About
Westlife Foodworld Ltd
Westlife Development Limited (WDL), belonging to the B.L. Jatia Group, is one of the fastest growing companies in India's QSR sector. The Company owns and runs a chain of McDonald's restaurants in Western and Southern India through its fully owned subsidiary, Hardcastle Restaurants Pvt. Ltd. Through this subsidiary, the Company is a master franchisee of McDonald's Corporation, USA. It presently focus on putting up and operating Quick Service Restaurants (QSR) in India, which is a Development Licensee / Master Franchisee of McDonald's and operates QSRs under the brand name McDonald's.
Westlife Development Ltd (formerly known as Dhanprayog Investments Co. Ltd) was incorporated on October 30, 1982. However, in order to avail the opportunities in Real Estate development and other related activity including Hotels and Tourism, the Company changed the Objects Clause in its Memorandum of Association and changed its name to Westlife Development Ltd with effect from June 03, 2008.
Pursuant to the resolution passed by members of the Company at an Extra Ordinary General Meeting held on 16th August 2013, the Directors of your Company on 27.08.2013 allotted 54,04,593 equity shares of RS. 2/- each at an issue price of RS. 333.05 per share including a premium of RS. 331.05/- per share to Arisaig Fund India Limited by way of preferential issue.
The Bombay High Court had, vide its order dated 19th July 2013 approved the Scheme of Arrangement between the Company and its subsidiaries As a result, Hardcastle Restaurants Private Limited became the only and a direct subsidiary of the Company.
In 1996, the Company started its first Indian restaurant in Bandra.
In FY2015, the Company expanded its footprint with a gross addition of 27 new restaurants and also invested in re-imaging activities relating to building the interiors and exteriors to enhance the overall dining experience at its restaurants. For the same purposes, it invested Rs 1,021.8 million towards capital expenditure. During the year 2015, the Company closed/ relocated 2 restaurants across various locations in west and south India.
In FY 2016, the Company expanded its footprint with gross addition of 30 new restaurants and also invested in re-imaging activities relating to building the interiors and exteriors to enhance the overall dining experience at its restaurants. For purposes of the same the Company invested Rs 1,007.3 million towards capital expenditure. During the year 2016, the Company closed/ relocated 3 restaurants across various locations in west and south India.
In FY 2017-18, the Company broadened accessibility by adding 25 new restaurants and expanding McCafér and McDeliveryTM across restaurants. It deepened presence in existing areas, while simultaneously foraying into newer locations. The Company built an efficient real estate portfolio by entering into strategic long-term deals with sites or locations and land owners. This portfolio approach offered a long-term competitive advantage and allows a keen emphasis to be laid on quality real estate. This approach meant building a strong diversified portfolio of restaurants by operating in food courts, malls, transit points, high street retail outlets and standalone drive-thru restaurants.
During 2017-18, the Company delivered value to customers through unique value platforms, great-tasting premium menu selections, locally relevant menu varieties and convenience and service enhancements. It introduced locally relevant menus that featured a blend of premium burgers, classic favourites, limited-time offers as well as everyday value-for-money offerings. It introduced a new value-concept as Happy Price Combos' to provide consumers a choice to form a combination of food and beverage from various menu products. Further, for the first time ever, it introduced 12 new products on the menu under its brand campaign 'Flavours without Borders' introducing range of new food products and beverages in three international cuisines - Indian, Mexican and Italian. These products were very well-accepted in the market. It invested in building various categories by introducing a variety of desserts and beverage options, focused on higher pricepoints, while concurrently strengthening the value proposition. Its new launches led to an increase in footfalls and higher average spends per consumer. It gained market share through the value platform. Strategic investments in formats such as drive-thrus and brand extensions like McCafé, McDeliveryT and breakfast platforms, dessert kiosks helped the Company create a portfolio that builds brand differentiation and yields long-term results. It collaborated with food aggregators such as FoodPanda, Swiggy and Zomato to create a more efficient delivery network and address a larger consumer base and their growing demands.
As on 31st March 2018, 165 out of the 277 stores delivered food to customer's homes. Desserts continued to play a significant role as more dessert kiosks were added during the course of the year. It continued to improve customer experience through major remodelling initiatives, contemporary restaurant designs and retailing efforts. In FY 2018, the Company invested Rs 1016.6 million towards capital expenditure. It closed/relocated six restaurants across various locations in west and south India. It closed/relocated restaurants for a variety of reasons, such as existing sales and profit performance or completion of real estate tenure or shifts in restaurant trading areas.
The Company had 319 outlets at the close of FY 2019-20. It strengthened position as a popular QSR in FY'19-20. HRPL commissioned 24 new restaurants, enhancing accessibility across its footprint; the Company was present in 42 cities and towns by the close of the year. It Deepened Restaurant Operating Platform (ROP) 2.0, enhancing operational efficiencies. It Strengthened supply chain and storage capacity, ensuring fresh and available food.
