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Aditya Sharma    

Mumbai, India

I am a MBA students and simultaneously reading on capital market to get some knowledge on fundamental research where I more focus on business model, opportunity size of the industry and their related parameters who help me out to find out great businesses for the investment. Nevertheless, I always look forward to learn about grow further into the same.

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Contributor since: 2022







Westlife Foodworld Limited

Westlife Foodworld Limited; A Emerging Story

About The Company:

Westlife Foodworld Limited (WFL) focuses on establishing and operating McDonald’s restaurants across West and South India, through its wholly owned subsidiary Hardcastle Restaurants Pvt Ltd (HRPL).

Today, It manages 319 McDonalds restaurants and 223 McCafé outlets in West and South India in easily accessible and popular locations like malls, high-streets, shopping complexes and residential areas’ after outlet presence. It employees close to 10,000 employees. 

Recap of Vision 2022

Q2FY23 Snapshot

Revenue (In Mn)

43% growth over pre-Covid base in 1HFY23
▪ Sales at Rs 5.72 bn grew 49% YoY and 6% QoQ in Q2
▪ 40% YoY Same Store Sales Growth (SSSG)
▪ 44% growth over pre-Covid base of Q2FY20
▪ Broad based growth across store formats with mall stores improving pace sequentially

Average annual sales per day

Avg. Annualized Sales Per Store stood at Rs 67.5 mn in Q2 FY23
▪ Robust growth in Meals led by Premium burgers, Fried chicken and McCafe, along with relatively improved performance of new stores vs past is steering Avg Sales per store higher
▪ Non-Metro towns continue to grow at 1.6x of Metros on the pre-covid base
▪ Steady growth across West and South markets

On-Premise and Off-Premise channels mix (Percent)

Strong growth in On-Premise business while Off-Premise continued to grow in healthy double digits on a stable base
▪ On-Premise business
▪ 96% YoY growth
▪ 24% growth over pre-Covid base
▪ Off-Premise business
▪ 12% YoY growth
▪ 88% growth over pre-Covid base
▪ 1.7x growth in sales via McDelivery platform vs third party operators (3POs)
▪ Delivery channel achieved highest ever quarterly sales

Profitability fronts

Highest ever operating profits. Gross margin higher than pre Covid base despite inflationary pressures
▪ Prices of key commodities like oil witnessed softening while milk and wheat saw continued pressure. Overall inflation in raw material basket has been relatively moderating.
▪ 118 bps sequential improvement in Gross margins aided by flowthrough of previous price hike and product mix optimization. 2% blended
price hike taken in October.
▪ Operating margins were broadly stable helped by better operating leverage, partly offset by higher staff costs

Where WFL is focusing more?

Changes in the menu innovation:

Robust omni channel

Financial Snapshot

Investor meet highlights:

Vision 2027 - Sales at Rs. 4000-5000 crore vs Rs. 1576 crore in FY22; 18-20% EBITDA Marginv vs 11.88% in FY22 and 580-630 stores from 337 now.

The company plans to double down on meals (already leader in shacking) - to capture incremental market share during lunch and dinner hours through 3 categories 1) Burgers, 2) chicken and 3) coffee

Growing AUV through omnichannel whee the company has integrated various channels and touchpoints to a one McD's platform in order to provide consumers a semless experience.

The company is agressively focusing on store expansion.


On the strength of aggressive but strategic store expansion, premiumization of its product portfolio, maximising opportunities across its brand extensions of McCafe, Breakfast Menu, and McDelivery, among other things, and continued focus on cost optimization initiatives, Westlife Foodworld has set the audacious goal of delivering high teens operating margins. AUV is anticipated to increase from present levels, with management aiming to reach a Rs. 80–100 million AUV per store mark (Rs 67mn in 2QFY23). Furthermore, we think that the Covid-19 era's early trend of customers choosing well-known brands is now firmly entrenched, with companies like McDonald's predicted to be the main winners as a result of this systemic shift in public perception. greater per-store revenue and store growth, which will improve topline momentum.




I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's website and Presentation Disc - No recommendation for buy or sell as it's only for knowledge purpose.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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