NEW DELHI: Cigarette maker Godfrey Phillips India on Friday mentioned it has determined to exit from its loss-making retail enterprise 24Seven. The board of the corporate in a gathering held on Friday “determined to exit from finishing up the enterprise operations of its Retail Enterprise Division,” mentioned a regulatory replace from Godfrey Phillips India.
Godfrey Phillips India was working 150 shops/kiosks of 24Seven as of December 2023.
A call on this regard was taken following an in depth evaluation of the corporate’s retail enterprise division and after due consideration of the stakeholders’ suggestions, long-term efficiency, prevailing market situations of the retail sector and long-term enterprise technique of the corporate, it added.
“The exit shall be topic to completion of the required formalities,” it mentioned.
Income of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the overall income from operations for the corporate.
“The Retail Enterprise Division had a unfavourable internet value as on thirty first March 2023 on account of gathered losses generated by it,” the corporate mentioned.
Godfrey Phillips India is the flagship firm of Modi Enterprises. It makes standard cigarette manufacturers like 4 Sq., Purple & White, Cavanders, North Pole and Tipper.
It additionally manufactures and distributes model Marlboro beneath a license settlement with Philip Morris.
Godfrey Phillips India was working 150 shops/kiosks of 24Seven as of December 2023.
A call on this regard was taken following an in depth evaluation of the corporate’s retail enterprise division and after due consideration of the stakeholders’ suggestions, long-term efficiency, prevailing market situations of the retail sector and long-term enterprise technique of the corporate, it added.
“The exit shall be topic to completion of the required formalities,” it mentioned.
Income of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the overall income from operations for the corporate.
“The Retail Enterprise Division had a unfavourable internet value as on thirty first March 2023 on account of gathered losses generated by it,” the corporate mentioned.
Godfrey Phillips India is the flagship firm of Modi Enterprises. It makes standard cigarette manufacturers like 4 Sq., Purple & White, Cavanders, North Pole and Tipper.
It additionally manufactures and distributes model Marlboro beneath a license settlement with Philip Morris.
