Westlife Development posts net profit of Rs 11.62 cr in Q1

Westlife Development, the master franchisee of McDonald's in west and south India, today posted a net profit of Rs 11.62 crore in the June quarter.

The company had posted a loss of Rs 2.7 crore in the same quarter last year.

The revenue from operations grew by 30.2 per cent year-on-year to Rs 341.68 crore during the quarter.

Amit Jatia, vice-chairman, Westlife Development, said innovative menu options and value products have been the centrepiece of the company's strategy.

"Not only have they attracted more customers in our restaurants and McCafe's they also have been a huge successes on our delivery platform McDelivery," he added.

Jatia said while customers have propelled the firm's sales, a tight control on costs and increasing number of restaurants functioning under the restaurant operating platform (ROP) 2.0 has led to strong profit growth.

The company reported a 24.1 per cent growth in same store sales, making it the 12th consecutive quarter of positive sales growth.

Brand extensions continued to be strong business drivers for the company, according to Jatia.

The company opened four new restaurants during the quarter, including the first restaurant in Puducherry, taking the total count to 281 restaurants across 38 cities.

Its stock ended 11.31 per cent higher at Rs 387.30 apiece on the BSE today, against 0.95 per cent increase in the benchmark.