Godfrey Phillips Q2 net up 57 pc at Rs 113.54 cr, appoints Bina Modi as President & MD

Cigarette maker Godfrey Phillips India Ltd on Thursday reported a 56.97 percent increase in consolidated net profit at Rs 113.54 crore for the second quarter ended September 30, 2019. The company had reported a net profit of Rs 72.33 crore in the July-September quarter a year ago, Godfrey Phillips said in a BSE filing.

Its total revenue from operations rose 12.91 percent to Rs 750.81 crore during the quarter under review as against Rs 664.92 crore in the corresponding period of previous fiscal. Godfrey Phillips' total expenses also rose 14.28 percent to Rs 652.08 crore during the quarter as against Rs 570.59 crore in the year-ago period.

The company also said that its board in a meeting "has approved the appointment of Dr. Bina Modi as the President, MD of the company for a period of 5 years wef from November 14." Bina Modi is the mother of Samir Modi, executive director of the company, it added.

She has been associated with the company as a non-executive and non-independent director since April 7, 2014. Her appointment "will be subject to the approval of the shareholders by way of postal ballot."

The announcement comes after the demise of President & Managing Director KK Modi on November 2, 2019. Shares of Godfrey Phillips India Ltd on Thursday settled at Rs 1,262.25 on the BSE, up 1 percent from the previous close.