Goodrich Group Limited expects to return to profit this financial year – Dainik Savera Times
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Kolkata: Tea company Goodrich Group Ltd., a part of UK-based Camelia Plc, is hoping to return to profit this financial year. Atul Asthana, the company’s managing director and chief executive officer (CEO) in Darjeeling, said the company is expected to see growth in tea production this year. An increase of about 32 million kg is expected, which also includes the production of its three subsidiaries.
However, the possibility of decline in revenue in the current financial year due to “low tea prices” has become a matter of concern. “Goodrich and its subsidiaries together produce about 30 million kilograms annually,” Asthana said in a statement. There will be steady growth this year as production is expected to be 32 million kilograms. The entire group’s revenue was around Rs 1,200 crore last year, but the current financial year may see a decline in business due to lower prices.
“Compared to last year, this year the average CTC price has come down by about Rs 25 per kg and conventional prices have gone down by Rs 100 per kg,” he said. According to the company’s latest annual report, Goodrich Group Ltd produced a total crop of 1.891 crore kg in 2022-23, compared to 1.855 crore kg in the previous financial year.
Goodrich Group Ltd, which narrowed its loss to Rs 32 lakh in FY 2022-23 from Rs 5.2 crore last year, is expected to return to profit this year. “We are expecting the company to return to profit this financial year,” Asthana said. On exports, he said Goodrich’s foreign exports are around 50 to 60 lakh kg which will remain the same this year as there is a “slowdown in the global market” due to volatility in oil prices across the world and geopolitical tensions.
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