For the full year, net profit declined 58% to Rs30.72cr in FY21 as against Rs73.19cr in FY20. Revenue from Operations for FY21 rose 24.55% to Rs376.73cr as against Rs302.48cr in FY20.
The subsidiaries of the Parent Company have also been affected by the impact of COVID-19 pandemic that has resulted in lockdown in the global economy. Based on the assessment of the local management, this pandemic is not expected to have a significant adverse impact on the smooth operations of the subsidiaries,” company said.
With a view to rationalise the operations and improving the profitability, the Company has sold the specified assets of Khetojan Tea Estate and Bahadur Tea Estate and net loss arising due to this sale is represented under the head "Exceptional lterns" in the current year. The exceptional items in the previous year represents net gain on sale of land at Jaipur, Rajasthan and net gain on transfer of branded tea business namely Lal Ghora and Kala Ghora to Tata Global Beverages Limited.
The Parent Company has also performed impairment assessment of other Tea Estates of the Parent Company aggregating to Rs48,632.41 lakhs by engaging an external valuer and concluded that no impairment loss is required in these consolidated financial results.
The Board of Directors of the company has recommended a dividend of 50% (Rs.5.00 per equity share of Rs10/- each) for the year 2020-21.