Godfrey Phillips Ind

Godfrey Phillips India Ltd GDFR.NS:

• GODFREY PHILLIPS INDIA - AD-HOC ON-ACCOUNT PAYMENT OF 1 BILLION RUPEES RECEIVED FROM INSURANCE COMPANY

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Further company coverage: GDFR.NS

** Shares of ITC ITC.NS rise 4.9% to 325.45 rupees

** Nearly 13 mln shares in ITC traded across 22 block deals on NSE, with 21 deals at premium of 0.6% to 5.4%, LSEG data shows

** Effective Feb 1, India imposed an excise duty on cigarettes in range of 2,050-8,500 rupees ($22.8-$94.5) per thousand sticks based on length of products

** Other Indian cigarette makers Godfrey Phillips India GDFR.NS and VST Industries VSTI.NS up 10.2% and 4.7%, respectively

** In January, ITC, Godfrey Phillips India, and VST Industries dropped 20.1%, 26.3% and 8.9%, respectively

(Reporting by Vijay Malkar)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add hyperlinks.

By Ujjaini Dutta

BENGALURU, Jan 12 (Reuters Breakingviews) - Sometimes smokers are hit with a compelling reason to quit. India imposed fresh taxes on cigarettes last month, knocking as much as 17% off the shares of British American Tobacco BATS.L-backed $47 billion ITC ITC.NS and Godfrey Phillips India GDFR.NS which makes and sells Marlboro cigarettes under license with Philip Morris International PM.N. Foreign ownership limits and a ban on vaping had already dented the appeal of a market with 253 million tobacco users. The latest tax jolt is another nail in the coffin for overseas investment in the country.

Around the world, tobacco majors are shifting their focus to alternative products like e-cigarettes on the expectation that cigarette volumes will continue to decline on health concerns and tougher regulations. India's 2019 ban on e-sticks and heated tobacco products makes such a shift difficult for companies in the world's fifth-largest economy. The new excise duty only worsens the outlook.

Tobacco companies are well used to being slapped with sin taxes when government revenues need patching up. Smokes were already subject to a 40% levy following a rejig of goods and services taxes last year. The latest hike pushes the total tax on cigarettes to about 50%, according to brokerage Motilal Oswal. Analysts responded by revising down ITC's expected cigarette sales 13% lower for the next two full financial years, per S&P Global. Rather than quitting, though, most customers will simply downtrade to illicit smokes available in the black market.

Little wonder that BAT has been paring its stake in ITC, despite its 75% share by units of India's formal cigarette market. It has trimmed its 30% holding down to 23% over the past two years, joining other multinational companies in disposing their highly valued equity interests in the country to raise funds for their global business. Despite the tax hit, ITC trades on a rich 21 times one-year forward earnings, twice BAT's multiple, according to LSEG data. Indian cigarette makers are also less profitable, with ITC's net margin trailing its foreign partner's by four percentage points and Godfrey Phillips' roughly half, per Visible Alpha.

Smoking isn't good for you. India is succeeding in making it undesirable, even for corporations who are addicted to the stuff.

Follow Ujjaini Dutta on LinkedIn and X.

CONTEXT NEWS

India will levy an additional excise duty on cigarettes in the range of 2,050 to 8,500 rupees ($22.8 to $94.5) per 1,000 sticks, depending on length, the finance ministry announced late on December 31. The revised dues will take effect on February 1. The new tax will apply in addition to an existing 40% Goods and Services Tax.

Shares of India’s ITC, the $47 billion conglomerate backed by British American Tobacco, fell as much as 9.7% on January 1, while Godfrey Phillips India, the distributor of Marlboro in the country, dropped 17%.

(Editing by Una Galani and Antony Currie; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/[email protected]))

Jan 1 (Reuters) - Shares of Indian tobacco companies fell on Thursday after the government imposed a new excise duty on cigarettes, making them costlier for an estimated 100 million smokers in the world's most populous country.

