Westlife Development Limited, owner of Hardcastle Restaurants Private Limited (“HRPL”), the master franchisee of McDonald’s restaurants in west and south India, announced audited financial results for the year ended March 31, 2020. The results were taken on record by the board of directors. Through the year, the company continued executing its long-term strategy grounded in consumer insights that enabled the company to remain relevant to the fast-evolving customer. As a result, despite the challenging economic environment and Covid-19 led business disruptions, the company reported a robust annual revenue growth of 10.4 per cent with its PAT surging by 71.9 per cent. The company’s annual revenue increased to Rs 15,477.6 million with an annual SSSG of 4.0 per cent. The reported cash profit for the year stood at Rs 1,340.6 million, up by 23.6 per cent. Driven by enhanced operating and supply chain efficiencies, the company’s Restaurant Operating Margins grew by 11.9 per cent YoY, while the annual operating EBITDA clocked a growth of 15.8 per cent to Rs 1,439.3 million. During the year under review, WDL focussed on delivering unparalleled value and customer experience. The company re-energised its value platform – McSaver and continued the aggressive rollout of its Experience of The Future (EOTF) restaurants. With compelling offerings across all day-parts and occasions including snacks, coffee, meals, breakfast, desserts and delivery, the company consolidated its position as a ‘One for All and All for One’ destination. The onset of the Covid-19 pandemic brought forth the agility and customer forward strategies of Westlife Development. The company anticipated consumers’ need for assurance and convenience and was among the first companies to launch ‘Contactless Delivery’. It stepped up its already stringent hygiene and safety practices across its operations and ensured that similar processes were also being followed by the suppliers at their end. At the same time, the company took all possible measures to bring down fixed costs, further enhance operational efficiencies and conserve cash. Amit Jatia, vice chairman, Westlife Development Limited, said, “Our strategic focus on value, customer experience and strong fiscal discipline resulted in solid annual growth. Despite the macro-economic challenges, we were able to build momentum across all performance parameters in FY20.” “Through the year, we saw our revenues, profits and margins grow. We marked the 18th consecutive quarter of Same Store Sales Growth followed by January and February registering a high SSSG of 12.3 per cent, before Covid-19 hit us in March 2020,” he added.
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