Westlife Foodworld (Westlife) continues to outperform on execution. It had a goodperformance in 3Q on all key metrics with 20% SSSG (on a stable base), highest- ever operating margin and store throughput. Relative success in the meal menu (with launch of big mac and gourmet burgers), rise in the availability of McCafe within restaurants (84% stores now have McCafe) and upgrade in existing stores to EOTF format (70% stores now have EOTF model) helped it (1) drive higher customer footfalls, (2) higher average check/bill-value (more customers per bill). We expect this to be one of the top performances in QSR sector in Q3FY23.