Bulk tea major McLeod Russel India on Friday reported 98 per cent jump in its profit at Rs 37.33 crore for the quarter ending June 30. Sales was at Rs 147.31 crore for the quarter as compared to Rs 122.47 crore in the comparable period last year. The company would deposit another Rs 70 crore in September to Nabard under section 33AB of the IT Act to raise the total corpus to Rs 150 crore,McLeod Managing Director Aditya Khaitan said.. This Rs 150 crore will be good enough to meet 5-6 years of capex in our existing operations, he said. Under section 33AB,deposit to Nabard offered tax benefit and could be used only for capital expenditure. McLeod was expecting a better year ahead with crop shortage globally and higher price realisation of Rs 15-16 per kg. McLeod is expecting to produce 104 million kg on consolidated basis in India and aboard during 2011-12.
