Shares of Westlife Foodworld, the Indian franchisee of fast-food chain McDonald’s, shot up sharply after the company’s quarterly results on Thursday but then moderated soon after.
What Happened? The company’s net profit went up 22.5% year-on-year in the June quarter to ₹28.8 crore. Sequentially, its net profit surged 44% compared to the March quarter’s ₹20 crore.
The company’s revenue jumped 14.2% to ₹614.3 crore from ₹537.8 crore a year ago.
Westlife’s EBITDA stood at ₹105.3 crore, up 14.5% from the ₹92 crore it earned last year. Margins for the June quarter remained steady at 17.1%.
Westlife Development Limited operates in the thriving quick-service restaurant industry, running McDonald’s restaurants in West and South India through its subsidiary, Hardcastle Restaurants Private Limited.
However, the strong results slightly missed profit estimates from Refinitiv IBES.
Price Action: Westlife Foodworld’s shares had climbed over 2% after the results were announced but had then come down to hover at around 1.26% at ₹895.85.
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