Hot Pursuit     09-Nov-22
Westlife Foodworld records PAT of Rs 31 crore in Q2 FY23; SSG at 40% YoY
Westlife Foodworld reported a net profit of Rs 31.55 crore in Q2 FY23 as against a net loss of Rs 4.42 crore in Q2 FY22.

Total revenues rose 48.5% YoY to Rs 572.42 crore during the quarter.

Gross profit increased by 50% to Rs 374.8 crore in Q2 FY23 from Rs 249.47 crore in Q2 FY22.

Restaurant operating margin (ROM) in the second quarter was Rs 129.92 crore, up by 93.7% from Rs 67.09 crore in the same period last year.

Operating EBITDA improved by 116% to Rs 98.80 crore in Q2 FY23 from Rs 45.74 crore in Q2 FY22. Operating EBITDA margin was 17.3% in Q2 FY23 as against 11.9% in Q2 FY22.

The company posted a pre-tax profit of Rs 41.96 crore in Q2 FY23 as against a pre-tax loss of Rs 5.87 crore in Q2 FY22.

Westlife Foodworld said that owing to product innovations and sustained momentum across channels, the company achieved more than Rs. 6.75 crore in average annualized sales per store.

Same store sales growth (SSSG) for the quarter was 40% year on year, and the company recorded a cash PAT of Rs 68 crore, up 159% year on year.

The on-premise business increased 96% YoY and 24% over the pre-Covid levels, and the off-premise business consisting of its digital channels, delivery, takeout, and on-the-go services rose by 12% YoY and 88% over the pre-Covid base.

In the quarter under review, the Company witnessed broad-based growth across store formats with mall stores improving pace sequentially. It witnessed a 22% rise in monthly active users for its McDelivery app which led to the highest quarterly sales for its delivery channel. The McDelivery app had over 21 million cumulative Apps downloads in this quarter.

Westlife continued steadily on its expansion path and added 6 new restaurants this quarter. It plans to add 35-40 new restaurants in this financial year and over 200 new restaurants in the next 3-4 years with greater emphasis on smaller and emerging cities. For Westlife, its restaurant sales in non-metro towns grew at an impressive 1.6x of the store in Metro cities, from / on the pre covid base.

Amit Jatia, vice-chairman of Westlife Foodworld, said, "This quarter, our company demonstrated consistent performance yet again and showcased the resiliency of the business we have set up.

Our focus on core business fundamentals coupled with rising consumer demand in the QSR industry enabled both on-premise as well as off-premise businesses to deliver solid numbers."

Westlife Foodworld focuses on setting up and operating quick service restaurants (QSR) in India through its subsidiary Hardcastle Restaurants (HRPL). The company operates a chain of McDonald's restaurants in West and South India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary. Westlife now has a total of 337 restaurants across 52 cities as of June 2022 with 68 drive-thrus, 274 McCafés, and 138 experience of the future (EOTF) restaurants.

The scrip shed 0.87% to end at Rs 784.95 on the BSE.

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