Aim to exit FY21 with zero cash losses: Westlife Development
Westlife Development’s second quarter revenues more than doubled quarter on quarter (QoQ) basis. Amit Jatia, Vice Chairman of Westlife Development discussed the numbers in an interview to CNBC-TV18.
Westlife Development’s second quarter revenues more than doubled quarter on quarter (QoQ) basis. Amit Jatia, Vice Chairman of Westlife Development discussed the numbers in an interview to CNBC-TV18.
“Generally our endeavour has been to come out of this whole financial year without any cash loss for the year,” he said.
“We are counting on the second half of the year. We think that the next six months should recover for the first six months for us,” he said.
Almost 80-85 percent of our stores are open now, he said. “I am seeing very positive momentum coming back into the business as India is opening up,” he added.
He believes, as business starts coming back, margins will come back.
In terms of sales, the company has seen decent traction during October. “The festive season gives us a lot of positivity. The new normal is setting in,” he said.
“As the markets are being opening up and as in-store dining is been permitted, we are seeing very steep growth back into in-store dining. We are at almost 70 percent driven by convenience channels – even in convenience channels, it is not just delivery that is growing our business but take-away and on-the-go that we launched almost immediately after the lockdown has caught on quite nicely,” Jatia said.
“We are very encouraged about the traction that we are seeing in October as well, so we feel this coming quarter should look pretty normal for us at least,” he added.
(Edited by : Santosh Nair)
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