ITC ITC.NS, maker of Gold Flake and the market leader, dropped 2%, while Godfrey Phillips India GDFR.NS, the distributor of Marlboro in India, declined 4.1%.

ITC was the biggest loser on the Nifty 50 index .NSEI and also led declines on the FMCG index .NIFTYFMCG, which was trading 0.6% lower.

The finance ministry late on Wednesday notified an excise duty of 2,050–8,500 rupees ($22.82–$94.60) per 1,000 sticks, depending on cigarette length, effective February 1.

($1 = 89.8510 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

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NEW DELHI, Dec 31 (Reuters) - India has imposed an excise duty on cigarettes in a range of 2,050-8,500 rupees ($22.8-$94.5) per thousand sticks based on the length of the products, effective February 1, the finance ministry said in an order late on Wednesday.

(Reporting by Nikunj Ohri, Chris Thomas)

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** Shares of Godfrey Phillips India GDFR.NS fall 1.9% to 3,277.70 rupees

** Cigarettes maker said on Friday a major fire broke out in a third-party's tobacco processing plant and warehouse in Andhra Pradesh, where GDFR processes and stores tobacco leaf inventory

** Co assessing actual damage caused by fire; inventory adequately covered by insurance

** GDFR up ~88% YTD

(Reporting by Vijay Malkar)

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July 28 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• BOARD TO CONSIDER ISSUE OF BONUS EQUITY SHARES IN 2:1 RATIO

Source text: ID:nBSE2wkYD2

Further company coverage: GDFR.NS

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May 15 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• MARCH-QUARTER CONSOL NET PROFIT 2.79 BILLION RUPEES

• MARCH-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 18.88 BILLION RUPEES

• DIVIDEND 60 RUPEES PER SHARE

Further company coverage: GDFR.NS

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April 9 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GETS TAX ORDER IMPOSING PENALTY OF 15.6 MILLION RUPEES

Source text: ID:nNSE1Bt1KW

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March 4 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• RECEIVES ADMINISTRATIVE WARNING FROM SEBI

• SEBI ALLEGES VIOLATION OF MULTIPLE REGULATIONS

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Feb 4 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GOT TAX ORDER CONFIRMING DEMAND OF 703.4 MILLION RUPEES

Source text: ID:nBSE9JPZ7G

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Jan 29 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GETS TOTAL GST DEMAND ORDER FOR 73.2 MILLION RUPEES

Source text: ID:nBSE4QyT32

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Dec 24 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• TWENTY FOUR SEVEN RETAIL STORES FILES SUIT AGAINST CO FOR ROYALTY

• SUIT ASKS FOR ROYALTY, DAMAGES OF 20 MILLION RUPEES

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Dec 3 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GODFREY PHILLIPS INDIA LTD - CLARIFIES ON REPORT GST PANEL SUGGESTS 35% TAX FOR CIGARETTES, TOBACCO

• GODFREY PHILLIPS INDIA LTD - NOT AWARE OF MEETING OF GROUP OF MINISTERS IN REPORTS

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** Shares of VST Industries VSTI.NS up 2.3% to 322 rupees, set for their best day in November

** Co, which manufactures cigarettes, has sold 2.7 acres of land for 1.02 billion rupees ($12 million)

** VSTI up 4% YTD, lagging peers Godfrey Phillips India's GDFR.NS and NTC Industries' NTCI.BO, which have risen 173% and 142%, respectively

($1 = 84.2725 Indian rupees)

(Reporting by Nishit Navin)

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Nov 11 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• SEPT-QUARTER CONSOL NET PROFIT 2.48 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 16.51 BILLION RUPEES

• INCORPORATION OF UNIT FOR REAL ESTATE DEVELOPMENT

• NAMES VISHAL DHARIWAL AS CFO

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Sept 6 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GODFREY PHILLIPS INDIA LTD- TO CONSIDER AND APPROVE ISSUE OF BONUS SHARES

