Centrum Broking: Godfrey Phillips India - Growth Drivers Intact Amid Category Headwinds
Stacks of cigarettes stand at the Philip Morris International (PMI) Coltabaco SAS production facility in Medellin, Colombia. (Photographer: Nicolo Filippo Rosso/Bloomberg)

Centrum Broking: Godfrey Phillips India - Growth Drivers Intact Amid Category Headwinds

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. had been the worst affected cigarette player, due to extended closure of factories and distribution points culminating from local lockdowns.

In Q2 FY21 revenue/profit after tax declined 2.6%/ 17.1% while Ebitda grew 3.6%, ahead of our estimates.

Tobacco segment revenue remained flat and 24seven convenience stores slipped 24%.

Moreover, adverse product mix and higher promotions has led to gross margins contraction of 8 pp (to 49.3%).

Click on the attachment to read the full report:

Centrum Broking Godfrey Phillips India - Q2FY21 Result Update .pdf

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