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

Westlife Development Ltd, which owns Hardcastle Restaurants, the master franchisee of McDonald’s restaurants for West and South India, announced on Thursday a multiple increase in its consolidated net profit to Rs 20.82 crore for the third quarter ended in December 2021.

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

Its October-December 2021 sales jumped 46.68% to Rs 476.83 crore from Rs 325.06 crore a year ago.

“The company delivered a strong quarter with strong performance across all operating metrics, setting new benchmarks for the business.

“This was driven by growth in the foodservice and convenience channels which grew 39% and 55% respectively,” the company said in a post-earnings statement.

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

“As a result, the company recorded a record PAT (profit after tax) of Rs 20.82 crore,” he added.

Its same-store sales growth for the quarter was 44% year-on-year.

Westlife Development’s operating costs and expenses stood at Rs 369.24 crore, a jump of 43.13% from Rs 257.96 crore a year ago.

In the October-December 2021 quarter, it added eight new stores, bringing the total number of stores to 316 restaurants in 44 cities.

Westlife Vice President of Development Amit Jatia said: “We are quite pleased with our performance in the quarter. What is particularly remarkable is that this happened in a quarter that continued to see some restrictions related to COVID-19”.

He added that this is a testament to the firm’s robust strategy that will hold it strong through the volatilities of the future. “We believe this quarter is a prelude to our next phase of growth.”

Shares of Westlife Development Ltd settled at 495.25 rupees each on BSE on Thursday, up 0.55% from the previous close.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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