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McDonald`s to open 30 outlets in FY22 in India and `We`re loving it`
Westlife Development reported narrowing of loss to Rs 6.45 crore for March quarter 2020-21, helped by higher income.
Highlights
- Westlife Development plans to invest Rs 100 crore.
- In the last financial year, the company had opened five McDonald's outlets.
- In the last quarter of the 2020-21, 55-60 per cent of the company's sales came from convenience channels.
New Delhi, May 16 (PTI) Westlife Development, which operates McDonald's restaurants in southern and western region in India, plans to invest Rs 100 crore to open up to 30 outlets of the quick service restaurant brand in the current financial year.
The company, which now witnesses more than half of its sales from convenience channels such as delivery, takeaways and drive-thru, is bullish about growth in FY'22, leaving out the next 2-3 months.
"The intention is to open 20-30 McDonald's outlets in the current fiscal year. We will invest Rs 100 crore for opening these outlets," Westlife Development Vice-Chairman Amit Jatia told PTI.
In the last financial year, the company had opened five McDonald's outlets.
Jatia said COVID-19 has accelerated the shift towards convenience channels and the company is bullish about growth in the current fiscal.
"The business has pivoted towards becoming a convenience brand. Having brought all digital channels in place, we have entered this second wave with a lot of strength. Stark difference from the first COVID-19 wave and now is customers ordering outside food, which did not happen last year. I am quite bullish about FY'22, obviously leaving out next 2-3 months," he explained.
In the last quarter of the 2020-21, 55-60 per cent of the company's sales came from convenience channels and 40-45 per cent from in-store business.
Westlife Development reported narrowing of loss to Rs 6.45 crore for March quarter 2020-21, helped by higher income. It had posted a net loss of Rs 25.26 crore in January-March period a year ago.
Its revenue from operations stood at Rs 357.58 crore, up 6.31 per cent from Rs 336.35 crore in March quarter 2019-20.
At present, Westlife Development's arm Hardcastle Restaurants operates 305 McDonald's restaurants across 42 cities in the states of Telangana, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Kerala, Chhattisgarh, Andhra Pradesh, Goa and parts of Madhya Pradesh and Union Territory of Puducherry.
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