Westlife Development Q4 net profit up 8 pc at Rs 7.14 cr

Westlife Development, owner of Hardcastle Restaurants, Tuesday reported an eight per cent rise in net profit to Rs 7.14 crore for the fourth quarter ended March 31.

Hardcastle Restaurants is the master franchisee of McDonald's restaurants in west and south India.

The company had reported a net profit of Rs 6.61 crore in the corresponding quarter of 2017-18.

Its total income from operations for the January-March period increased 12.05 per cent to Rs 339.17 crore from Rs 302.69 crore in the year-ago period.

For the full 2019, the company's net profit surged to Rs 40.3 crore as against Rs 12.86 in the previous fiscal. The total revenue increased to Rs 1,401.6 crore compared to Rs 1,134.87 crore.

"FY19 was a year of big bold moves and transformation across our business. We have stayed committed to offering an exceptional guest experience, which we believe is our biggest differentiator in the industry today," its Vice-Chairman Amit Jatia said in a statement.

He further said the company had taken a range of initiatives, coupled with strict financial discipline and maximisation of operational efficiencies, which helped it deliver a strong year.

"This gives us immense confidence that we are well on our way to achieving our vision 2022," Jatia added.

The company has relaunched its everyday value platform McSavers and introduced rice as a platform this year.

"The company continued to invest in growing its brand extensions McCaf, McDelivery and McBreakfast. It added 41 new McCafes, taking the total count to 190. McCafe which has now built its own base of loyal customers has enabled the company to broaden its addressable market and grow baseline sales," it said.

The company has added 51 delivery hubs, taking the total count to 216 and also expanded its delivery coverage through third party aggregator partnerships, increasing accessibility and convenience.

It also opened 25 new restaurants, and entered four new cities, including Thiruvananthapuram, Puducherry, Tirupati and Kakinada, taking the total restaurant count to 296 across 41 cities, the company said.