Westlife plans to add 35-40 new restaurants in FY23 and over 200 new restaurants over the next three-four years with greater emphasis on smaller and emerging cities
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Shares of Westlife Development, the master franchisee of McDonald’s restaurants in West and South India, jumped nearly 8 percent in the morning trade on July 28 after the company reported record sales for June the quarter.
At 9.58 am, the stock was trading at Rs 580, up 7.86 percent.
The company recorded an all-time-high sales figure of Rs 538 crore in the first quarter of FY23, a jump of 108 percent YoY. Westlife witnessed strong performances for three quarters in a row with more than Rs 6 crore of average annualised sales per store and over 16 percent EBITDA margin. It posted a cash profit after tax (PAT) of Rs 55 crore.
The same-store sales growth (SSG) saw a significant increase of 97 percent YoY.
Also read: Nestle India: Double-digit growth across categories
It recorded Restaurant Operating Margins (ROM) of 21.6 percent, which is 4.5 times that of last year, a 68 percent jump from pre-Covid Q1FY20. Operating EBITDA margins stood at 17.1 percent, while the cash PAT margin was 10.2 percent. The company grew 41 percent over the pre-Covid base of Q1FY20.
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The company said more than 55 percent of the overall business growth came through digital channels. Westlife also witnessed its highest quarterly sales on McDelivery App with over 18.5 million cumulative downloads.
Five restaurants were added during the quarter, with 12 in groundbreak. Westlife plans to add 35-40 new restaurants in FY23 and over 200 new restaurants over the next three-four years with greater emphasis on smaller and emerging cities.
JM Financial said its number beat its expectations across metrics. The broker maintained its “buy” rating on the stock, with the 12-month target at Rs 645, upgrading from Rs 620.
“Consistent delivery–third consecutive quarter with robust trend in sales/store and low double-digit comparable EBITDA margin–we believe, will boost the street confidence on margins and scalability of the business model,” it said.
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