McDonald's India franchisee Westlife misses Q3 profit estimates on sluggish demand

Reuters

31 January 2024 at 5:58 am

FILE PHOTO: Visitors are seen at a McDonald's restaurant in Mumbai

BENGALURU/CHENNAI (Reuters) - Westlife Foodworld, the operator of McDonald's chain of restaurants in west and south India, missed quarterly profit estimates on Wednesday, hurt by sluggish demand.

Consolidated profit after tax fell nearly 53% to 172.4 million rupees ($2.08 million) in the three months ended Dec.31, according to an exchange filing.

Analysts, on average, had expected profit to fall to 331.1 million rupees, according to data from LSEG.

($1 = 83.0180 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru; Editing by Janane Venkatraman)

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