponding quarter last year, Westlife Development Ltd said in a BSE filing.

Its sales during October-December 2021 jumped 46.68 per cent to Rs 476.83 crore, compared with Rs 325.06 crore in the year-ago period.

"The company recorded a strong quarter with robust performance across all operating metrics, setting new benchmarks for the business.

"This was driven by growth across both dine-in and convenience channels that grew by a solid 39 per cent and 55 per cent, respectively," the company said in a post-earnings statement.

Westlife Development also reported a high Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 83.62 crore.

"As a result, the company clocked an all-time high PAT (profit after tax) of Rs 20.82 crore," it added.

Its same store sales growth for the quarter stood at 44 per cent year-on-year.

Westlife Development's operating costs and expenses stood at Rs 369.24 crore, a jump of 43.13 per cent as against Rs 257.96 crore a year ago.

In the October-December 2021 quarter, it added eight new stores, taking the total store count to 316 restaurants across 44 cities.

Westlife Development Vice-Chairman Amit Jatia said, "We are quite pleased with our performance in the quarter. What is especially noteworthy is that this has come in a quarter that continued to see certain COVID-19-led restrictions."

He added that this is a testimony to the company's robust strategy that is going to hold it in strong stead through the volatilities of the future. "We believe that this quarter is a preamble to our next phase of growth."

Shares of Westlife Development Ltd on Thursday settled at Rs 495.25 apiece on the BSE, up 0.55 per cent from the previous close.