Westlife Development jumped 4.83% to Rs 594.15 after the company said that it will look at adding another 150-200 stores and invest Rs 800-1,000 crore across the business over the next 3-4 years.
Amit Jatia, vice-chairman, Westlife Development, said that in the last 25 years, the company has made a significant mark in the country and is looking forward to bigger strides in the coming years. The company will look at adding another 150-200 stores in the next 3-4 years. It will strengthen its leadership position in the burger, chicken and beverage segments further and aid the growth of the organized eating out market
He further said that the company is looking to invest 800-1000 crore rupees across the business over the next 3-4 years. This investment will go towards increasing the footprint, menu innovations, strengthening the company's supply chain, increasing its omnichannel presence and elevating consumer experience.
Westlife Development focuses on setting up and operating quick service restaurants (QSR) in India through its subsidiary Hardcastle Restaurants (HRPL). The company operates a chain of McDonald's restaurants in West and South India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary.
The company reported a consolidated net loss of Rs 33.39 crore in the quarter ended June 2021 as against net loss of Rs 60.54 crore during the previous quarter ended June 2020. Net sales surged to Rs 258.12 crore in Q1 FY22 from Rs 93.78 crore in Q1 FY21.
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