 "Westlife Development net profit grows 30.3% to Rs 20.3 cr in March quarter")
Westlife Development Ltd on Tuesday reported a 30.3 per cent increase in consolidated net profit to Rs 20.30 crore for the fourth quarter ended March 2023.
The company had posted a net profit of Rs 15.58 crore in the January-March quarter a year ago, Westlife Development Ltd said in a BSE filing.
Its subsidiary Hardcastle Restaurants is the Master Franchisee of McDonald's restaurants in West and South India.
The company's sales were up 22.5 per cent at Rs 543.80 crore during the period under review against Rs 443.90 crore in the corresponding quarter last fiscal.
Westlife Development's total operating costs and expenses rose 18.79 per cent to Rs 419.92 crore in Q4 FY23.
In the March quarter, total revenues of the company surged 22.25 per cent to 556.37 crore.
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According to the company, it has "reported an all-time high Q4 sales" with a strong double-digit SSSG (same-store sales growth) of 14 per cent year-on-year.
"This was driven by double-digit growth in dine-in customers, enabling the on-premise business to grow by 38 per cent YoY. The company's own delivery channel, the McDelivery platform, saw a robust rise in user base, as digital sales improved to 62 per cent, led by SOKs (Self-Ordering Kiosks)," it said.
This strong topline resulted in a 34 per cent year-on-year increase in the company's Restaurant Operating Margin, which now stands at Rs 136.4 crore.
Westlife's average sales per store (TTM) stood at Rs 6.62 crore.
In the fourth quarter of FY23, Westlife opened 18 new restaurants.
For the financial year ended March 31, 2023, Westlife Development's net profit was at Rs 112.53 crore. It reported a net loss of Rs 16.7 crore in FY22.
Its consolidated sales in FY23 jumped 45.19 per cent to Rs 2,259.40 crore from Rs 15,56.09 crore a year ago.
Westlife Foodworld Vice-Chairman Amit Jatia said: "FY23 was a landmark year for Westlife Foodworld. Our strong performance, delivered by our omnichannel strategy, menu innovations, store modernisation, and cost optimisation strategies, is a testament to our scale and agility".
Its board has recommended a final dividend of 70 per cent, which is Rs 705 per equity share of face value of Rs 1,000 for the financial year 2022-2023.
As of March 2023, Westlife had 357 restaurants in 56 cities.
Shares of Westlife Development Ltd on Tuesday settled at Rs 768.35 apiece on BSE, down 3.72 per cent.
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