Westlife Development fourth quarter loss narrows to Rs 6 crore

This was helped by higher income

Westlife Development on Thursday reported narrowing of loss to Rs 6.45 crore for March quarter 2020-21, helped by higher income.

It had posted a net loss of Rs 25.26 crore in January-March period a year ago.

The company owns Hardcastle Restaurants - the master franchisee of McDonald's restaurants for West and South India.

Its revenue from operations stood at Rs 357.58 crore, up 6.31 per cent from Rs 336.35 crore in March quarter 2019-20, Westlife Development said in a BSE filing.

The company said it registered an increase in revenue from operations despite regulatory headwinds, lockdowns, curfews and capacity limitations witnessed across markets.

"Sales were driven by an almost complete recovery in dine-in and an impressive 142 per cent growth across the company's convenience channels.

"Revenues from McDelivery and Drive Thru saw a year-on-year growth of 26 per cent and 81 per cent, respectively. Even after dine-in opened across the market, the company did not see a slowing down in its 'out of restaurant' consumption," it said.

Commenting on the company's performance in 2020-21, Westlife Development Vice-Chairman Amit Jatia said: "It was a challenging but inspiring year that gave us a chance to consolidate our strengths and create new competitive advantages. We did some exemplary work on the cost leadership front and strengthened our omni-channel strategy.