- July 29, 2022 / 8 min read"Westlife also plans at opening 200 new restaurants in the next 3-4 years with greater emphasis on smaller and emerging cities," it added in the filing.
Owners and operators of McDonald’s in South and West India, 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 the south and west India.
The company had posted a net loss of Rs 33.39 crore in 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 per cent 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 shared.
The company also opened 5 restaurants in June quarter and plans to add 35-40 new outlets in FY23.
"Westlife also plans at opening 200 new restaurants in the next 3-4 years with greater emphasis on smaller and emerging cities," it added in the filing.
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 log-term value for shareholders," he said.
As of June 30, 2022, Westlife operates 331 restaurants across 48 cities in south and west India.
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