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Prabhudas Lilladher Report
We remain positive on the long term story for Westlife Development Ltd. and expect it to emerge stronger from the pandemic given:
closure of ~25-30% eateries due to pandemic,
increased consumer focus towards health and hygiene measures resulting in migration towards quick service restaurants,
leaner cost structures to result in margin expansion once sales normalise,
sustained growth in convenience channel resulting in higher average unit 's
increased digital expenditure ensuring 5 million plus (45% increase) app downloads and increased guest traffic on app
margin expansion from higher contribution from McCafe and
strong growth potential from fried chicken segment (additional Rs 5-7.5 million AUV expected from FY23).
We estimate Westlife Development's sales compound annual growth rate of 43.3% over FY21-23.
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