Westlife Foodworld plunges over 6% after Q2 net profit falls

New Delhi: Shares of Westlife Foodworld Ltd plunged more than 6 per cent on Friday a day after the company reported a 29.05 per cent decline in its consolidated net profit to Rs 22.37 crore for the second quarter.

Westlife Foodworld's subsidiary Hardcastle Restaurants is the master franchisee of McDonald's restaurants in West and South India.

The stock of the company tumbled 6.22 per cent to Rs 827.95 apiece on the NSE.

On the BSE, shares of Westlife Foodworld declined 5.93 per cent to Rs 827.25 per piece.

Meanwhile, the BSE Sensex jumped 538.10 points or 0.85 per cent higher to 63,686.25 points, while Nifty climbed 163.35 points to 19,020.60.

Westlife Foodworld Ltd on Thursday reported a 29.05 per cent decline in consolidated net profit to Rs 22.37 crore for the second quarter ended September 2023 due to challenging market conditions.

The company had posted a net profit of Rs 31.53 crore in the July-September quarter a year ago, the company said in a regulatory filing.

However, the company's sales grew 7.11 per cent to Rs 610.82 crore during the period under review as against Rs 570.23 crore in the corresponding quarter last fiscal, the company added.