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BEML net up 53 per cent in 2017-18 (Lead)
Bengaluru, May 25 (IANS) State-run Bharat Earth Movers Ltd (BEML) on Friday reported net profit of Rs 130 crore for fiscal 2017-18, registering 53 per cent annual growth from Rs 84 crore in the previous fiscal 2016-17.
The company’s board of directors has recommended an annual dividend of Rs 8 per share (80 per cent) for the fiscal (FY 2018) to its retail and institutional investors.
In a regulatory filing to the BSE, the city-based defence behemoth said revenue from operations grew 17 per cent to Rs 3,305 crore for the fiscal under review (FY 2018) from Rs 2,835 crore year ago (FY 2017).
Although net profit for the fourth quarter (Q4) of the fiscal at Rs 188 crore remained flat 1.1 per cent annually from Rs 186 crore in the same period year ago, it grew sequentially a whopping 1,006 per cent from Rs 17 crore quarter ago.
“Revenue for the quarter under review (Q4) declined 5 per cent to Rs 1,253 crore from Rs 1,316 crore in the like period year ago, but shot up 71 per cent sequentially from Rs 732 crore quarter ago,” said the filing.
Profit before tax (PBT) grew 67 per cent annually to Rs 164 crore for FY 2018 from Rs 98 crore in FY 2017.
PBT for Q4 increased 11 per cent on year-on-year (YoY) basis to Rs 222 crore from Rs 200 crore in the same period year ago and 1,006 per cent from Rs 17 crore quarter ago.
“With the introduction of the Goods and Services Tax (GST) from July 1, 2007, revenue from operations does not include taxes and duties for the fiscal as against excise duty in the previous fiscal,” added the filing.
The company’s bluechip scrip of Rs 10 face value closed at Rs 951.45 at the end of trading on the BSE, gaining Rs 17.90 per share from Thursday’s closing price of Rs 933.55 after opening at Rs 936.70 earlier in the day.
“Mining and construction business grew 11 per cent, while rail and Metro business posted a record 114 per cent growth in production and sale of 244 coaches and defence business 10 per cent,” company Chairman D.K. Hota told reporters here.
The company began the new fiscal (2018-19) with an order book of Rs 6,700 crore.
“We have set a challenging target for the fiscal to realise our potential, as business prospects are encouraging,” said Hota.
Admitting that the mining and construction market was competitive and unpredictable, Hota said the company was deploying 150-tonne and 190-tonne dumpers for user trials in line with the shift in the market trend.
Revenue from sale of equipment to the coal sector increased 79 per cent and non-coal segment 28 per cent during the fiscal.
“We have delivered the first 3-car train set for the Bengaluru Metro service from whose operator we have a contract to supply 150 cars. Two train sets have been supplied to the Kochi Metro service in Kerala,” Hota added.
–IANS
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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.