Goodricke Group Limited announced its 43rd Annual General Meeting at the EZCC, Salt Lake Kolkata and reported a gross revenue of Rs. 7487.88 million for this year, vis-a-visRs. 7305.74 million of previous year.
Commenting on the Group’s performance at the AGM, P. J. Field, Chairman, Goodricke Group Limited shared how the Company has performed satisfactorily despite unfavourable industry conditions. He expressed his concerns over the spiralling cost of production per kg of tea with recent hike in worker wages and other input costs without commensurate rise in selling price of tea in the market; as this may result in a crisis in the Indian Tea Industry.
He further highlighted the company’s results of the year ended 31 March 2019 and mentioned about the phenomenal growth where Net Profit was Rs. 94.94 million vis-a-visRs. 317.22 million of previous year in spite the increase in wages and not commensurate rise in sale prices. Moreover, the Company proposed a dividend of 40% to all the shareholders.
The meeting also saw Mr. Atul Asthana, Managing Director & CEO, Goodricke Group Limited, talking about how the year 2019 marked the acquisition of Harchurah Tea Estate in Assam. He further discussed on the Company’s Production, Modernisation and Mechanisation, Instant Tea and Packet Tea, Goodricke Tea Pot, Acquisition and Sustainability plans, etc.
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