BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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 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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