Westlife Foodworld reports strong performance in Q1FY24; Cash PAT up 22% YoY

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Westlife Foodworld Limited (WFL), formerly known as Westlife Development (BSE: 505533) and the owner-operator of McDonald’s restaurants across West and South India, announces its financial results for the quarter concluding on June 30, 2023.

In the quarter under review, Westlife reported a sales growth of Rs. 6.14bn, marking a 14% YoY increase driven primarily by a 7% YoY Same Store Sales Growth (SSSG). The company reported a Cash PAT of Rs. 670mn, a 22% increase year on year. Backed by a robust increase in guest count, the on-premise business saw an 18% YoY growth, while the off-premise business expanded by 9% YoY on a high base. Overall Digital sales saw significant growth accounting for 64% of total sales on the back of Self-Ordering-Kiosks at restaurants and McDonald’s Apps, thereby bringing a seamless digital experience come alive for our customers.

Amit Jatia, Chairperson of Westlife Foodworld Limited, said, “We are pleased with our first-quarter performance, which reflects the resilience of our business model and the strength of the McDonald’s brand in West & South India. Despite the challenging market conditions, we have been able to drive growth by focusing on core menu innovation, digital transformation, and enhancing customer convenience. Our commitment to serving good quality food and constantly improving the customer experience continues to be the cornerstone of our success. The first-quarter results reinforce our commitment to further strengthen our position as a leader in the QSR industry.”

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