Westlife Foodworld Ltd on Thursday reported a 29.05 per cent decline in consolidated net profit to Rs 22.37 crore for the second quarter ended September 2023 due to challenging market conditions.

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The company had posted a net profit of Rs 31.53 crore in the July-September quarter a year ago, Westlife Foodworld Ltd said in a BSE filing.Its subsidiary Hardcastle Restaurants is the master franchisee of McDonald's restaurants in West and South India.

The company's sales grew 7.11 per cent to Rs 610.82 crore during the period under review as against Rs 570.23 crore in the corresponding quarter last fiscal."Q2 FY24 sales grew by 7 per cent YoY, demonstrating the company's ability to sustain growth and profitability," a company earnings statement said.

Westlife Foodworld's total operating costs and expenses in the September quarter rose 9.73 per cent to Rs 587.82 crore.In the September quarter, total revenues of Westlife Foodworld increased 7.39 per cent to Rs 614.73 crore.

"Our second quarter results, amidst challenging market conditions, reflect consistently strong execution of our long-term strategic playbook. The resilient Q2 FY24 performance and sales growth affirm that Westlife Foodworld's strategy of omnichannel, menu innovations, and prudent network expansion is working," Westlife Foodworld Chairperson Amit Jatia said.

While macroeconomic challenges persist, we continue to invest in our new stores and our other growth drivers to create value for all our stakeholders," he added.

As of September 2023, Hardcastle Restaurants was operating 370 McDonald's restaurants across 59 cities in Telangana, Gujarat, Karnataka, Maharashtra, Tamil Nadu, Kerala, Chhattisgarh, Andhra Pradesh, Goa and parts of Madhya Pradesh and Union Territory of Puducherry.Shares of Westlife Foodworld Ltd on Thursday settled 2.05 per cent lower at Rs 879.40 apiece on the BSE.