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Owing to receding Covid impact, despite stretched consumer spends, Godfrey Phillips India Ltd. saw strong sequential recovery in Q2 FY23.
Revenue/Ebitda/profit after tax grew 60.5%/70.3%/71.5%. Tobacco segment gross revenues grew 65.1%, backed by 24.4% growth in cigarette volumes, whilst non-tobacco including twenty-four seven store grew 24.2% YoY.
Management said, domestic cigarette volumes grew healthy coupled with international business (26% sales) driven by strong growth in export of unmanufactured tobacco and cigarettes.
Further, Godfrey Phillips has divested its entire chewing business by sale/agreement of Rs 0.8 billion which provides clear strategy and focus on the core business.
Gross margin declined by 775 bp to 46.2%, with higher other expenses. (up 23.3%) and employee cost (up 10.3%). Ebitda margin expanded 130 bp to 22.6%.
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