Tea firms see record prices boosting profits amid Covid-induced crop losses

Most companies returned to profits in the June quarter, and indications are that the current quarter, which is typically a good time for tea industry, will be even better

Record tea prices are helping companies post profits despite crop losses caused by the nationwide lockdown to contain Covid-19 and floods. Most companies returned to the profit zone in the June quarter, and indications are that the current quarter, which is typically a good time for the industry will, be even better.

Goodricke Group recorded a net profit of Rs 16.17 crore in the June quarter even though revenues were down by more than 16 per cent on a year-on-year basis; Dhunseri Tea & Industries posted a net profit of Rs 13.07 crore while revenues were down by more than