Balmer Lawrie to exit tea, expand logistics biz

Diversified firm Balmer Lawrie & Co Ltd is all set to sell its 24,000 square feet, tea-blending unit in the United Kingdom and has hired SBI Capital Markets Ltd as advisor for the purpose.

The company is also looking at acquiring a logistics company.

It aims to complete these soon, according to S K Mukherjee, managing director of Balmer Lawrie & Co Ltd.

The company held its annual general meeting (AGM) here today.

According to the MD, the company would be looking at the freight forwarders and could acquire a company to strengthen the outbound cargo.

The company announced a dividend of 135 percent to the shareholders today at the 90th annual general meeting of the company.

"During the year, the company has recorded a turnover of Rs.1,300 crore from Rs.1,252 crore in the corresponding period last year," said Mukherjee.

The company also registered a net profit of Rs 70.22 crore showing an improvement of 50 per cent over Rs 46.80 crore achieved last fiscal.

As a part of its corporate social responsibility, the company has decided to earmark up to 0.5 per cent of its net profits for programmes helping the weaker sections of society.