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Biggest Tea Grower Sees Prices Boosting Profit: Corporate India

McLeod Russel Ltd., the world’s biggest tea grower, is forecasting the fastest profit growth in four years as rising consumption and a drop in global production boost prices to a record.

Net income at the Kolkata-based company may rise as much as 20 percent in the 12 months through March 31, Chief Financial Officer Kamal Baheti said in an interview. Prices may increase by an average 25 rupees (45 cents) a kilogram (2.2 pounds), or 18 percent over last year, as dry weather cuts output of black tea from Kenya to Sri Lanka, he said.