Cigarette maker Godfrey Phillips India Ltd on Wednesday (August 7) reported a 23.9% year-on-year (YoY) decline in net profit at ₹223.4 crore for the first quarter that ended June 30, 2024.

In the corresponding quarter, Godfrey Phillips India posted a net profit of ₹293.5 crore, the company said in a regulatory filing. The company’s revenue from operations increased 12% to ₹1,158.2 crore compared to ₹1,034.1 crore in the corresponding period of the preceding fiscal.

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At the operating level, EBITDA was up 3.5% to ₹248.3 crore in the first quarter of this fiscal over ₹239.8 crore in the year-ago period.

The EBITDA margin stood at 21.4% in the reporting quarter compared to 23.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors has approved the appointment of Charu Modi, Additional Director, as an executive director for a period of five years with effect from September 7, 2024, and fixation of remuneration payable to her.

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She is the co-founder and chancellor of KK Modi University. Charu Modi is the daughter of Dr Bina Modi, Chairperson and Managing Director, and sister of Samir Kumaar Modi, Executive Director.

The results came after the close of the market hours. Shares of Godfrey Phillips India Ltd ended at ₹4,200, up by ₹131.10, or 3.22%, on the BSE.