McDonald's master franchisee owner reports three-fold jump in profit
Westlife Development Ltd, the owner of master franchisee of McDonald's restaurants in West and South India, on Thursday reported over three-fold jump in consolidated net profit after tax at Rs 22.72 crore in the third quarter ended December 2019.
The company had posted a consolidated net profit of Rs 6.92 crore in the year-ago quarter, Westlife Development said in a regulatory filing.
Total revenue during the third quarter stood at Rs 432.93 crore as compared to Rs 370.66 crore in the same period last fiscal, up 16.8 per cent, it added.
Commenting on the financial performance, Westlife Development Vice-Chairman Amit Jatia, said, "Our strategy centered on customer experience, digitisation and maximising efficiencies is gaining momentum and delivering consistent results."
Through McCafe, McDelivery and McBreakfast, the company has created more occasions to drive increased brand usage across all days-parts, he added.
"This has helped us stay the course of our growth despite a challenging economic environment, slower-than-expected GDP growth and tepid consumer sentiment," Jatia said.
In the third quarter, the company said it added 11 new restaurants taking the total restaurant count to 315 and continued to accelerate the footprint of its 'Experience of The Future' restaurants.
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