Godfrey Phillips to exit from its retail business division ‘24Seven’

Godfrey Phillips India Ltd announced that it has decided to exit its retail business division being operated under the name ‘24Seven’ after due consideration of the stakeholders’ feedback during its board meeting. 

“We wish to inform you that following a detailed review of the company’s retail business division being operated under the name ‘24Seven’ and after due consideration of the stakeholders’ feedback, long-term performance of the division since inception, prevailing market conditions of retail sector and long-term business strategy of the company, the Board of Directors of the Company at its meeting held today has decided to exit from carrying out the business operations of its Retail Business Division,” the company said in a regulatory filing. 

Further, Godfrey Phillips also stated that the revenue from operations for the Retail Business Division for FY22-23 was recorded at Rs 396 crore. This, it added, contributed to 9.3 per cent of the total revenue from operations for the company. However, as of March 31, 2023,the retail business division had a negative net worth on account of accumulated losses generated by it. 

Tobacco manufacturer Godfrey Phillips was established in 1844 and 24Seven is one of its prominent ventures.