McLeod Russel India Ltd, the world's largest bulk tea company, today said tea prices were likely to stay firm for the year.
"This year prices are likely to be steady," McLeod managing director Aditya Khaitan said here today at the AGM. He expected profitability to improve during the year on the back of improved production and steady prices.
He said, however, that its Indian plantations had faced sharp increase in costs on the back of a wage settlement and other input costs, including power and fuel. During the Q1 ended June 2013 the net profit of the company rose 35.73 per cent to Rs 26.21 crore from Rs 19.31 crore in the same quarter previous year.
