McLeod Russel's Q3 down 31% to Rs 24 cr

Top line down 13% to Rs 442 crore, tea price realisation dips

McLeod Russel, the world's largest tea producer, posted a 31 per cent decline in its net profit at Rs 23.62 crore for the quarter ended December 31, 2016 even as its topline fell by 13 per cent at Rs 442.45 crore.

In the same quarter last fiscal, the company posted a net profit of Rs 74.97 crore with a net revenue of Rs 510.28 crore.

Its staff cost increased by Rs 19 crore on revision of wages and substantial increase in welfare costs, while average price realisations fell, impacting the bottomline.

The price realisation per kg of tea fell to Rs 170.26 a