New Delhi: Westlife Development, which operates McDonald’s restaurants in the southern and western region of India, plans to invest $ 100 million to open up to 30 fast-food brand stores in the current financial year.
The company, which now sees more than half of its sales of convenience channels such as delivery, takeaways and throughput, is strong about the growth in FY’22, which leaves out the next 2-3 months.
‘The intention is to open 20-30 McDonald’s stores in the current financial year. We will invest 100 million euros for the opening of these outlets, ”Amit Jatia, vice-chair of Westlife Development, told PTI.
In the past financial year, the company opened five McDonald’s stores.
Jatia said COVID-19 has accelerated the move to convenience channels and the company is strong about the growth in the current fiscal.
‘The business has become a convenient brand. After all digital channels are in place, we entered this second wave with a lot of strength. Strongly different from the first COVID-19 blows and now customers order food outside, which did not happen last year. I am quite clumsy about FY’22 and will of course hold out for the next 2-3 months, ”he explained.
In the last quarter of the period 2020-21, 55-60 percent of the company’s sales came from convenience stores and 40-45 percent from stores in stores.
Westlife Development reported that the loss narrowed to 6.45 million for March quarter 2020-21, aided by higher revenue. It showed a net loss of 25.26 million in January-March a year ago.
Revenue from operations amounted to 357.58 million, an increase of 6.31 percent compared to 336.35 million in March quarter 2019-20.
Westlife Development’s poor Hardcastle Restaurants currently operates 305 McDonald’s restaurants in 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.
Source: Telangana Today