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:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.