Godfrey Phillips shares fall 6% as Q1 net profit declines over 44% amid tax-led price increase

Godfrey Phillips reported a 44.3% year-on-year decline in June-quarter net profit as higher excise duty weighed on earnings, even as gross revenue and total income more than doubled. The cigarette maker said domestic cigarette volumes remained resilient despite a tax-led price increase, while highlighting concerns over the rise in illicit trade.