Shares of cigarette-maker Godfrey Phillips slipped 6% to Rs 2,119.10 apiece on the BSE on Tuesday after the company reported a 44.3% year-on-year decline in its Q1 net profit to Rs 198.39 crore. Net revenue from operations for the firm fell 18.8% to Rs 1,206 crore during the June quarter of the current financial year, largely due to an excise duty outgo of Rs 2,614 crore.
However, the company's gross revenue more than doubled year-on-year to Rs 3,820 crore, while the gross profit margin contracted to 7.8% from 15.3% a year ago. Total expenses also more than doubled to Rs 3,675 crore during the June quarter.