The Company had 305 restaurants system-wide across West and South India by the close of FY20-21. In FY20-21, it strengthened inclusiveness through the launch of a special pack called 'EatQual' that addressed customers with limited upper limb mobility.
Through its subsidiary, the Company owned and operated 326 restaurants and 262 McCafes across the Southern and Western states of Goa, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Madhya Pradesh and Kerala by end of FY 2021-22.
In 2022, it launched McCafe, McBreakfast and McDelivery to enhance relevance within and beyond meal timings. It addressed breakfast, lunch, dinner, coffee, snacking and dessert needs from 7 am to 11 pm.
During the FY 2022-23, the Company owned and operated 357 restaurants and 311 McCafes across Telangana, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Kerala, Chhattisgarh, Andhra Pradesh, Goa, and parts of Madhya Pradesh and Union Territory of Puducherry.
Westlife Foodworld Ltd
Chairman Speech
We ended the fiscal with several significant milestones and
record-breaking performances.
Overview
I would like to begin with a quote by Robin Sharma - 'Starting Strong
is Good. Finishing Strong is Epic.' It gives me pleasure and confidence to share that FY
22-23 was an epic year for us. We ended the fiscal with several 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.
We reported record-breaking revenue of H22.7 bn, up 44% from the
previous year. This was substantially higher than India's economy and the QSR sector,
showing your brand's irreplaceable appeal. Store openings hit an alltime high, and
same-store sales growth stood at 36%. The company's commitment to capital efficiency grew
with its revenue, yielding an Operating EBITDA margin of 17.3% (up 300 bps). Cash PAT
increased 97% to H2.5 bn, and Cash PAT margin improved by 11.2%. Restaurant Operating
Margin also grew 400 bps to 23.2%.
Growth across the board
We sustained this momentum across the board, even in a year of
unprecedented inflation, demonstrating our consistent ability to provide a superior
customer proposition. Our increasing sales validated the success of our brick-and-clicks
multichannel multi-day part strategy, which gave customers more occasions and choices to
experience us. We improved margins through utilities, robust supply chain, and increased
productivity. Our consistent focus on the right network and economics, cost management,
profitability, and quality service across the customer journey led to a robust debt-free
business model and enhanced stakeholder trust.
Our compelling value proposition and modernised restaurants delivered
unforgettable customer experiences, propelling our performance. We strengthened our
technology platforms further with the launch of our new McDelivery app, offering an
unmatched user experience and a capacity to manage significant order volumes. The launch
of the global favourite Chicken Big Mac in India, along with other launches, bolstered our
menu offerings. Simultaneously, we augmented our brand positioning around 'meals and
family' through several brand campaigns. These measures led to the three pillars - burger
meals, chicken, and McCafe - delivering outstanding outcomes.
We continued to invest in our people through training and development
interventions, upholding a strong culture of learning, agility, and performance. We set up
a strong leadership team with the appointment of Saurabh Kalra as the Managing Director,
Saurabh Bhudolia as CFO, Rohit Kumar as CHRO, and Sohel Nalwalla as Supply Chain Head to
steer the company's roadmap, strengthening our market dominance and set new benchmarks.
Our people efforts were recognised with the prestigious 'Great Place to Work' Laureate
Award for being in the top 100 list for 10 consecutive years.
Building the future with Vision 2027
We created a bold vision for ourselves in FY 22-23, setting a roadmap
for the next five years under the aegis of Vision 2027. With this strategy, we seek to
double sales and add about 300 restaurants in the next five years, while fortifying market
leadership and delivering a return on capital of over 40%. With an investment of over H14+
bn in the network, we expect this expansion to deliver a high single-digit SSSG, 18-20%
operating EBITDA margin, over 40% return on capital employed, over 25% plus return on
equity, and over 60% plus free cash flow conversion. We aim to drive this strategically
through our most potent business drivers - meals, omnichannel customer engagement, network
expansion and financial outperformance. Our meal strategy will focus on protecting market
leadership through menu innovation and marketing. To improve seamlessness of the customer
experience, our omnichannel strategy will integrate channels and touchpoints into a single
McDonald's platform. Additionally, as a part of our commitment to accelerate network
expansion, the business will strengthen its position in existing markets and expand into
underserved niches. These initiatives will not only improve our business performance but
also help realise this vision.
Pursuing purpose-driven growth
The concept of purpose-driven growth, which upholds inclusivity
sustainability, reflective of changing employee and stakeholder needs, serves as the
foundation of our growth strategy. We are focused on priorities that influence long-term
growth and priorities that enable us to expand our purpose of feeding and fostering
communities.
