Westlife Development Q4 revenue up 5.7% at Rs224.8 crore
- Ahead of Gujarat election results, BJP MP predicts dismal performance for party
- California’s wildfire now ranks as state’s third-largest
- As bitcoin, other currencies soar, regulators urge caution
- Metlife says it failed to pay some pensions, flags hit to reserves
- Dharmendra Pradhan inaugurates Eastern India’s first CNG stations
Mumbai: Westlife Development Limited, owner of the franchise of fast-food chain McDonald’s for West and South India, posted a 5.7% increase in consolidated revenue for the quarter ended March on the back of higher sales and more store openings.
Westlife’s total consolidated revenue for Q4 stood at Rs224.8 crore while its net loss for the period was Rs4.15 crore, down 34%.
The company has been focusing on bringing down the cost of setting up a new store with a “Restaurant Operating Platform 2.0” program. Westlife vice chairman Amit Jatia said the strategy had helped reduce fixed costs by 20-30%.
“With this, new stores are now adding to cash flow rather than reducing it”, he said. “In FY17, our cash flow has increased by 30%”.
Westlife expects to post a net profit in the next 24 months, Jatia said.
“Our biggest achievement for this fiscal year (FY16-17) is that while Euromonitor has estimated a 5.6% increase the size of the informal eating-out sector, we have seen 11.7% growth in revenues, beating industry rates,” Jatia said.
The company’s annual revenue for FY16-17 was Rs930.79 crore.