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Jay Shree Tea & Industries has planned to reduce debt worth Rs 30-40 crore during 2014-15.
In 2013-14, the BK Birla group company used a property sale profit of Rs 26.76 crore fully to repay debt, said Jayshree Mohta, Vice-Chairman of the company.
It’s total secured and unsecured borrowing stood at Rs 156 crore in 2013-14, up from Rs 73 crore in 2012-13. The finance cost at Rs 47 crore had eaten into the profitability of the company last fiscal.
Q1 net profit falls to Rs 5.54 cr
Jay Shree Tea has reported a net loss of Rs 5.54 crore in Q1 of 2014-15 against net profit of Rs 17.02 crore. In April-June quarter last year, the company had booked profit of Rs 26.61 core for sale of land. However, the company has reduced its net loss from Rs 44.21 crore recorded in fourth (January-March) quarter of 2013-14. The Q1 finance cost came down to Rs 10.70 crore for 14.25 crore in the Q4 of last fiscal.
The Rs 5 stock of Jay Shree Tea closed 2.28 per cent down at Rs 89.85.
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