The company had reported a net profit of Rs 59.79 crore in the same quarter a year ago.
Godfrey Phillips' net sales for the quarter ended March 31, 2014 stood at Rs 603.53 crore, up 2.44 per cent from Rs 589.13 crore in the fourth quarter last fiscal, in a filing to the BSE.
During the March 2014 quarter, overall expenses stood at Rs 561.4 crore, up 6.52 per cent as against Rs 527.54 crore in the corresponding period last year.
The Board of Directors of the company recommended a 400 per cent dividend of Rs 40 per share.
It has also recommended stock split of equity shares of Rs 10 each into 5 equity Shares of face value of Rs 2.
Shares of GPI were trading at Rs 3099.90 apiece in the afternoon trade on the BSE, down 7.8 per cent from their previous close.