McLeod Russel India today posted 7% rise in consolidated net profit at Rs 246.47 crore for 2010-11, backed by higher overseas realisation.
Mcleod managing director Aditya Khaitan said the company produced 96.3 million kg of tea. He added that in the current year it hopes to surpass 100 million kg on a consolidated basis.
On a standalone basis, the company which is the country's largest bulk tea producer, posted a three% dip in net profit to Rs 232.23 crore during the year under review.
The managing director said its subsidiaries in Africa were performing well.
"Uganda subsidiary performed well during the year," Khaitan said, adding, "During the current year, McLeod will invest $2 million in setting up new tea factories and a similar amount will be spent on the Gisovu Tea Company in Rwanda that it took over in 2011."
He further said the company had tied up with Dubai Tea Trading Corporation to outsource the blending operations till a substantial volume was not reached.
"We hope to take up blending of five million kg of tea over 2-3 years," McLeod director KK Baheti said.