Godfrey Phillips Hits Fresh 52-Week Low on Weak Q3

Shares of cigarette maker Godfrey Phillips India slumped 12 per cent to a fresh 52-week low of Rs 512.6 on Friday after the company posted disappointing set of third quarter numbers.

Net profit of the company dropped 85 per cent year-on-year to Rs 11 crore as against Rs 71 crore in the same quarter last financial year.

Net Sales of the company dipped 16 per cent to Rs 521 crore from Rs 623 crore on year-on-year basis.

Analysts say its revenues have been affected because of increase in excise duty on cigarettes. The company had paid an excise duty of Rs 454 crore during the quarter as against Rs 452 crore last financial year.

Godfrey Phillips shares have widely underperformed the benchmark Nifty over last one year by falling 82 per cent as against 44 per cent gain in Nifty.

Shares in Godfrey Phillips India ended 9.94 per cent lower at Rs 523 apiece, underperforming the broader Nifty, which closed 0.58 per cent lower.