Calcutta, June 4: Warren Tea Ltd has reported a loss for the first time since it split its assets with James Warren Tea in 2012.

The company reported a net loss of Rs 15.17 crore for the financial year ended March 31, 2017, compared with a net profit of Rs 4.58 crore in 2015-16.

"We made only 6.2 million kg of crop last year against around 7.5 million kg in a normal year, leading to this poor performance," Vivek Goenka, executive director of Warren Tea Ltd, told The Telegraph.

The company's net sales dipped 20.66 per cent to Rs 108.78 crore in 2016-17 from Rs 137.11 crore a year ago.

"The main reason for the lower crop was massive pest attacks during the months of May to August. In addition, severe hailstorm damaged crops in three of our gardens last year during the peak season that fetches the best price. However, the costs in the gardens are fixed, putting a lot of pressure on the company," Goenka said.

In 2012, the promoters of Warren Tea Ltd, Anil Kumar Ruia and Vinay Kumar Goenka, father of Vivek, split their 14 estates and other assets between themselves to settle their dispute over the control of the company, resulting in the formation of James Warren Tea Limited. The new entity now belongs to Ruia.

At present, Warren Tea Limited owns seven estates - Deohall, Hatimara, Balijan North, Sealkotee, Duamara, Rupai and Tara - in Upper Assam, spread across 4,000 hectares of land with a workforce of around 15,000 workers.

"We are also working closely with the Tea Research Association to produce clones which are pest resistant and can adapt to climate change," said Goenka.