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Adani Ports Q4 net at Rs 927 cr dips 21% on more tax outgo

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Mumbai, May 3 (IANS) Adani Ports and Special Economic Zone (APSEZ) on Thursday reported 20.5 per cent fall in consolidated net profit at Rs 926.77 crore for the fourth quarter ending March mainly on account of higher tax incidence.

The Gautam Adani-led company, which is undertaking a major coal ‘pit-to-port’ integrated project including a rail link at Abbot Point in Australia, posted a profit after tax (PAT) of Rs 1,166.91 crore in the same quarter of the last fiscal, it said in stock exchange filing.

Revenue from operations during the quarter in consideration at Rs 3,183 crore was up 43 per cent as compared to the Rs 2,231 crore revenue last year.

Profit during the fourth quarter was impacted by the higher tax incidence of Rs 396 crore as compared to Rs 12 crore on the same account in the corresponding quarter of last year.

The higher figure for the quarter was owing to the end of the tax holiday period for the Mundra port in Gujarat.

For the entire fiscal 2017-18, although Adani Ports posted higher revenue from operations at Rs 11,323 crore as compared to Rs Rs 8,439 crore in the previous fiscal, PAT at Rs 3,690 crore came in over 5 per cent lower than Rs 3,892 crore during 2016-17.

The company’s earnings per share (EPS) for the quarter in question came in lower at Rs 4.48 as against Rs 5.63 earned in the January-March quarter a year ago.

The Adani Ports’ stock closed on Thursday at Rs 396.80 a share, down Rs 3.10 or by 0.78 per cent on its previous close on the Bombay Stock Exchange.

–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

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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.

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