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Westlife delivers resilient Q2FY24 performance with 7% YoY sales growth

Oct 26, 2023

By: BlinkX Research Team

Westlife Foodworld Limited (WFL), the owner-operator of McDonald's restaurants in West and South India, has announced its financial results for the first half of FY24 and the quarter ending September 30, 2023. Despite ongoing market challenges, the company achieved a robust 3% Same Store Sales Growth (SSSG) in H1FY24, reflecting an 11% YoY increase in revenue compared to H1FY23.

In Q2 FY24, the company maintained its growth momentum with sales reaching Rs. 6.15 billion, representing a 7% YoY growth. The Average Sales Per Store in the Trailing Twelve Months (TTM) saw a 7% YoY increase. Cash Profit After Tax (PAT) stood at Rs. 614 million, with Operating EBITDA at Rs. 997 million, growing 1% YoY. Both on-premises and off-premises businesses recorded a 7% YoY growth.

Digital transformation remained a key focus, with Self Ordering Kiosks and Mobile Apps contributing to a 30% YoY growth in Digital Sales, which now constitute 67% of the total revenue.

Amit Jatia, Chairperson of Westlife Foodworld, commented on the results, stating, "Our second quarter results, amidst challenging market conditions, reflect consistently strong execution of our long-term strategic playbook aligned with our Vision 2027. The resilient Q2 FY24 performance and sales growth affirm that Westlife Foodworld's strategy of omnichannel, menu innovations, and prudent network expansion is working."

The company remains committed to network expansion and plans to add 40–45 new stores in FY24. Westlife Foodworld currently operates in 370 restaurants across 59 cities in West and South India.

The company's performance reflects its resilience in the face of macroeconomic challenges and a commitment to delivering value to stakeholders.