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Centrum Broking Report
Owing to receding Covid impact, despite stretched consumer spends, Godfrey Phillips India Ltd. saw sequential recovery in Q1 FY23.
Revenue/Ebitda/profit after tax grew 36.4%/43.7%/26.0%. Gross revenue for tobacco segment grew 34.3%, backed by 37.5% cigarette volume growth, whereas non‐tobacco including 24seven convenience stores grew by 34.5% YoY.
Godfrey Phillips' management said, strong domestic cigarette volumes along with a better product mix aided revenues growth. Moreover, Marlboro portfolio grew up 60%.
Further, the top‐line was also fuelled by increase in unmanufactured tobacco and cigarettes exports (international business) contributing Rs 1.9 billion with up 22% growth.
Gross margin declined by 250 basis points to 51.6%, with higher advertising and promotion cost (up 76.2%) followed by other expenses (up 26.5%).
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