Home Food Westlife Development Q2 net jumps five-fold to Rs 7.9 cr

Westlife Development Q2 net jumps five-fold to Rs 7.9 cr

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, which owns (HRPL), the master franchisee of McDonald’s restaurants in west and south India, Friday reported over five-fold jump in net profit to Rs 7.9 crore in the quarter ended September.

Westlife Development Q2 net jumps five-fold to Rs 7.9 cr
Westlife Development, which owns Hardcastle Restaurants (HRPL), the master franchisee of McDonald's restaurants in west and south India, Friday reported over five-fold jump in net profit to Rs 7.9 crore in the quarter ended September

The net profit stood at Rs 1.2 crore in the same quarter last year.

Revenue grew by 32.3 percent to Rs 350.1 crore, compared with Rs 264.6 crore last year, the company said in a statement.

It reported a strong same store sales growth (SSSG) of 25.7 percent, posting positive growth for the 13th consecutive quarter, the statement added.

Operating EBITDA grew by 40.9 percent to Rs 28.56 crore and operating profit margins expanded by 50 basis points to 8.2 percent, it said.

During the quarter, the company launched the new rice platform and introduced two variants of rice meals. It aims to continue building on this platform, the statement said.

It has also introduced whole wheat buns.

“We made a bold move by launching the new rice platform in this quarter, which worked very well for us and has got tremendous response from our customers. This new platform has helped us expand our addressable market while adding to our range of nutritious and wholesome meal options,” said , Vice Chairman of Westlife Development.

“Our investments in brand extensions continue to reap results as both McCafe and McDelivery have become strategic levers for the company,” he added.

The company has added 14 new McCafes in the quarter, taking the total count to 170, it said.

Jatia said McDelivery is significantly contributing to growth. It has been expanding its footprint through the mobile application and the website. The strategic partnerships with food aggregators to optimise the delivery process has expanded reach significantly.

The company launched McBreakfast in the south market in this quarter.

During the quarter, the company opened six new restaurants including the first restaurant at Kakinada in Andhra Pradesh, taking the total count to 287 restaurants across 39 cities.