Latest News | Westlife Development Q1 Loss at Rs 33 Cr

New Delhi, Aug 13 (PTI) Westlife Development Ltd, which owns Hardcastle Restaurants, the master franchisee of McDonald's restaurants for West and South India, reported narrowing of its consolidated net loss at Rs 33.39 crore for the first quarter ended June 2021.

The company had posted a net loss of Rs 60.54 crore in April-June period a year ago, Westlife Development Ltd (WDL) said in a BSE filing.

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Its sales more than doubled to Rs 258 crore during the period under review from Rs 93.60 crore in the year-ago period .

Operating costs and expenses were at Rs 233.66 crore as against Rs 118.50 crore.

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"Despite all challenges, WDL clocked a robust revenue growth of 176 per cent YoY. Business initiatives undertaken across the board ensured that WDL delivered strong same-store sales growth (SSSG) of 183 per cent for the quarter," it said.

In July 2021, revenues recovered to 100 per cent of July 2019 levels in all markets except Maharashtra that continued to be under strict regulatory restrictions, the company added.

"The revenue recovery was strongly driven by the company's convenience channels of delivery, Drive-Thru and On-the-Go that continued to perform strongly even as dine-in restrictions eased in the month of June," it said.

WDL's overall convenience sales tripled year-on-year.

"Revenue from Drive-Thrus that is the company's key competitive advantage, grew by 115 per cent YoY and 52 per cent QoQ. McDelivery continued its rally and grew close to 200 per cent YoY, achieving its highest ever revenue numbers in June 2021. Even as dine-in restrictions eased in the month of June 2021, the company did not see a drop in off-premise sales," it said.

Commenting on the result, WDL Vice-Chairman Amit Jatia said:“ We believe that challenges of the last one year are behind us and we are excited to chart the next phase of growth.”

Westlife added 7 new McCafé and 11 new Experience of the Future restaurants in this quarter. The total number of restaurants at the end of June quarter 2021-22 is 305 with a number of new restaurants being under ground-break, Jatia added.

"The company is also planning to expand its network in non-core and emerging cities,” he added.

Shares of Westlife Development Ltd on Friday settled at Rs 513.15 apiece on BSE, down 1.98 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)