 "Westlife Foodworld Q4 results: Profit after tax declines 96% to Rs 76 lakh")
Westlife Foodworld, the operator of McDonald's restaurants in west and south India, reported a 96% slide in fourth-quarter profit on Wednesday as inflation-weary consumers cut back on dining out and ordering in despite the fast-food chain's attempts to lure them with discounted prices.
The franchisee said consolidated profit after tax fell to Rs 76 lakh ($91,012.8) for the January-March quarter from Rs 20.09 crore a year earlier.
India's quick-service restaurants have struggled to attract customers in the face of sticky inflation and increasing competition from local players.
Affordable value packs have also failed to draw customers' attention as the pace of India's food inflation has remained high so far this year.
Westlife's total expenses rose nearly 6%, compared with a 1.6% growth in revenue during the quarter.
Rivals KFC-operator Devyani International, Pizza Hut-operator Sapphire Foods and Domino's India-franchisee Jubilant FoodWorks are yet to report results.
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U.S.-based McDonald's missed quarterly profit estimates as customers cut back on spending and international sales dampened.
Shares of the company fell as much as 7.7% after the results.