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
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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