<p>New Delhi: Cigarette maker Godfrey Phillips India on Friday said it has decided to exit from its loss-making retail business 24Seven. The board of the company in a meeting held on Friday 'decided to exit from carrying out the business operations of its Retail Business Division,' said a regulatory update from Godfrey Phillips India.</p>.<p>Godfrey Phillips India was operating 150 stores/kiosks of 24Seven as of December 2023.</p>.<p>A decision in this regard was taken following a detailed review of the company's retail business division and after due consideration of the stakeholders' feedback, long-term performance, prevailing market conditions of the retail sector and long-term business strategy of the company, it added.</p>.<p>"The exit will be subject to completion of the necessary formalities," it said.</p><p>Revenue of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the total revenue from operations for the company.</p>.<p>"The Retail Business Division had a negative net worth as on 31st March 2023 on account of accumulated losses generated by it," the company said.</p>.<p>Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red & White, Cavanders, North Pole and Tipper.</p>.<p>It also manufactures and distributes brand Marlboro under a license agreement with Philip Morris. </p>
<p>New Delhi: Cigarette maker Godfrey Phillips India on Friday said it has decided to exit from its loss-making retail business 24Seven. The board of the company in a meeting held on Friday 'decided to exit from carrying out the business operations of its Retail Business Division,' said a regulatory update from Godfrey Phillips India.</p>.<p>Godfrey Phillips India was operating 150 stores/kiosks of 24Seven as of December 2023.</p>.<p>A decision in this regard was taken following a detailed review of the company's retail business division and after due consideration of the stakeholders' feedback, long-term performance, prevailing market conditions of the retail sector and long-term business strategy of the company, it added.</p>.<p>"The exit will be subject to completion of the necessary formalities," it said.</p><p>Revenue of 24Seven in FY23 was Rs 396 crore, contributing 9.3 per cent of the total revenue from operations for the company.</p>.<p>"The Retail Business Division had a negative net worth as on 31st March 2023 on account of accumulated losses generated by it," the company said.</p>.<p>Godfrey Phillips India is the flagship company of Modi Enterprises. It makes popular cigarette brands like Four Square, Red & White, Cavanders, North Pole and Tipper.</p>.<p>It also manufactures and distributes brand Marlboro under a license agreement with Philip Morris. </p>