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Godfrey Phillips India marks robust Q1 FY24 performance with a people-first philosophy
Mumbai: Godfrey Phillips India Ltd., a prominent player in the Indian FMCG industry, has announced its financial results for the first quarter of the fiscal year 2023-24 (FY24). The company’s exceptional growth and resilience have propelled it to achieve significant milestones.
During the Q1 of FY24, Godfrey Phillips India experienced an impressive surge in consolidated revenue from operations, rising by 26.84 per cent to reach Rs 1,245.39 crore, as compared to Rs 981.83 crore in the corresponding period of the previous year. The Company also recorded a consolidated net profit of Rs 254.44 crore as against Rs 142.29 crore during the corresponding period of the previous year, an increase of 78.82 per cent, as reported in its regulatory filing. The Company demonstrated strong cigarette domestic volume growth and unmanufactured tobacco export growth in Q1 of FY24.
Addressing this remarkable achievement, Godfrey Phillips India chairperson & managing director Bina Modi stated, “We are delighted to announce our Q1 FY24 financial results, which reflect our continuing growth momentum from the previous year to this quarter. This remarkable success is a testament to the dedication and hard work of the OneGPI family – our exceptional team. I firmly believe that a company grows when its people grow. Hence, we continuously promote a culture of performance, invest in capability building, and prioritize the holistic well-being of our employees. Our consistent certification as a Great Place To Work for five consecutive years underscores our unwavering commitment to our People-First philosophy.”
Godfrey Phillips India whole-time director & functional CEO Sharad Aggarwal commented on the company’s future plans, stating, “We are committed to delivering the best results for all our stakeholders. Our top-line growth was supported by a significant increase in exports of unmanufactured tobacco during the current quarter. As we move forward, we plan to expand our business footprint while maintaining a sharp focus on sustainable growth and profitability. On people front, we are infusing young talent in the leadership team, who are being mentored by their predecessor. This way we are getting the right balance of fresh perspective and wisdom of experience.”
With an optimistic outlook, Godfrey Phillips India remains steadfast in its commitment to delivering sustainable growth, creating optimal stakeholder value, and achieving excellence across all its operations.
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Microsoft faces worst quarter since 2008 financial crisis
Cloud giant battles soaring AI costs and fierce competition from nimble startups.
MUMBAI: When the tech titan starts looking a little wobbly, even the Magnificent Seven can feel the tremors because Microsoft is currently starring in its own sequel, “Clouds and Doubts.” Microsoft is on track for its worst quarterly performance since the 2008 global financial crisis, according to Bloomberg, as investors grow increasingly uneasy about rising capital expenditure and intensifying competition from nimble AI firms. The company has been pouring money into AI infrastructure, yet markets are questioning when these hefty investments will finally deliver stronger revenue growth.
At the same time, investors are shifting away from traditional software stocks amid fears that AI startups such as Anthropic and OpenAI are developing autonomous agents capable of replacing established products, including those from Microsoft. Jonathan Cofsky, portfolio manager at Janus Henderson Investors, noted growing concern that customers may bypass Microsoft and deal directly with AI vendors, potentially disrupting its core business and putting pressure on pricing and margins.
Microsoft’s stock has tumbled 25 per cent in the first quarter, putting it on course for its largest drop since a 27 per cent fall in the fourth quarter of 2008. It has also emerged as the weakest performer among the so-called Magnificent Seven technology stocks, while a broader index tracking the group has fallen 14 per cent over the same period. The shares slipped a further 1.7 per cent after markets opened on Friday, marking a potential fourth consecutive session of declines.
Cofsky pointed out that Microsoft has become more capital intensive and that improved investor confidence will hinge on assurances that software growth will not slow materially. Despite the sell-off, the stock is now trading at less than 20 times projected earnings over the next 12 months, its lowest valuation level since June 2016. Its valuation remains slightly above that of the S&P 500 Index, although it has recently traded at a discount to the broader benchmark for the first time since 2015.
Bloomberg data shows Microsoft’s capital expenditure, including leases, is expected to surge to $146 billion in fiscal 2026, up around 66 per cent from $88 billion in fiscal 2025. Spending is projected to climb further to $170 billion in fiscal 2027 and $191 billion in fiscal 2028, based on average estimates. Investors are growing cautious about such levels of spending without clearer signs of stronger growth.
Microsoft’s Azure cloud division has reported a slight slowdown in growth compared with the previous quarter, while its Copilot AI product has seen limited user traction, prompting internal changes aimed at improving performance. Ben Reitzes, an analyst at Melius Research, warned in a March note that Microsoft’s upside in Azure could be constrained as the company works to address challenges related to its AI models and Copilot offering, adding that these issues are unlikely to be resolved in the short term.
Of the 67 analysts covering Microsoft, 63 maintain buy ratings, three hold ratings and one a sell rating. The average 12-month price target of $592 implies a potential upside of more than 64 per cent, the highest on record based on data going back to 2009. The stock is also trading below its 200-day moving average by the widest margin since 2009.
Reitzes suggested the dominance of buy ratings may indicate complacency among analysts, while highlighting risks in Microsoft’s productivity and business processes segment as well as its More Personal Computing division. In contrast, Tal Liani of Bank of America reinstated coverage with a buy rating, citing durable multi-year growth prospects across cloud and AI. Jake Seltz, portfolio manager at Allspring Global Investments, maintained that Microsoft retains strong long-term value and that its AI strategy is likely to be validated over time, viewing near-term concerns as a potential opportunity for longer-term investors.
The report highlights a growing divergence in market sentiment, with optimism around long-term AI potential weighed against immediate execution risks and investor uncertainty. In the world of big tech, even the mightiest clouds can have silver linings but right now, Microsoft’s investors are scanning the horizon for clearer skies.
