India) to get an idea of current demand trends and impact of increasing competition and cloud kitchens on its growth plans. WLDL remains positive on its demand positioning given 1) value offerings in Menu 2) McCafe scale up 3) EOTF stores and 4) rising traction of Mcdelivery. Although rising penetration of cloud kitchens and food delivery options can impact delivery based formats, their focus on dine in sales insulates them significantly. We are positive on WLDL as strategies like 1) brand extension through McCaf 2) continuous menu innovations and 3) new age stores to improve...