Godfrey Phillips Q3 Review - Recovery Trend Advanced Amid Slower Volumes: Centrum Broking
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Centrum Broking Report
Godfrey Phillips India Ltd. remained the worst affected cigarette player. In Q3 FY21 revenue/ Ebitda declined 7.6%/ 1.0%, while profit after tax grew 4.3%, ahead of our estimates.
Amid late resumption of its Rabale factory, it has reported rising recovery trends.
Tobacco segment gross revenue grew at 7.5% whist non-tobacco segment including 24x7 convenience stores slipped 14.1%.
Moreover, adverse product-mix and lower operating leverage resulted in gross margins contraction (down 390 basis points) to 51.5%.
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