The total turnover, however, was higher at Rs 703.70 crore from Rs 656.22 crore of the previous year, the higher expenditure resulted in lower profit, according to a company press release.

Total income for the quarter jumped by 14.13 per cent to Rs 233.02 crore from Rs 204.16 crore reported last year. Total income for the nine-month period rose to Rs 677.86 crore from Rs 642.76 crore in the corresponding period last year. Total expenditure for the quarter shot up to Rs 190.26 crore from Rs 165.63 crore incurred in the same period last year.

According to a company release, the all India production of tea for 1999 is estimated to be 65 metrickg lower than the previous year due to adverse weather conditions. Despite this lower crop, all India auction prices, particularly in south India have been substantially below price levels achieved last year.

While the company's overall turnover has increased by about five per cent, the sales volume of branded tea products have increased by around 16 per cent. Significantly, additional expenditure has been incurred for establishing the company's growing branded tea business. Provision for new wage revision in the plantations with effect from april one, 1999 has also been made in the quarter ended December 31, 1999.

In January 2000, the company has received a substantial dividend from its wholly-owned subsidiary amounting to Rs 19.60 crore which has not been taken into account on a pro-rata basis for the nine-month period. However, it will be fully reflected in the results for the fourth quarter and the year ending March 31, 2000, the release said.