Revenue of India’s largest cigarette makers surged last quarter due to tax changes, but net revenues, volumes, and profits declined under the new 40% GST and additional excise duty regime.
The headline revenue jump was mostly tax flowing through the books. Strip it out and the underlying business shrank. According to the latest quaterly numbers, ITC’s cigarette revenue fell 31.45%, while Godfrey Phillips saw net profit drop 44.3% and V... [3761 chars]
Source: The Financial Express
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