Westlife Development Ltd, which owns Hardcastle Restaurants, the master franchisee of McDonald's restaurants for West and South India, on Thursday reported narrowing of consolidated net loss at Rs 4.42 crore for September quarter 2021-22.
The company had posted a net loss of Rs 32.54 crore in July-September period a year ago, Westlife Development said in a BSE filing.
Total income was up 83.98 per cent to Rs 385.43 crore during the period under review as against Rs 209.49 crore in the year-ago period.
This growth was driven by both the company's convenience channels that continued to accelerate and dine-in that built up strong and fast.
"Convenience channels that include delivery, take-out, drive-thru and on-the-go grew by a robust 77 per cent over last year. This is in spite of a strong recovery in dine-in revenues, which almost doubled over the same quarter last year," the company said in a post earning statement.
Operating costs and expenses were higher at Rs 318.34 crore as against Rs 187.39 crore earlier.
Last month, when most restrictions were eased, the company saw 103 per cent recovery as compared to September 2019, a pre-COVID period, it added.
"The company saw complete recovery across all its markets despite continued restrictions on time and capacity in some key cities. Its delivery sales grew 50 per cent over September 2019, again a testimony to the strong convenience channel that the company has built over the last 18 months," said Westlife.
During the quarter, Westlife added 5 new McDonald's restaurants taking the total count to 310.
Vice-Chairman Amit Jatia said:With this strong performance, I believe, newer and stronger normal has emerged for us. We will continue to make bold moves to reinforce our market leadership. In the coming months, we will pick up the pace on store expansion, adding close to 30-35 new stores in our core and emerging markets, thus increasing our penetration."
Shares of Westlife Development
Ltd on Thursday settled at Rs 573.15 apiece on BSE, up 1.87 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.