Godfrey Phillips slumps on weak Q3 earnings

The company reported 85% drop in net profit to Rs 11 crore for the quarter ended December 31, 2014 b

Shares of Godfrey Phillips were down nearly 10% at Rs 526 after the company reported 85% drop in net profit to Rs 11 crore in the quarter ended December 31, 2014 because of sharp fall in operating profits.

The company had reported a net profit of Rs 71 crore in the same quarter ended last fiscal.

Operating profit during the December quarter dropped to Rs 20 crore compared with Rs 110 crore in the same quarter last fiscal.

Net sales during the quarter under review was also lower at Rs 521 crore compared with Rs 623 crore in the quarter ended December 2013.

The stock opened at Rs 555 and touched a low of Rs 513. At 11:40AM, over 83,000 shares were traded on both the stock exchanges.