Mcleod Russel net loss contracts in Q1FY18

Mcleod Russel reported its results for the quarter ended June 30, 2017 on Tuesday.

The company reported total sales of Rs 193.4 crore for Q1FY18, which represents a 48.7 per cent sequential decline and 8.1 per cent YoY increase.

Its operating loss (EBIT) for the quarter declined substantially to Rs 10.24 crore as against operating loss of Rs 238.04 in the preceding quarter and operating loss of Rs 34.91 in Q1FY17.

The company reported net loss of Rs 1.66 crore as against net loss of Rs 107.83 crore in the preceding quarter.

Mcleod Russel is primarily engaged in the business of cultivation, manufacture and sale of tea and is managed organisationally as a single unit. 

The company's stock opened at Rs 182 and touched an intra-day low of Rs 178 to close at Rs 180.95 on the BSE.