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Despite a 6.7-million-kg (mkg) crop loss in the first half, the world’s biggest tea planter, McLeod Russel India Ltd, managed to keep its profitability intact.
On Tuesday, it reported a standalone net profit of Rs 249.62 crore for the first half of the current fiscal, down 4 per cent from last year.
The September quarter crop loss was placed at 4 mkg. But the net profit for the quarter at Rs 230.31 crore was higher by 3 per cent against last year’s Rs 223.23 crore.
During the quarter, the B.M. Khaitan group company sold a small garden in Dooars in West Bengal for Rs 2.5 crore.
The divestment was made because the administrative cost of managing the garden without a processing factory wasnot remunerative, a company source told Business Line .
Dry weather during January to May across major black-tea producing countries and excessive rains during July to September in North India had negated impact on production, the company said.
It further said that lower opening inventory in India and lower domestic output on unfavourable weather and strong consumption growth has taken the domestic prices higher by Rs 20-25 a kg.
jayanta.mallick@thehindu.co.in
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