Westlife Foodworld, a master franchisee for McDonald's in India, is planning to open 300 new outlets of the US-based fast-food brand by 2027, Business Today has reported.
This expansion will nearly double the current number of stores in the country.
According to Westlife Foodworld vice chairperson Smita Jatia, the company registered strong performance in the financial year 2023.
She was quoted by the publication as saying: “We ended the fiscal [year] with several significant milestones and record-breaking performances. Our execution excellence strategy, which focused on menu, meals and branding, generated growth and strengthened our brand, establishing a new baseline to build on.”
In the fiscal year 2023, Westlife witnessed a 44% surge in revenue, reaching Rs22.6bn ($282m).
The company has seen a record-high store opening rate and a 36% rise in same-store sales growth.
Its operating earnings before interest, taxes, depreciation and amortisation margin increased by 300 basis points to 17.3%, while cash profit after tax (PAT) soared by 97% to Rs2.54bn, enhancing the cash PAT margin by 11.2%.
The restaurant chain's operating margin also saw a significant boost, increasing by 400 basis points to 23.2%.
These financial gains have led Westlife to plan an aggressive expansion. The company's strategy includes doubling its revenue to between Rs40bn and Rs45bn.
The company is poised to increase its store count from the current 357 to between 580 and 630 by the end of 2027.
In June 2023, Equity Bulls reported that Westlife Foodworld is planning to achieve global net zero greenhouse gas emissions by 2050 or sooner.
Between 2021 and 2023, the company reduced its carbon footprint by 16,308t by preserving 19.58 million units of power.
