Westlife Foodworld Q1 Results: McDonald's India franchisee reports net profit at ₹288 crore, declares dividend

livemint.com:

Westlife Foodworld Q1 Results: Westlife Foodworld announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 27, reporting a consolidated net profit of ₹288.3 crore, compared to ₹235.7 crore in the corresponding period last year. The company's revenue from operations in the first quarter of current fiscal stood at ₹614.5 crore, reporting a growth of 14 per cent, compared to ₹537.9 crore in the year-ago period. The company's board declared an interim dividend of ₹3.45 per equity share of face value of ₹2 each, for financial year 2023-24.

The record date for the payment of the dividend is set as August 8, 2023. ‘’The Board of directors of the company in its meeting held today have declared payment by the company of interim dividend of Rs. 3.45/- per equity share of face value of Rs.

2/- each i.e. of over 172 per cent, for the financial year 2023-2024, to the members of the company, and 8th August, 2023 has been fixed as the record date for the purpose of ascertaining the eligibility of shareholders for payment of the aforesaid interim dividend,'' said Westlife Foodworld in a regulatory filing to the stock exchanges. ‘’The company saw strong growth across dine-in due to an increase in guest count.

Burger category remains insulated from weakness seen in the pizza category. Menu innovations such as Piri Piri McSpicy range and McSaver meals were launched during the quarter which added to its existing portfolio,'' said Amnish Aggarwal – Head of Research - Prabhudas Lilladher Pvt Ltd on Westlife Foodworld Q1FY24 results. ‘’Higher pace of store additions in FY24 bodes well to increase throughput and boost profitability in coming years.