Godfrey Phillips India Sees Profit Surge Amid Shift from Retail

Godfrey Phillips India Ltd reported a significant net profit increase of 23% for the second quarter ending September 30, 2024, mainly due to higher sales in cigarettes and tobacco. The company plans to exit its retail division 24Seven, following a court's decision lifting an interim injunction.

Godfrey Phillips India Ltd, a prominent cigarette manufacturer, announced a notable 23% rise in its consolidated net profit, reaching Rs 248.31 crore for the second quarter ending September 30, 2024. This gain was fueled by enhanced sales figures, as detailed in the company's regulatory filing.

In comparison to the previous year, where the net profit was Rs 202.06 crore, the company recorded a consolidated total revenue from operations of Rs 1,651.42 crore, a substantial increase from the Rs 1,374.55 crore reported during the same period last fiscal year.

While expenses increased to Rs 1,415.89 crore from Rs 1,194.03 crore, revenue from cigarettes and tobacco surged to Rs 1,610.06 crore, surpassing last year's figures. However, revenue from the retail sector fell significantly as the company proceeded to exit its 24Seven retail business, a decision endorsed by a court ruling lifting a previous injunction.

(With inputs from agencies.)