The global burger giant posted a net profit of Rs 65.2 lakh during FY17-18, compared with a net loss of Rs 305 crore a year ago.
McDonald’s India has posted its first profit during year-to-March 2018 amid a long-drawn legal dispute with one of its key licensee partners.
The global burger giant posted a net profit of Rs 65.2 lakh during FY17-18, compared with a net loss of Rs 305 crore a year ago, according to its latest filings with the Registrar of Companies.
McDonald’s India is operated by two partners in the country; Westlife Development by Jatia’s which is master franchisee for West and South and Connaught Plaza Restaurants (CPRL) that looks after North and East operations of the burger chain.
“The company has not only been able to stem any further erosion of its net worth, but has also been able to successfully reverse the trend of erosion through the infusion of fresh capital,” mentioned McDonald’s India in its latest regulatory filing. Total income which it earned mostly through royalty, grew 8% to Rs 119.6 crore.
During the year, the company allotted shares worth Rs 71 crore to the parent company and also increased authorised capital by Rs 50 crore to Rs 458 crore.
Last week the American burger chain has included the much loved Aloo Tikki burger on their international menu. McDonald’s Chicago is dishing out the humble potato cuttle burger by giving it a vegan tag abroad. This has clearly made a lot of customers happy as many are posting pictures of their vegan meal on Instagram.
The modified McAloo Tikki meal consists of a toasted bun filled with a veggie patty made with potatoes, pea and seasoning reminiscent of samosas. It is then topped with fresh red onions, tomato slices and eggless creamy tomato mayo.
“Customers have expressed interest in items from McDonald’s restaurants located in India and we’re excited to offer them the opportunity to try the longtime vegetarian favourite, McAloo Tikki,” said Nick Karavites, McDonald’s Operator in an official statement.
In the last 2-3 years eating out market has seen a continuous 10% annual growth with QSR segment capturing the bigger pie of the market. Growing urbanization, footfalls at malls where 10-20 per cent spaces are allotted to f&b brands has posted a high growth of these kinds of brands.