Godfrey Phillips reported strong set of numbers for the quarter. The revenue (net of excise duty) grew by 6.6% yoy to Rs574.9cr. Gross margin improved significantly on account of price hikes and expected product mix by 15pp. EBITDA stood at Rs97.5cr for the quarter against Rs5.1cr in same quarter last year. EBITDA margin expanded by 16pp yoy to 17%. PAT for the quarter stood at Rs56.7cr against a loss of Rs3.1cr in Q1FY18.
Cigarette sales (net of excise duty, assuming all excise duty was towards cigarette sales) grew by 8.4% yoy.
The tea division reported sales decline of 5.1% yoy. The loss for the segment stood to Rs12.6cr against loss of Rs13.6cr.
Gross margin for the quarter improved by 16pp. We believe this was primarily led by price hikes post GST rate revision on cigarettes and favourable product mix.
Advertisement cost for the quarter was down by 117bps of net sales to 4.7%.
Other income for the quarter was down by 24.3% yoy to Rs10.4cr.
Tax rate for the quarter stood at 32.4% against 36% during same quarter last year.
Godfrey Phillips India Ltd ended at Rs. 852.35, up by 19.95 points or 2.4% from its previous closing of Rs. 832.40 on the BSE.
The scrip opened at Rs. 851.10 and touched a high and low of Rs. 884 and Rs. 846.35 respectively. A total of 5,19,215 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.
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