Westlife Development Ltd which owns Hardcastle Restaurants, the Master Franchisee of McDonald’s restaurants for west and south India, on Wednesday reported a consolidated net profit at Rs 15.06 crore for the fourth quarter ended March 2022.

The company had posted a net loss of Rs 6.03 crore in the January-March quarter a year ago, Westlife Development Ltd said in a BSE filing.

Its sales were up 26.50 per cent to Rs 443.90 crore during the period under review as against Rs 350.89 crore in the corresponding quarter last fiscal.

“Withstanding the challenges of inflationary pressures and the Omicron wave, the company’s operating EBIDTA grew by 46 per cent Y-O-Y to 16 per cent. Its Same-Store Sales Growth (SSSG) for the quarter stood at 23 per cent Y-O-Y,” it said.

Westlife Development’s total operating costs and expenses were at Rs 353.48 crore, up 25.53 per cent in Q4 FY 2021-22, as against Rs 281.59 crore in the year-ago period.

In the fourth quarter of FY22, the company opened 12 new McDonald’s restaurants. With this, Westlife now has a total of 326 restaurants and 262 McCafe across 47 cities.

Westlife Development vice chairman Amit Jatia said: “Our strong performance was underpinned by our omni-channel strategy, menu innovations and cost optimisation practices, and was a testament to our scale and agility. The playbook we put together in the last two years has made our business resilient and we aim to continue delivering seamless customer experiences while leveraging our momentum to drive long-term, sustainable growth for all our stakeholders.” For the fiscal year ended March 2022, Westlife Development’s consolidated net loss was Rs 3.38 crore. It had reported a net loss of Rs 99.21 crore in the preceding fiscal.

Its sales stood at Rs 1,556.08 crore in 2021-22. This was 59.55 per cent higher than Rs 975.25 crore in the same period a year ago.

Shares of Westlife Development Ltd on Wednesday settled at Rs 464 on BSE, down 3.17 per cent. PTI KRH HVA

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