Godfrey Phillips Q3 Review - Recovery Trend Advanced Amid Slower Volumes: Centrum Broking 
A pack of Philip Morris Marlboro brand cigarettes is arranged for a photograph in Tiskilwa, Illinois, U.S. (Photographer: Daniel Acker/Bloomberg)

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%.

Click on the attachment to read the full report:

Centrum Broking Godfrey Phillips India Q3FY21 Result Update.pdf

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