Godfrey Phillips India's second quarter net profit falls 9.23% to Rs 103.06 cr

Godfrey Phillips India's total expenses also rose 8.76% to Rs 709.21 crore during the quarter

Cigarette maker Godfrey Phillips India Ltd on Tuesday reported a 9.23 per cent fall in consolidated net profit at Rs 103.06 crore for the second quarter ended September 30, 2020.

The company had reported a net profit of Rs 113.54 crore in July-September quarter a year ago, Godfrey Phillips India said in a BSE filing.

Total revenue from operations rose 9.50 per cent to Rs 822.21 crore during the quarter under review as against Rs 750.81 crore in the corresponding period of the previous fiscal.

Godfrey Phillips India's total expenses also rose 8.76 per cent to Rs 709.21 crore during the quarter as against Rs 652.08 crore in the year-ago period.

In a separate filing, the company stood behind its managing director Bina Modi and called allegations of illegality in her appointment, by her grandson and company's director Ruchir Modi, as "completely misconceived, motivated and baseless".

"This matter has been extensively dealt with by the company in submissions made in the past to the stock exchanges and the SEBI," it added.

Godfrey Phillips India also called the suggestion of alleged violation in the corporate governance practises in the functioning of the company under Bina Modi's leadership as "completely devoid of any substance" and "motivated".

The company's director and Lalit Modi's son Ruchir has written to the Corporate Affairs Ministry seeking an SFIO (Serious Frauds Investigation Office) probe into serious irregularities in the running of the company.

He has also sought a probe by capital markets regulator SEBI into alleged violations of corporate governance and listing norms.

Shares of Godfrey Phillips India were trading 1.94 per cent higher at Rs 900.35 apiece on the BSE on Tuesday.