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Centrum Broking Report
Godfrey Phillips India Ltd. had been the worst affected cigarette player, due to extended closure of factories and distribution points culminating from local lockdowns.
In Q2 FY21 revenue/profit after tax declined 2.6%/ 17.1% while Ebitda grew 3.6%, ahead of our estimates.
Tobacco segment revenue remained flat and 24seven convenience stores slipped 24%.
Moreover, adverse product mix and higher promotions has led to gross margins contraction of 8 pp (to 49.3%).
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