Westlife Development zooms after blockbuster results

Westlife Development soared 15.32% to Rs 439.95 after consolidated net profit surged 228.3% to Rs 22.72 crore on 16.8% increase in total revenue to Rs 432.93 crore in Q3 December 2019 over Q3 December 2018.

Westlife Development (WDL), which owns the Master Franchisee of McDonald's restaurants in West and South India, reported an Store Sales Growth (SSSG) of 9.2%, over a high SSSG of 14.5% same quarter last year. This marks the 18th consecutive quarter of positive same-store sales growth for the company.

Consolidated EBITDA jumped 60.4% to Rs 56.58 crore in Q3 December 2019 as against Rs 35.27 crore in Q3 December 2018.

WDL launches 11 new restaurants and 13 new McCafes, taking the total count to 315 and 218 respectively.

Commenting on company's financial results for the quarter ended December 31, 2019, Amit Jatia, Vice-Chairman of Westlife Development said, "Our strategy centered on custom er experience, digitization and maximizing efficiencies is gaining momentum and delivering consistent results. Through McCafe, McDelivery and McBreakfast, we have mindfully created more occasions to drive increased brand usage across all days-parts. This has helped us stay the course of our growth despite a challenging economic environment, slower-than-expected GDP growth and tepid consumer sentiment. We are absolutely committed to remaining relevant to our evolving customers and delivering great value and customer experience."

WDL focuses on putting up ond operating Quick Service Restaurants (QSR) in India through its subsidiary Hardcastle Restaurants. The company operates a chain of McDonald's restaurants in West and South India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary.

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