• GODFREY PHILLIPS INDIA LTD- TO ISSUE BONUS SHARES IN RATIO OF 2:1

Source text for Eikon: ID:nBSE3RC11d

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** Shares of Godfrey Phillips India GDFR.NS down 3.6% at 6400.1 rupees

** Marlboro cigarettes maker finalises agreement to sell retail business, per CNBC-TV18

** Aims to complete sale by end of September, report says

** Sale was opposed by a board member, report adds

** Retail business formed 4.3% of gross sales in FY24

** Despite day's fall, stock is up more than 3-fold so far this year

(Reporting by Nandan Mandayam in Bengaluru)

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Aug 7 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• JUNE-QUARTER CONSOL NET PROFIT 2.29 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 14.41 BILLION RUPEES

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Further company coverage: GDFR.NS

(Reporting by VijayDattaram Malkar)

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** Shares of Marlboro cigarette-maker Godfrey Phillips India Ltd GDFR.NS rise as much as 18.1% to record 4,789.85 rupees

** Over 53,800 shares change hands in block deals at a 11.7%-17.8% premium to previous closing price of 4,057.10 rupees - National Stock Exchange of India data

** Stock's previous block deal had happened in March, per BSE data

** In total, more than 1.6 mln shares traded in stock's second-busiest day in 2024 vs 30-day avg volume of 99,266 shares

** Stock up 2.2x this year – better than ITC ITC.NS, which has barely changed this year, and VST Industries' VSTI.NS 24% rise

(Reporting by Nandan Mandayam in Bengaluru)

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June 10 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GETS ORDER WITH PENALTY OF 4.6 MILLION RUPEES FROM OFFICE OF DEPUTY COMMISSIONER, CGST

Source text for Eikon: ID:nBSE5n2Kgy

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** Shares of tobacco maker Godfrey Phillips India GDFR.NS down 2.6% at 3,782.9 rupees; stock among few losers amid jump in broader markets .BO

** Executive director Samir Modi lodged complaint with Delhi Police against his mother, Bina Modi, her personal security officer and co's directors over assault, as per Economic Times report

** A Godfrey Phillips spokesperson rejected the accusation, according to the report. "These allegations are entirely false and atrocious," the person said.

** Godfrey Phillips India did not immediately respond to Reuters' request for comment

** Stock on track to log biggest one-day drop in nearly a month

** Session's losses trim YTD gains to ~80%

(Reporting by Manvi Pant in Bengaluru)

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May 2 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• SIGNED A PRODUCT SUPPLY AGREEMENT WITH FERRERO INDIA

• CO TO PURCHASE PRODUCTS FROM FERRERO AND RE-SELL THE SAME

Source text for Eikon: ID:nBSEc4X28n

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April 30 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GETS ORDER FROM OFFICE OF COMMISSIONER, CENTRAL GST (APPEALS) WITH PENALTY OF 5.1 MILLION RUPEES

Source text for Eikon: ID:nNSE29jxpK

Further company coverage: GDFR.NS

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April 12 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• DECIDED TO EXIT FROM CARRYING OUT BUSINESS OPERATIONS OF ITS RETAIL BUSINESS DIVISION

• REVENUE FROM OPERATIONS FOR RETAIL BUSINESS DIVISION FOR FY 22-23 WAS 3.96 BILLION RUPEES, 9.3% OF TOTAL

• RETAIL BUSINESS DIVISION HAD NEGATIVE NET WORTH AS ON MARCH, 31 2023

Source text for Eikon: ID:nBSE1y0rQk

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Jan 29 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GODFREY PHILLIPS INDIA DEC-QUARTER CONSOL NET PROFIT 2.12 BILLION RUPEES VERSUS 1.99 BILLION RUPEES

• GODFREY PHILLIPS INDIA DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 14.88 BILLION RUPEES VERSUS 11.12 BILLION RUPEES

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BENGALURU, Nov 3 (Reuters) - Cigarette maker Godfrey Phillips India GDFR.NS on Friday reported its first drop in quarterly pre-tax profit in two years, weighed by a sharp rise in expenses.

