NE BUSINESS BUREAU
NEW DELHI, NOV 6
Westlife Development Ltd on Friday reported a consolidated net loss of Rs 27.52 crore for September quarter 2020-21.
Westlife Development owns Hardcastle Restaurants – the master franchisee of McDonald’s for West and South India.
The company had posted a net profit of Rs 12.86 crore in July-September period a year ago, Westlife Development said in a statement.
Total revenue was down 47.16 percent at Rs 209.50 crore during the period under review as against Rs 396.53 crore in the year-ago period.
Operating costs and expenses were at Rs 201.79 crore in the quarter as against Rs 333.61 crore earlier.
Commenting on the results Westlife Development Vice-Chairman Amit Jatia said the company has effectively steered the COVID-19 crisis and has got the business on a “strong recovery track this quarter” in comparison to the June quarter.
“Our strong financial foundation combined with a focus on accelerating our omnichannel strategy is reaping great results for us. We look forward to the opportunities that lie ahead and are motivated by the recovery in business that we have seen in this quarter. I am confident that we will soon be back on our growth path,” he said.
The company has reported strong sales recovery led by its convenience channels that include delivery, take-out, drive-through, and on-the-go, said Westlife Development in a post earning statement.
Sales through these convenience channels zoomed back to their pre-COVID-19 levels in September, while in-store started showing a healthy recovery trend as the government started unlocking markets in a phased manner, it added.
“With customer confidence slowly building back buoyed by festive cheer and opening up of dine-in services in Maharashtra, the company is confident of accelerating the pace of recovery and marching towards achieving and exceeding pre-COVID-19 level revenues,” it said.
