Westlife Foodworld Ltd (NSE: WESTLIFE / BOM: 505533): India’s McDonald’s Master Franchisee is Hitting New Highs

India’s McDonald’s master franchisee Westlife Foodworld Ltd (NSE: WESTLIFE / BOM: 505533has recently reported record FY 2023 results and has given a strong business outlook. Shares have also been hitting all time highs.

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  • One of the fastest growing players in India’s quick service restaurant (QSR) sector, Westlife Foodworld Limited (WFL), formerly known as Westlife Development Limited, focuses on establishing and operating McDonald’s restaurants across West and South India, through its wholly owned subsidiary Hardcastle Restaurants Pvt. Ltd. (HRPL).
  • Hardcastle Restaurants Pvt. Ltd. (HRPL) has been the privileged custodian of the McDonald’s brand in West and South India since its launch in 1996. HRPL was established as a joint venture with McDonald’s Corporation, USA in 1995. Today, it leads the McDonald’s restaurant footprint in India with more than 300 company-operated restaurants across West and South India. HRPL is the master franchisee of McDonald’s under an agreement of 2010. The agreement grants HRPL the authority to provide initial capital for the business, with operational and technical business support from McDonald’s Corporation, the world’s leading global food service retailer with over 36,000 locations serving approximately 69 million customers in over 120 countries each day. More than 80% of McDonald’s restaurants worldwide are owned and operated by independent franchises.


  • Westlife Foodworld delivers a record FY 23; reports highest ever Q4 sales, with 14% same store sales growth
    • Highlights for the Financial Year 2023
      • Highest ever sales at Rs. 22.7 bn, grew by 44% YoY; Strong double-digit Same Store Sales Growth (SSSG) at 36% YoY
      • Op. EBITDA at Rs. 3.9 bn, grew by 90% YoY; Op. EBITDA margin was 17.3% (vs 13.1% in FY22)
      • Cash PAT at Rs. 2.5 bn, grew 97% YoY; Cash PAT margin was 11.2% (vs 8.2% in FY22)
    • Highlights of Quarter ended March 31, 2023
      • Highest ever Q4 sales at Rs. 5.56 bn grew by 22% YoY, strong double-digit SSSG of 14% YoY
      • Digital sales improved to ~62% led by Self Operating Kiosks (SOK); launched the new McDelivery App
      • Op. EBITDA at Rs. 919 mn grew 26% YoY; Op. EBITDA margin was 16.5% (vs 16.0% in Q4 FY22)
    • Commenting on the results for FY 23, Mr. Amit Jatia, Vice-Chairman, Westlife Foodworld Limited, said: “… Westlife opened 18 new restaurants in the fourth quarter of FY23. The company is on a fast track to add 40-45 new restaurants in FY24 and 580-630 new restaurants by 2027… As of March 2023, Westlife had 357 restaurants in 56 cities, including 68 Drive-Thrus, 311 McCafés, and 220 Experience of the Future (EOTF) restaurants.
  • Westlife Foodworld soars 10% to hit a new high on strong business outlook (Business Standard) June 2023
    • The easing commodity pressures and the company’s focus on growing average unit volume are the key positive factors, believe analysts at Motilal Oswal Financial Services. This could be partly offset by an increase in royalty, they added as they shared ‘neutral’ rating on the stock.
    • “The excitement created with limited time launches (Big Mac, Piri Piri McSpicy range), increased traction on fried chicken & new launches like chicken wings (additional Rs10mn of AUV/store), strong start in Tier2/3, with growth being 1.5x than metros and likelihood of gradual increase in royalty beyond 5 per cent after FY26 are key positive triggers,” the brokerage firm [Prabhudas Lilladher] added.
  • Westlife Foodworld’s Amit Jatia Speaks On Q4 Results, Store Addition Strategy & Entry Of ONDC (YouTube) 10:04 Minutes (CNBC-TV18) May 2023
    • Could see FY24 revenue growth between 18-25% says Amit Jatia, Vice Chairman of #WestlifeFoodworld. Tells @blitzkreigm & @sonalbhutra that margin will expand by 100-150 bps to new highs in FY24.
  • Westlife Foodworld’s Management On Slowdown In The QSR Industry | Weekender | CNBC-TV18 (YouTube) 8:45 Minutes (CNBC-TV18) May 2023
    • In today’s episode of Weekender, the man who brought McDonald’s to India Amit Jatia, Vice Chairman at Westlife Foodworld Limited & his son Akshay Jatia, executive director at Westlife Foodworld, speak on the change of guard, catering to health-conscious consumers, outlook on the quick-service restaurant industry and keeping up with the competition.
  • Westlife Foodworld announces leadership change (PM) May 2023
    • Westlife Foodworld Ltd. (formerly Westlife Development Ltd.) – owner and operator of McDonald’s restaurants in West and South India has elevated Amit Jatia as Chairperson of the company with immediate effect. While Smita Jatia has been named as successor to Amit who was Vice Chairperson of the company.
  • Change Of Guard At Westlife : The Next Generation Takes Over | Amit Jatia & Akshay Jatia Exclusive (YouTube) 23:30 (CNBC-TV18) April 2023
    • In today’s episode of Weekender, the man who brought McDonald’s to India Amit Jatia, Vice Chairman at Westlife Foodworld Limited & his son Akshay Jatia, executive director at Westlife Foodworld, speak on the change of guard, catering to health conscious consumers, outlook on quick-service restaurant industry and keeping up with the competition.






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