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Centrum Broking Report
Despite challenging market conditions, Godfrey Phillips India Ltd. saw sequential recovery post June.
Q1 FY22 revenue/Ebitda/profit after tax grew 49.8%/157%/108.8%, beating our estimates.
Cigarette volumes grew 57.4%. International business grew 47% in value terms.
With supply chain issues behind, management indicated Marlboro supported volume growth.
Gross revenue grew 68.2% for tobacco segment; non-tobacco segment including 24Seven convenience stores grew 15%.
Favorable product mix and higher scale of operations resulted in 482 basis point gross margin expansion to 54.1%.
Despite rising employee cost and average selling price, Ebitda margin expanded 957 bp to 23%.
Godfrey Phillips' management said July/August saw strong month-on-month recovery.
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