Godfrey Phillips India Reports 23.9% Decline in Q1 Net Profit; Appoints Charu Modi as Executive Director

On Wednesday, August 7, Godfrey Phillips India Ltd, a prominent cigarette manufacturer, reported a 23.9% year-on-year (YoY) decline in net profit for the first quarter that ended June 30, 2024. The company’s net profit dropped to ₹223.4 crore compared to ₹293.5 crore in the corresponding quarter of the previous year.

Despite the decrease in net profit, the company’s revenue from operations saw a 12% increase, reaching ₹1,158.2 crore, up from ₹1,034.1 crore in the same period last fiscal year. However, the Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) margin contracted slightly, standing at 21.4% for the reporting quarter compared to 23.2% in the previous fiscal’s corresponding period.

In a significant development, the board of directors has approved the appointment of Charu Modi as an executive director for a five-year term starting from September 7, 2024. The board also finalized the remuneration for her new role.

This appointment marks a strategic move by Godfrey Phillips India as it navigates a challenging market environment while continuing to focus on growth and operational efficiency.

For ongoing updates and detailed coverage of this case and other business developments, visit Kanishk Social Media. If you found this article informative, please share it with others interested in corporate affairs and market news.