Its total expenses rose 30.86% to Rs 825.61 crore in Q1 FY23 from Rs 630.90 crore. Cost of raw material consumed stood at Rs 199.45 crore, up 53.6% YoY.

Godfrey Phillips' first-quarter revenue from cigarettes, tobacco and related products increased 33.71% to Rs 877.19 crore compared to Rs 656.02 crore a year ago.

Revenue from retail and related products in Q1 FY23 was up 34.52% to Rs 104.50 crore against Rs 77.68 crore.

Meanwhile, the board of Godfrey Phillips India approved the appointment of Bina Modi as chairperson of the board to succeed R A Shah, who decided to retire and not seek re-appointment. Bina Modi is currently the managing director and CEO.

In a separate filing, Godfrey Phillips India informed that its board on Saturday approved the voluntary winding up of its Dubai-based wholly-owned subsidiary company Godfrey Phillips Middle East DMCC.

Godfrey Phillips India, flagship company of Modi Enterprises, makes some of the popular cigarette brands in the country like Four Square, Red and White, Cavanders, Tipper and North Pole. Godfrey Phillips India also manufactures and distributes iconic brand Marlboro under a license agreement with Philip Morris. Th company has expanded business interests in chewing products, mouth fresheners, confectionary and retail.