McLeod Russel India Ltd reported a 24-per cent fall in its net profit to ₹54 crore for the quarter ended December 31, 2018, as against ₹67 crore in the same period last year.

Revenue from operations was down by nearly 20 per cent to ₹465 crore during the quarter under review. The crop output was down by nearly 36 per cent to 149 lakh kg, as compared to 232 lakh kg in the year-ago period. Volume of sales also dropped by nearly 17 per cent to 249 lakh kg.

Drop in tea production

This was primarily on the back of a drop in tea production from its own plantation. Tea production was lower by 12 million kg, as it had sold 12 tea estates.

Production from the small grower’s leaf was lower by 4 million kg, said a press statement issued by the company.

The average selling price was, however, marginally up at ₹182.28 a kg during the quarter under review, as compared with ₹181.93 per kg same period last year.

The company’s scrip closed at ₹88.10, down 2.60 per cent, on the BSE on Thursday.

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