In addition to delivering accelerated business results and building a
resilient growth business, our priorities include social responsibility, risk management,
and sustainable stewardship of our People, Food and Planet. To
accomplish this, we are constantly integrating environmental, social, and governance (ESG)
priorities into our business strategy and implementing responsible practices that are
consistent with our purpose, vision, and values.
What lies ahead
As an organisation, we made remarkable progress across our strategic
growth levers, which included driving profitable growth, increasing wallet share,
exploring whitespace opportunities, expanding our geographic footprint, and increasing
market penetration. I believe we are on a strong growth trajectory and will continue to
build on our competitive strengths and widen our business advantage.
Vision 2027, our velocity growth plan, provides us with a consistent
framework, and we are geared up to make sure our go-forward strategy also reflects the new
operating environment and consistent support from well-wishers like you. We are ready to
address the opportunities of the future through the institutionalisation of this vision
and are committed to aggressive footprint expansion, modernising restaurants, and
unlocking new growth prospects. We will consistently drive innovations in our menu, and
efficiencies in our operations leading to enhanced profitability.
We wrapped FY 22-23 with outstanding performance. We are energised and
confident about accelerating our growth in FY 23-24 to deliver an industry-leading
performance and maximise shareholder value. As I say, the best is yet to be.
In closing, I would like to thank our shareholders, for your continued
investment, our customers for your continued support and enjoyment, and the entire
Westlife Foodworld team for all you do every day to serve customers and communities across
West and South India.
  Â
Westlife Foodworld Ltd
Company History
Westlife Development Limited (WDL), belonging to the B.L. Jatia Group, is one of the fastest growing companies in India's QSR sector. The Company owns and runs a chain of McDonald's restaurants in Western and Southern India through its fully owned subsidiary, Hardcastle Restaurants Pvt. Ltd. Through this subsidiary, the Company is a master franchisee of McDonald's Corporation, USA. It presently focus on putting up and operating Quick Service Restaurants (QSR) in India, which is a Development Licensee / Master Franchisee of McDonald's and operates QSRs under the brand name McDonald's.
Westlife Development Ltd (formerly known as Dhanprayog Investments Co. Ltd) was incorporated on October 30, 1982. However, in order to avail the opportunities in Real Estate development and other related activity including Hotels and Tourism, the Company changed the Objects Clause in its Memorandum of Association and changed its name to Westlife Development Ltd with effect from June 03, 2008.
Pursuant to the resolution passed by members of the Company at an Extra Ordinary General Meeting held on 16th August 2013, the Directors of your Company on 27.08.2013 allotted 54,04,593 equity shares of RS. 2/- each at an issue price of RS. 333.05 per share including a premium of RS. 331.05/- per share to Arisaig Fund India Limited by way of preferential issue.
The Bombay High Court had, vide its order dated 19th July 2013 approved the Scheme of Arrangement between the Company and its subsidiaries As a result, Hardcastle Restaurants Private Limited became the only and a direct subsidiary of the Company.
In 1996, the Company started its first Indian restaurant in Bandra.
In FY2015, the Company expanded its footprint with a gross addition of 27 new restaurants and also invested in re-imaging activities relating to building the interiors and exteriors to enhance the overall dining experience at its restaurants. For the same purposes, it invested Rs 1,021.8 million towards capital expenditure. During the year 2015, the Company closed/ relocated 2 restaurants across various locations in west and south India.
In FY 2016, the Company expanded its footprint with gross addition of 30 new restaurants and also invested in re-imaging activities relating to building the interiors and exteriors to enhance the overall dining experience at its restaurants. For purposes of the same the Company invested Rs 1,007.3 million towards capital expenditure. During the year 2016, the Company closed/ relocated 3 restaurants across various locations in west and south India.
In FY 2017-18, the Company broadened accessibility by adding 25 new restaurants and expanding McCafér and McDeliveryTM across restaurants. It deepened presence in existing areas, while simultaneously foraying into newer locations. The Company built an efficient real estate portfolio by entering into strategic long-term deals with sites or locations and land owners. This portfolio approach offered a long-term competitive advantage and allows a keen emphasis to be laid on quality real estate. This approach meant building a strong diversified portfolio of restaurants by operating in food courts, malls, transit points, high street retail outlets and standalone drive-thru restaurants.
