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Andrew Yule says its 2016-2017 revenue was higher than the previous year's revenue
Kolkata, Sep 19 (IBNS): Andrew Yule, a public sector company under the Ministry of Heavy Industries and Public Enterprises, said they have made a significant profit in the 2016-2017 fiscal year.
The information was provided during Andrew Yule & Co. Ltd's 69th annual general meeting, which was held at The Bengal Chamber of Commerce and Industry (BCC&i) premise on Monday.
The revenue of the company recorded in the fiscal year 2016-2017 was higher than the previous one.
In the 2016-2017 fiscal year, the revenue generated was Rs. 449.35 as compared to Rs. 389.98 in FY 2015-2016.
The Profit before Tax (PBT) for FY 2016-2017 was Rs. 33.92 crores as compared to Rs. 9.27 crores in FY 2015-2016, which is more than three times.
The Profit after Tax (PAT) also increased by more than three times in the 2016-2017 fiscal year.
The tea division, which is under Andrew Yule, despite the ongoing political unrest in Darjeeling, reported a significant success in the fiscal year 2016-2017, the company said.
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The tea division bagged several top slots as far as its gardens were concerned, ranked by Joint Brokers’ publication.
Chairman and managing director of Andrew Yule, Debasis Jana, said they were not much affected by the political unrest in Darjeeling.
Jana said: "We are not hit so much by the political unrest in Darjeeling since we have only one garden there. Fourteen out of our 15 tea gardens are outside Darjeeling."
"We will feel the impact on Mim tea garden, which is in Darjeeling. We have already discussed the possible impact on the Mim tea garden. We are ready to accept a setback and a loss of around two crore rupees. We will try to cover up the loss with the help of other tea gardens," the chairman added.
Jana said the ongoing political unrest in Darjeeling might impact the price of the tea in the state and he expects an overall rise of approximately Rs. 10 per kg.
The chairman of Andrew Yule also highlighted the difficulties being faced by the Hooghly printing press.
Jana said Hooghly printing press, which is under public sector, is suffering due to lack of orders from the West Bengal government.
"Hooghly printing unit has a problem related to orders because it is a public sector unit. Here there are government rules and regulations, fixed pay scales so they are unable to compete with the ordinary printing press units."
(Reporting by Souvik Ghosh)
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