scorecardresearch
Westlife Development stock rises 13% on Rs 1,000-crore expansion plan

Westlife Development stock rises 13% on Rs 1,000-crore expansion plan

Westlife Development stock opened with a gain of 13.67% at Rs 640 against the previous close of Rs 566.75 on BSE.

Westlife Development share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Westlife Development share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Shares of Westlife Development rose over 13% on Thursday after the firm unveiled a growth plan to mark its 25 years in India. Westlife Development stock opened with a gain of 13.67% at Rs 640 against the previous close of Rs 566.75 on BSE.

The stock has gained 7.63% in the last six days. Westlife Development share is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.  

The share has gained 55.52% in one year and has risen 30% since the beginning of this year.

A total of 0.35 lakh shares of the firm changed hands amounting to a turnover of Rs 2.12 crore. The market cap of the firm rose to Rs 9,239 crore on BSE.

Also read: Bull Run on D-Street! Sensex hits 61,000, Nifty above 18,250; Infosys, ITC top gainers

The owner and operator of McDonald's restaurants in India plans to invest Rs 800-1,000 crore in various businesses and open around 200 outlets over the next three-four years.

The investment will go towards increasing the footprint, menu innovations, strengthening the supply chain, increasing its omnichannel presence and elevating consumer experience, the company said.

Amit Jatia, vice-chairman, Westlife Development said, "The company will look at adding another 150-200 stores in the next 3-4 years. It will strengthen its leadership position in the burger, chicken and beverage segments further and aid the growth of the organised eating out market."

The company narrowed its loss in the June quarter to Rs 33.39 crore against a loss of Rs 60.54 crore.

Sales rose 176% to Rs 259.16 crore in Q1 against Rs 93.89 crore in the June quarter of the previous fiscal.

The nationwide Covid-19 lockdown this year hit the company as it reported a widening of loss from Rs 6.46 crore in the quarter ended March 2021. Sales for the quarter ended March stood at Rs 357.59 crore.

Westlife Development Limited is engaged in setting up and operating Quick Service Restaurants  (QSR) in India through its subsidiary Hardcastle Restaurants Pvt. Ltd. (HRPL).

The company operates a chain of McDonald's restaurants in West and South India, having a master franchisee relationship with McDonald's Corporation USA, through the latter's Indian subsidiary.