During 2017-18, the Company delivered value to customers through unique value platforms, great-tasting premium menu selections, locally relevant menu varieties and convenience and service enhancements. It introduced locally relevant menus that featured a blend of premium burgers, classic favourites, limited-time offers as well as everyday value-for-money offerings. It introduced a new value-concept as Happy Price Combos' to provide consumers a choice to form a combination of food and beverage from various menu products. Further, for the first time ever, it introduced 12 new products on the menu under its brand campaign 'Flavours without Borders' introducing range of new food products and beverages in three international cuisines - Indian, Mexican and Italian. These products were very well-accepted in the market. It invested in building various categories by introducing a variety of desserts and beverage options, focused on higher pricepoints, while concurrently strengthening the value proposition. Its new launches led to an increase in footfalls and higher average spends per consumer. It gained market share through the value platform. Strategic investments in formats such as drive-thrus and brand extensions like McCafé, McDeliveryT and breakfast platforms, dessert kiosks helped the Company create a portfolio that builds brand differentiation and yields long-term results. It collaborated with food aggregators such as FoodPanda, Swiggy and Zomato to create a more efficient delivery network and address a larger consumer base and their growing demands.
As on 31st March 2018, 165 out of the 277 stores delivered food to customer's homes. Desserts continued to play a significant role as more dessert kiosks were added during the course of the year. It continued to improve customer experience through major remodelling initiatives, contemporary restaurant designs and retailing efforts. In FY 2018, the Company invested Rs 1016.6 million towards capital expenditure. It closed/relocated six restaurants across various locations in west and south India. It closed/relocated restaurants for a variety of reasons, such as existing sales and profit performance or completion of real estate tenure or shifts in restaurant trading areas.
The Company had 319 outlets at the close of FY 2019-20. It strengthened position as a popular QSR in FY'19-20. HRPL commissioned 24 new restaurants, enhancing accessibility across its footprint; the Company was present in 42 cities and towns by the close of the year. It Deepened Restaurant Operating Platform (ROP) 2.0, enhancing operational efficiencies. It Strengthened supply chain and storage capacity, ensuring fresh and available food.
The Company had 305 restaurants system-wide across West and South India by the close of FY20-21. In FY20-21, it strengthened inclusiveness through the launch of a special pack called 'EatQual' that addressed customers with limited upper limb mobility.
Through its subsidiary, the Company owned and operated 326 restaurants and 262 McCafes across the Southern and Western states of Goa, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Madhya Pradesh and Kerala by end of FY 2021-22.
In 2022, it launched McCafe, McBreakfast and McDelivery to enhance relevance within and beyond meal timings. It addressed breakfast, lunch, dinner, coffee, snacking and dessert needs from 7 am to 11 pm.
During the FY 2022-23, the Company owned and operated 357 restaurants and 311 McCafes across Telangana, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Kerala, Chhattisgarh, Andhra Pradesh, Goa, and parts of Madhya Pradesh and Union Territory of Puducherry.
Westlife Foodworld Ltd
Directors Reports
Westlife Foodworld Ltd
Company Background
| Incorporation Year | 1982 |
| Registered Office | 1001 Tower-3 10th Flr S B Marg,Indiabulls Fin Centre Elphi Rd
Mumbai,Maharashtra-400013 |
| Telephone | 91-22-49135000,Managing Director |
| Fax | 91-22-49135001 |
Smita Jatia| Company Secretary | Shatadru Sengupta. |
| Auditor | S R B C & Co LLP |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,NSE, |
| Registrar | Link Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083 |
Westlife Foodworld Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Amit Jatia | Executive Chairman & CEO | 2023 |
| Padmanabh Ramchandra Barpande | Non-Exec. & Independent Dir. | 2023 |
| Tarun Kataria | Non-Exec. & Independent Dir. | 2023 |
| Smita Jatia | Vice Chairperson | 2023 |
| Manish Chokhani | Non-Exec. & Independent Dir. | 2023 |
| Shatadru Sengupta. | Company Sec. & Compli. Officer | 2023 |
| Amisha Hemchand Jain | Non-Exec. & Independent Dir. | 2023 |
| Akshay Amit Jatia | Whole-time Director | 2023 |
| Jyotin Mehta | Addtnl Non-Exe Dir &Indpnt Dir | 2023 |
Westlife Foodworld Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| CNX500 |
| BSESMALLCA |
| BSEALLCAP |
| GOODSSERVI |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
| NMIF503020 |
Westlife Foodworld Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Net Gain on fair Value Changes | NA | 0 | 0 | 0 | 0.449 |
| Dividend | Rs. | 0 | 0 | 0 | 0 |
| Interest | Rs. | 0 | 0 | 0 | 0 |
| sale of shares | No | 0 | 0 | 0 | 0 |
| Profit on sale of Investment | Rs. | 0 | 0 | 0 | 0 |
| Rent | Rs. | 0 | 0 | 0 | 0 |
| Tiles ceramics | NA | 0 | 0 | 0 | 0 |
| Steel Pipes | NA | 0 | 0 | 0 | 0 |
| Pumps | NA | 0 | 0 | 0 | 0 |
| Sales | NA | 0 | 0 | 0 | 0 |
| Contract Receipts | NA | 0 | 0 | 0 | 0 |
| Services Charges | Rs. | 0 | 0 | 0 | 0 |