Godfrey Phillips India To Exit Retail Business Division
Godfrey Phillips India, a leading player in the Indian retail sector, has announced its decision to exit the operations of its retail business division, known as "24Seven."
The company shared this in an exchange filing made on Friday, 12 April.
The decision was made during a board meeting held on Friday, in accordance with the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to the filing, the decision to exit the Retail Business Division came after a comprehensive review, which considered various factors such as stakeholder feedback, the long-term performance of the division since its inception, prevailing market conditions in the retail sector, and the company's long-term business strategy.
According to the latest available audited financial statements, the revenue from operations for the Retail Business Division in the fiscal year 2022-23 amounted to Rs. 396 crores. However, despite contributing 9.3% of the total revenue from operations for the company, the Retail Business Division reported a negative net worth as of March 31, 2023, due to accumulated losses.
As per the company, the decision to exit the Retail Business Division will be subject to the completion of necessary formalities. Investors and stakeholders are urged to take note of this development as the company initiates the process of exiting the Retail Business Division.
This move by Godfrey Phillips India Limited marks a strategic shift in its business operations and underscores the company's commitment to optimising its resources and focusing on core areas of growth.
