Godfrey Phillips India’s second-quarter profit fell 37.73% year over year even as reported revenue from operations climbed, with the company’s results also showing a sharp rise in excise duty.
The exchange-filed results put consolidated net profit at Rs 189.90 crore for the quarter ended Sept. 30, 2026, down from Rs 304.99 crore a year earlier. Revenue from operations rose to Rs 4,198.17 crore from Rs 1,632.21 crore.
The company’s earnings presentation reported net revenue of Rs 1,342 crore, up 4.1% from Rs 1,289 crore. It listed excise duty at Rs 2,856 crore for the quarter, compared with Rs 343 crore a year earlier. The presentation says its gross sales measure includes applicable indirect taxes, while net revenue excludes excise duty and goods and services tax.
For the first half of FY27, gross sales value was Rs 11,929 crore, up 47.9%, while net revenue declined 8.2% to Rs 2,548 crore. Net profit from continuing operations fell 41.3% to Rs 388 crore.
CEO Sharad Aggarwal said the tax change introduced in the fourth quarter of FY26 weighed on first-half profitability, which fell 41% year over year. The company’s presentation also said it used calibrated pricing to contain the tax increase’s effect on cigarette volumes.
Domestic cigarette volumes averaged 1,902 million per month in the second quarter, compared with 1,985 million a year earlier.
The presentation identifies Godfrey Phillips as the KK Modi Group’s flagship company and says its agreements with Philip Morris International cover Marlboro cigarette manufacturing and distribution in India. Its board declared an interim dividend of Rs 10 per share and set Nov. 12 as the record date.
