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Centrum Broking Report
Godfrey Phillips India Ltd. continued its recovery trajectory, with Q4 FY21 revenue/Ebitda/profit after tax growing faster than expected at 18.3%/76.3%/97.7%.
Domestic cigarette volumes grew ~12%, but exports declined sharply. Improved supplies for Marlboro helped to lift revenue.
Gross revenue grew 27.5% for tobacco segment, but slipped 8.7% for non-tobacco segment including twenty four-seven convenience store.
Moreover, adverse product mix and lower operating leverage resulted in 455 basis point gross margin contraction to 53.2%.
However, tight control on other expenditure (down 16.8%) and significant reduction in average selling price (down 41%) resulted in Ebitda margin expanding 707 basis point to 21.5%, despite surge in employee cost (up 15.9%).
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