Motilal Oswal's research report on Westlife Foodworld
Westlife Foodworld (WLDL) reported revenue growth of 9% YoY to INR6.5b in 3QFY25, with same-store sales growth (SSSG) of 2.8% YoY (est. 4%) on a favorable base (-9% in 3QFY24). Average sales per store declined 7% YoY to INR60m (annually). Growth was broad-based, with both on-premise and off-premise up 9%. WLDL added net 13 new stores (+11% YoY) in 3Q (24 stores in 9MFY25). Its store expansion spree will continue as the company maintains its target of opening 45-50 new stores in FY25, with a focus on South India, smaller towns, and drive-thru stores.
Outlook
We reiterate our Neutral rating with a TP of INR800, based on 35x Dec’26E EV/EBITDA (pre-IND-AS).
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