Shares of the company slid 9.2% after the results in their biggest intraday drop since December.

The company, which manufactures and distributes Marlboro cigarettes under a license agreement with Philip Morris International PM.N, said profit before tax in the second quarter fell 8.2% to 2.19 billion rupees, as expenses surged nearly 20%.

Total revenue from operations rose 15.4% to 13.75 billion rupees, with revenue from its profitable division which sells cigarettes, tobacco and related products climbing 16.6%.

Revenue from its round-the-clock convenience store, 24Seven, and confectionary sales grew 4.3% to 1.17 billion rupees, but recorded a pre-tax loss of 158.9 million rupees.

Shares of the company had risen nearly 30% in the quarter, a opposed to a 1.6% fall in rival ITC ITC.NS, which also makes consumer goods.

($1 = 83.2400 Indian rupees)

(Reporting by Chris Thomas in Bengaluru)

(([email protected];))

** Shares of cigarettes manufacturer Godfrey Phillips India GDFR.NS up as much as 14.59% to 1,975 rupees, their highest since March 20

** Co hits sharpest intraday pct gain since April 11, 2022, on track for fourth consecutive session of gains if trends hold

** GDFR said its consolidated net profit for the quarter ended June 30 rose nearly 79% to 2.54 billion rupees ($31.01 million)

** About 481,152 shares change hands as of 9:30 a.m. IST, vs 6.9x 30-day average of 70,039 shares

** Stock down 12.9% YTD, as of last close

($1 = 81.9217 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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July 26 (Reuters) - Godfrey Phillips India Ltd GDFR.NS:

• GODFREY PHILLIPS INDIA JUNE-QUARTER CONSOL NET PROFIT 2.54 BILLION RUPEES VERSUS 1.42 BILLION RUPEES

• GODFREY PHILLIPS INDIA JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 12.45 BILLION RUPEES VERSUS 9.82 BILLION RUPEES

Source text for Eikon: ID:nBSE1TYgVY

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By Biplob Kumar Das and Aditya Kalra

BENGALURU/NEW DELHI, May 31 (Reuters) - India unveiled guidelines on Wednesday requiring streaming platforms such as Netflix and Amazon Prime Video to display prominent warnings about smoking and other forms of tobacco use while airing shows with such scenes.

While film and television certification bodies already moderate public content in India, its laws have few provisions to censor content on popular online platforms.

The Cigarettes and other Tobacco Products Amendment Rules, 2023 made it mandatory for such platforms to display "anti-tobacco health spots" of at least 30 seconds each at the start and middle of a programme, a notice from the health ministry showed.

The new rules also made it compulsory for the platforms to display an anti-tobacco health warning as a "static message" at the bottom of the screen while displaying tobacco products on screen. It also mandated audio-visual disclaimers about the ill-effects of tobacco use.

The stringent laws come after a survey by the World Health Organization found that nearly 267 million Indians of age 15 and above consume tobacco.

"India's new regulations will ensure that streaming services are not the next vehicle for Big Tobacco's aggressive targeting of Indian youth," said Yolonda Richardson, an executive from non-profit group Campaign for Tobacco-Free Kids.

The amendment further states that the federal government will take suo moto action against streaming sites if they fail to adhere to the new rules.

Netflix and Amazon Prime Video and trade group Internet & Mobile Association of India (IAMAI), which represents the interests of several streaming websites, did not immediately respond to Reuters' request for comment.

The tough rules come years after court cases and complaints filed to the police alleged that some content on streaming platforms was obscene or insulted religious sentiment.

(Reporting by Biplob Kumar Das in Bengaluru and Aditya Kalra in New Delhi; Editing by Sonia Cheema)

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