Westlife Development Limited (BSE: 505533) (“WDL”), owner of Hardcastle Restaurants Pvt. Ltd. (“HRPL”), the master franchisee of McDonald’s restaurants in West and SouthIndia announced its financial results for the quarter ended March 31st, 2022. The results were taken on record by the Board of Directors at a meeting held today.
In the quarter under review, the company’s revenue increased by 27% to ₹4,551 million. This strong topline resulted in a 33.7%Y-O-Y increase in the company’s Restaurant Operating Margin, which now stands at ₹1,016 million. Withstanding the challenges of inflationary pressures and the Omicron wave, the company’s Operating EBIDTA grew by 46% Y-O-Y to 16.0%.Its Same-Store Sales Growth (SSSG) for the quarter stood at 23% Y-O-Y. The company recorded a PAT of over ₹231million in the quarter (pre-IND AS).
Westlife’s success in this financial year has demonstrated how, over the previous two years, it has developed a resilientplaybook for growth. Its omnichannel strategy has set a new baseline for the business, allowing McDonald’s to serve consumers whenever, wherever, and however they want.As the results show, the business recovered faster for both dine-in and convenience channels, growing by 15% and 42%, respectively. Dine-in, as well as the various convenience channels of delivery, takeaway, drive-thru, and on-the-go, currently generate over ₹4,500million in sales per quarter.
The company’s business came back strongly in the second half. In the financial year under review, the company witnessed a 60% jump in revenues and clocked its highest ever sales in Q3 FY22. Westlife has also delivered its highest ever full-year topline so far.
Commenting on the financial results for the quarter ended March 31, 2022, Mr. Amit Jatia, Vice-Chairman of Westlife Development Limited, said, “Despite the challenging external environment owing to various Covid waves and inflationary pressures, we managed to deliver one of our best results. Our strong performance was underpinned by our omnichannel strategy, menu innovations, and cost optimization practices, and was a testament to our scale and agility. The playbook we put together in the last two years has made our business resilient and we aim to continue delivering seamless customer experiences while leveraging our momentum to drive long-term, sustainable growth for all our stakeholders.”