homebusiness NewsNSE listing allows for increased liquidity: Amit Jatia of McDonald's operator Westlife Foodworld
NSE listing allows for increased liquidity: Amit Jatia of McDonald's operator Westlife Foodworld
Westlife Foodworld, the owner and operator of McDonald's restaurants in western and southern India, today announced its official listing on the NSE under the ticker symbol Westlife. Sharing his insight on future growth, the chairperson said that Westlife aims to double sales by 2027, with margin in high teens.
Amit Jatia, Chairperson of Westlife Foodworld, said the company was already listed on the Bombay Stock Exchange (BSE) and now the stock is trading on the National Stock Exchange (NSE) as well. "Now that we are listed on NSE, all our compliances and data will be readily available to all the investors on the NSE. I think it does help liquidity, and beyond that hopefully, as our stock and our company get larger, we might come into indices that are linked with the NSE. It allows investors to trade the Westlife stock anywhere they like to trade,” Jatia said in an exclusive conversation with CNBC-TV18 on Monday, June 5.
Westlife Foodworld, formerly known as Westlife Development Ltd (WDL), the owner and operator of McDonald's restaurants in western and southern India, today (June 5) announced its official listing on the NSE under the ticker symbol Westlife.
Westlife was previously just ‘permitted to trade,’ but it is now listed on both the NSE and the BSE, giving it greater access to more shareholders, the company said in a regulatory filing.
Replying to a query on what took the company so long to list on the NSE, he added, "There is always a time for the right thing to come. In the early days, it was more about just visibility, understanding that Westlife is listed. Today, with the trading volume being quite high, with the quick service restaurant (QSR) sector taking shape, and with a lot more of our competitions also listed — many on the NSE — we decided we don't want to fall back.”
'Will double sales by 2027 with margin in high teens'
Sharing his insight on future growth, the chairperson said Westlife Foodworld aims to double its sales by 2027, with the margin in the high teens. “We do intend to take this to the very high teens through Vision 2027. And therefore, we are hoping to see a similar increase a year on year.”
Jatia also said the company can expect 2-3 times increase in average sales from McCafe annually.
The listing on the NSE is a testament to Westlife Foodworld's business fundamentals, its growth trajectory, and its commitment to delivering value to its customers, said the company.
"It also reflects the financial market's belief in the company's future potential. Being listed on a prominent stock market, such as the NSE, will bring more visibility to the company and its shares, as well as a high degree of compliance on both exchanges, in addition to making it easier for investors to trade in the stock," it said in a statement.
The company recently announced its robust plans for the next five years under the aegis Vision 2027, which signifies that it is well-positioned to capitalise on the emerging opportunities and strategically expand the footprint of McDonald’s in western and southern India.
First Published: Jun 5, 2023 6:35 PM IST
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