Godfrey Phillips March quarter profit falls; share price crashes down 5 pct

Cigarette maker Godfrey Phillips India Thursday reported a 17.97 per cent decline in standalone profit to Rs 35.36 crore for the fourth quarter ended March 2019 due to impairment charges. The company had reported a profit of Rs 43.11 crore in the January-March quarter a year ago.

Its total income during the quarter under review stood at Rs 672.76 crore, up 14.75 per cent as against Rs 586.27 crore for the corresponding period a year ago, Godfrey Phillips said in a BSE filing. During the quarter, the company made a provision of Rs 15.08 crore for impairment of investment value in wholly-owned foreign subsidiary Flavors and More Inc (F&M) due to the closure of the business operations.

The board of directors of the company have recommended a dividend of Rs 10 per share for the financial year 2018-19. Shares of Godfrey Phillips India were trading 4.98 per cent lower at Rs 943 apiece on the BSE.