Friday, June 14, 2024

Westlife Foodworld profit drops by 96% in Q4 result

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Westlife Foodworld, the company operating McDonald’s restaurants in western and southern India, experienced a significant 96% decline in fourth-quarter profit, primarily attributed to the escalating inflation rates in the country. The consolidated profit after tax fell to Rs 76.35 lakh in the March quarter, compared to Rs 20.09 crore in the same period the previous year.

During the fourth quarter, consolidated total income reached Rs 567.47 crore, a slight increase from Rs 561.96 crore in 2022. However, total expenses surged to Rs 565.51 crore from Rs 534.23 crore in the corresponding period a year ago.

For the fiscal year 2024, the consolidated total income amounted to Rs 2,410.28 crore, rising from Rs 2,298.52 crore in the previous fiscal. Nevertheless, the consolidated profit after tax for the fiscal year ending March 31, 2024, decreased to Rs 69.21 crore compared to Rs 111.58 crore in the previous fiscal.

In addition to financial challenges, Westlife Foodworld faced scrutiny in November 2023 when the Maharashtra state suspended the license of a McDonald’s outlet in eastern Mumbai. This action was prompted by allegations of using cheese alternatives and misleading consumers. Recently, the brand has collaborated with Chef Sanjeev Kapoor for a new campaign aimed at rebuilding customer trust in the quality of McDonald’s products.

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