McLeod Russel records 19.3% drop in net profit to Rs 122.62 crore

McLeod Russel India recorded a 19.3 per cent drop in consolidated net profit to Rs 122.62 crore in the quarter ended September 30, on lower tea prices and higher wage cost. Profit in the year-ago period was at Rs 151.96 crore.

Revenues from operations stood at Rs 493.86 crore in the quarter compared to Rs 498.97 crore in the same period last year.

Sources indicated that last year tea prices had touched record levels on account of the loss in crop due to the Covid-19 pandemic and then dropped sharply. In addition, wage cost increased as the industry had signed