|
The company decided to exit from 24Seven with due consideration of the stakeholders feedback, long-term performance of the division since inception, prevailing market conditions of retail sector and long-term business strategy of the company.
As per the latest available audited financial statements, the revenue from operations for the retail business division for FY 22-23 was at Rs 396 crore, being 9.3% of the total revenue from operations for the company and the retail business division had a negative net worth as on 31 March 2023 on account of accumulated losses generated by it.
Godfrey Philips, has business presence in manufacturing of cigarettes, chewing products & tobacco products, trading of cigarettes, tobacco products, tea & other retail products, trading & distribution of vaping products, acquisition of securities and real estate development.
The cigarette maker reported 6.6% growth in consolidated net profit of Rs 212.35 crore in Q3 FY24 as against Rs 199.25 crore posted in Q3 FY23. Revenue from operations jumped by 36% YoY to Rs 1,235.40 crore in the quarter ended 31 December 2023.
|