Westlife Development third quarter results: Company posts net profit of Rs 20.82 crore

New Delhi: Westlife Development Ltd, owner of Hardcastle Restaurants, the master franchisee of McDonald’s restaurants for western and southern India, announced on Thursday a multiple increase in its consolidated net profit to Rs 20.82 crore for the third quarter ended December 2021. The company had recorded a net profit of Rs 0.11 crore in the corresponding quarter of 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.