Mumbai: Godfrey Phillips India Ltd., a prominent player in the Indian FMCG industry, has announced its financial results for the first quarter of the fiscal year 2023-24 (FY24). The company's exceptional growth and resilience have propelled it to achieve significant milestones.
During the Q1 of FY24, Godfrey Phillips India experienced an impressive surge in consolidated revenue from operations, rising by 26.84 per cent to reach Rs 1,245.39 crore, as compared to Rs 981.83 crore in the corresponding period of the previous year. The Company also recorded a consolidated net profit of Rs 254.44 crore as against Rs 142.29 crore during the corresponding period of the previous year, an increase of 78.82 per cent, as reported in its regulatory filing. The Company demonstrated strong cigarette domestic volume growth and unmanufactured tobacco export growth in Q1 of FY24.
Addressing this remarkable achievement, Godfrey Phillips India chairperson & managing director Bina Modi stated, "We are delighted to announce our Q1 FY24 financial results, which reflect our continuing growth momentum from the previous year to this quarter. This remarkable success is a testament to the dedication and hard work of the OneGPI family - our exceptional team. I firmly believe that a company grows when its people grow. Hence, we continuously promote a culture of performance, invest in capability building, and prioritize the holistic well-being of our employees. Our consistent certification as a Great Place To Work for five consecutive years underscores our unwavering commitment to our People-First philosophy."
Godfrey Phillips India whole-time director & functional CEO Sharad Aggarwal commented on the company's future plans, stating, "We are committed to delivering the best results for all our stakeholders. Our top-line growth was supported by a significant increase in exports of unmanufactured tobacco during the current quarter. As we move forward, we plan to expand our business footprint while maintaining a sharp focus on sustainable growth and profitability. On people front, we are infusing young talent in the leadership team, who are being mentored by their predecessor. This way we are getting the right balance of fresh perspective and wisdom of experience."
With an optimistic outlook, Godfrey Phillips India remains steadfast in its commitment to delivering sustainable growth, creating optimal stakeholder value, and achieving excellence across all its operations.
