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The world’s largest tea planter company McLeod Russel has reported a net loss of ₹208 crore in the fourth quarter (January-March) of 2014-15 against ₹192 crore net loss in the corresponding quarter of 2013-14.
According to the company’s spokesperson, the standalone Q4 loss was mainly because of wage revision effected in January this year as well as higher depreciation cost owing to change in norms.
BM Khaitan group flagship posted a 70 per cent drop in net profit at ₹62 crore for the financial year 2014-15 against net profit of ₹208 crore. It recommended a dividend of ₹3 or 60 per cent a share of Rs 5.
Lower net profit for 2014-15 was because of decline in the crop production due to unfavourable weather condition, particularly in Assam.
Exports from India were down by 20 million kg (mkg), the company said in a press release.
During the year, McLeod Russel’s Indian plantations produced 80.1 mkg, down by 7 mkg.
“Tea prices in India were higher by 3 per cent mainly due to (industry’s) lower production, strong consumption growth and low opening inventory”. However, the yearly revenue fell 6 per cent at ₹1,388 crore.
The company’s consolidated net profit for the year was ₹31 crore down 88 per cent (₹257 crore).
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