Q1FY24 Quarterly Result Announced for Westlife Foodworld Ltd.
Restaurant company Westlife Foodworld announced Q1FY24 results: In Q1FY24, Westlife reported a sales growth of Rs 6.14 billion, marking a 14% YoY increase driven primarily by a 7% YoY Same Store Sales Growth (SSSG). The company reported a Cash PAT of Rs 670 million, a 22% increase YoY. Backed by a robust increase in guest count, the on-premise business saw an 18% YoY growth, while the off-premise business expanded by 9% YoY on a high base. Overall Digital sales saw significant growth accounting for 64% of total sales on the back of Self-Ordering-Kiosks at restaurants and McDonald’s Apps, thereby bringing a seamless digital experience come alive for our customers. Westlife's Restaurant Operating Margin stood at Rs 1,412 million, with a YoY growth of 21%. The ROM (%) for Q1FY24 was 23% compared to 21.6% in Q1FY23. Despite inflationary pressures, the company's Operating EBIDTA was Rs 1,053 million, a growth of 14% YoY. The average sales per store (TTM) rose to Rs 66.9 million, up from Rs 57.4 million in Q1FY23. The Westlife board approved an interim dividend of Rs 3.45 per share which is around 173% of its face value, amounting to about Rs 538 million. As of June 2023, Westlife operates 361 restaurants across 58 cities, with four new stores opened in Q1FY24. The company plans to add 40-45 new stores in FY24 and aims to reach between 580-630 stores by 2027. Amit Jatia, Chairperson of Westlife Foodworld, said, "We are pleased with our first-quarter performance, which reflects the resilience of our business model and the strength of the McDonald's brand in West & South India. Despite the challenging market conditions, we have been able to drive growth by focusing on core menu innovation, digital transformation, and enhancing customer convenience. Our commitment to serving good quality food and constantly improving the customer experience continues to be the cornerstone of our success. The first-quarter results reinforce our commitment to further strengthen our position as a leader in the QSR industry." Result PDF27-07-2023