The company had reported a net profit of Rs 59.79 crore in the same quarter a year ago.
Godfrey Phillips' net sales for the quarter ended March 31, 2014 stood at Rs 603.53 crore, up 2.44% from Rs 589.13 crore in the fourth quarter last fiscal, in a filing to the BSE.
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During the March 2014 quarter, overall expenses stood at Rs 561.4 crore, up 6.52% as against Rs 527.54 crore in the corresponding period last year.
The Board of Directors of the company recommended a 400% dividend of Rs 40 per share.
It has also recommended stock split of equity shares of Rs 10 each into 5 equity Shares of face value of Rs 2.
Shares of GPI were trading at Rs 3099.90 apiece in the afternoon trade on the BSE, down 7.8% from their previous close.