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Centrum Broking Report
Owing to challenging market conditions and receding Covid-19 impact Godfrey Phillips India Ltd. saw sequential recovery; Q3 FY22 revenue/Ebitda/profit after tax grew 1.3%/9.9%/3.4 backed by 13.4% cigarette volumes growth.
International business including unmanufactured tobacco saw weak growth.
Despite key markets such as Gujarat/ Maharashtra and north saw disruption, Q3 volumes saw good uptick led by Marlboro (introduced Rs 6 price point).
Gross revenue for tobacco segment grew 2.9% YoY (up 13.7% QoQ); non-tobacco including 24seven convenience stores grew 21.8%.
Favorable product mix and higher scale of operations improved Godfrey Phillips' gross margin to 54.5% (up 335 basis points)
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