Godfrey Phillips Declares Interim Dividend Of Rs 35 Per Share

Godfrey Phillips India on Tuesday announced an interim dividend of Rs 35 against each equity share of Rs 2 for the financial year 2024–25.

The company has set Nov. 29 as the record date for determining the eligibility of shareholders for the dividend, according to an exchange filing. Those shareholders who are eligible will be paid the dividend within 30 days from Tuesday.

For the second quarter ending September 2024, the cigarette maker reported a 23% rise in consolidated net profit at Rs 248.31 crore, which was fueled by higher sales. In the same quarter last fiscal, the company had posted a consolidated net profit of Rs 202.06 crore, according to its exchange filing.

Consolidated total revenue from operations stood at Rs 1,651.42 crore in the quarter under review compared to Rs 1,374.55 crore in the year-ago period.

Revenue from cigarettes, tobacco, and related products in the second quarter stood at Rs 1,610.06 crore compared to Rs 1,258.48 crore in the corresponding period last fiscal, the company said.

On the other hand, revenue from retail and related products was lower at Rs 38.79 crore compared to Rs 117.26 crore in the same period last fiscal, it added.

Earlier, on April 12, the company's board had approved the proposal to exit the retail business division operated under 24Seven, subject to completion of the necessary formalities.

In July this year, the company stated that it was going ahead with plans to exit the retail business after setting aside an interim injunction on the move by a district court in the capital.

Shares of Godfrey Phillips India Ltd. closed 0.51% lower at Rs 5,985.65 apiece, compared to a 0.28% advance of the benchmark Nifty 50. The stock has risen 186.74% in the last 12 months and 183.83% on a year-to-date basis.

One analyst tracking the company suggests a "sell" rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 10.8%.