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Shares of Westlife Development Limited are now trading on the National Stock Exchange

Posted On: 2019-09-17 13:09:09

Westlife Development Limited, the owner of Hardcastle Restaurants Pvt Ltd, the Master Franchisee of McDonald's restaurants in West and South India, announced that its shares are now trading on the National Stock Exchange (the NSE). Westlife Development Limited has been listed on the Bombay Stock Exchange (BSE) since 1983 with many marquee institutional investors.

The NSE is the leading stock exchange in the country with an estimated base of more than 60 million (6 crore) retail investors. The trading of Westlife Development's shares on the NSE will play a key role in broad-basing the investor base and enabling more people to participate in the growth journey of the company.

Commenting on the announcement, Mr. Amit Jatia, Vice-Chairman of Westlife Development Limited said, "The Western Quick Service Restaurant industry is poised for accelerated growth with an estimated fiveyear CAGR of more than 12%. With unparalleled menu innovation, digitization across operations and continuous investment in footprint growth, Westlife Development is at the forefront of driving this growth. The trading of the Company's shares on the NSE will allow more investors to be a part of this journey, and create long-term value."

Westlife Development Limited (WDL) through its subsidiary Hardcastle Restaurants Pvt Ltd (HRPL) operates 300 McDonald's restaurants across 41 cities in West and South India. The company has been on a growth trajectory and has achieved four years of positive SSSG, witnessing a three-year CAGR of ~19% in sales. It recorded ~400bps of gross margin expansion and ~320 bps of Operating EBITDA margin expansion over the same period. Cash Profits of WDL almost tripled during the FY16 to FY19 period. The company has an ambitious Vision 2022, and is moving strongly on its path to achieving it.

Shares of WESTLIFE DEVELOPMENT LTD. was last trading in BSE at Rs.281.75 as compared to the previous close of Rs. 283.2. The total number of shares traded during the day was 11050 in over 1144 trades.

The stock hit an intraday high of Rs. 288.6 and intraday low of 280.1. The net turnover during the day was Rs. 3157034.

Source: Equity Bulls

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