Shares of Godfrey Phillips soared over 5% on Thursday morning, following the company’s earnings report for the quarter ended June 2024.
Financial Highlights
- Net Profit: Godfrey Phillips reported a net profit of ₹273 crore for the quarter. This figure excludes an exceptional item of ₹44.6 crore (net of tax credit) related to the anticipated loss from the closure of its retail business.
- Gross Sales: The company achieved a consolidated gross sales value of ₹3,186 crore, marking a 22% increase compared to the same period last year.
- Gross Profit Margin: The gross profit margin stood at 16.9% during the quarter.
| Particulars | Q1 FY24 | Q1 FY23 | % Change |
|---|---|---|---|
| Net Profit | ₹273 crore | N/A | N/A |
| Gross Sales | ₹3,186 crore | ₹2,616 crore | 22% |
| Gross Profit Margin | 16.9% | N/A | N/A |
Strategic Move
The company’s decision to exit its retail business, including its convenience store chain 24Seven, was finalized in April 2024 due to its loss-making nature. CEO Sharad Aggarwal emphasized that necessary steps were taken to implement this decision.
Market Reaction
As of 10:38 AM, shares of Godfrey Phillips were trading 5.08% higher at ₹4,337.40 on the NSE.
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Godfrey Phillips