Westlife Development Ltd on Thursday reported a consolidated net profit of Rs 23.57 crore in the first quarter ended June 30.
It owns Hardcastle Restaurants, the master franchisee of McDonald’s restaurants for West and South India.
The company had posted a net loss of Rs 33.39 crore in the April-June quarter a year ago, it said in a regulatory filing.
Its sales rose to Rs 536.17 crore in the first quarter of the current fiscal. In the year-ago period, the same was at Rs 258 crore.
Westlife’s total expenses climbed nearly 64 % to Rs 507.97 crore in the latest June quarter.
”The company witnessed a solid start to the first quarter of FY23 and recorded an all-time-high sales figure of Rs 537 crore,” it said.
In the June quarter, it added 5 restaurants.
”Westlife plans to add 35-40 new restaurants in FY23 and over 200 new restaurants in the next 3-4 years with greater emphasis on smaller and emerging cities,” it said.
Westlife Vice Chairman Amit Jatia said business performance in the last three quarters is a testament to the robust strategy which it has been following.
”With a redefined cost structure, increased productivity, strong average unit volumes, and healthy restaurant cash flows, we are well-positioned to deliver accelerated business results and create long-term value for shareholders,” he said.
As of June 30, 2022, Westlife had a total of 331 restaurants across 48 cities.