Top News
CESC Ltd net profit up marginally in Q3 (Lead)
Kolkata, Feb 8 (IANS) Power utility firm CESC Ltd on Thursday reported a 1.3 per cent increase in its standalone profit after tax (PAT) to Rs 154 crore in the quarter ended December 31 as compared to Rs 152 crore in the year-ago period.
The company’s subsidiary Spencer’s Retail Ltd is expected to make a profit before tax (PBT) from the first quarter of the next fiscal, an official said.
The R.P. Sanjiv Goenka Group’s flagship company registered a sales growth of over 3 per cent in the quarter. Its revenue from operations for the December quarter was Rs 1,706 crore, up by 5.3 per cent, as against Rs 1,620 crore in the corresponding period of 2016-17.
Asked about the flat profit in the quarter, company Chairman Sanjiv Goenka said: “There is no increase in tariff.”
Responding to a query on the recent coal price revision, he said it had a definitive “cost impact”.
The company’s total expenses for the quarter under review were at Rs 1,622 crore as against Rs 1,511 crore in the same period of 2016-17.
Elaborating on CESC restructuring, he said, “The NCLT (National Company Law Tribunal) hearing is on. There will be final hearing later next month. Hopefully, it should get cleared…all the requisite clearances had happened.”
Speaking on the SRL, he said: “It is first quarter in which it registered positive PBDT (profit before depreciation and tax). Hopefully, it (Spencer’s) should be PBT (profit before tax)-positive April-June quarter (first quarter of 2018-19) onwards.”
Goenka said the retail company clocked Rs 570 crore sales in the December quarter and average sales per square ft was Rs 1,607.
He said seven stores across the country have been added in the last nine months of the current fiscal and six more would be opened by the end of this financial year.
“There will be greater focus on apparel and HWP categories and both are high-margin categories. We expect to see more sales growth,” he said.
The Group has also exited from the Au Bon Pain joint venture, Goenka said. “We are out of it.”
Au Bon Pain Cafe India Limited (ABPCIL) was a subsidiary of SRL, catering to the ‘fast casual restaurants’ segment as the Indian master franchisee of ABP Corporation, USA.
–IANS
bdc/nir/bg
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.