Westlife Foodworld Q4 Profit Down 96.2%, McDonald's Restaurants

New Delhi, May 8 (PTI) Westlife Foodworld Ltd, the owner-operator of McDonald's restaurants across West and South India, on Wednesday reported a 96.2 per cent decline in consolidated profit after tax to Rs 76.35 lakh in the March quarter due to higher expenses.

The company had posted a consolidated profit after tax of Rs 20.09 crore in the same quarter previous fiscal, Westlife Foodworld Ltd (WFL) said in a regulatory filing.

Consolidated total income in the fourth quarter stood at Rs 567.47 crore as against Rs 561.96 crore in the year-ago period, it added.

Total expenses in the fourth quarter were higher at Rs 565.51 crore as compared to Rs 534.23 crore in the same period a year ago.

For the fiscal ended March 31, 2024, the consolidated profit after tax was at Rs 69.21 crore as compared to Rs 111.58 crore in the previous fiscal, the company said.

For FY24, the consolidated total income stood at Rs 2,410.28 crore as against Rs 2,298.52 crore, it added.

"Despite multiple external headwinds, the company demonstrated its capability to navigate challenges and maintain stability," Westlife Foodworld Chairperson Amit Jatia said in a statement.

In FY24, Westlife Foodworld said it opened 41 stores, bringing the total store count to 397. These include 81 'Drive-Thru' locations, 292 experience of the future (EOTF) stores, and 360 McCafes.

As part of its Vision 2027 strategy, the company said it plans to open 45-50 new stores in FY25, focusing on South India, smaller towns, and 'Drive-Thrus', aiming to reach 580-630 restaurants by 2027.

Westlife Foodworld further said it remains dedicated to achieving a targeted 18-20 per cent operating EBITDA margin by December 2027.