Companies

I-T sleuths conduct raids at Antony Waste Handling Cell offices, subsidiaries

Our Bureau Mumbai | Updated on October 17, 2021

The company says the proceedings have absolutely no impact on performance

The Income Tax department has conducted search at the offices of Antony Waste Handling Cell and three of its subsidiary companies.

The company, in a regulatory filing, said the Income Tax Department conducted a search at the company’s premises and that of three of its subsidiary companies -- AG Enviro Infra Projects, KL EnviTech and Antony Infrastructure and Waste Management Services.

The search proceedings were concluded on October 15, said the company without revealing the reason for the IT action.

The company has provided all assistance to the officials and furnished explanations, information and clarifications as sought by them, it added.

"We wish to inform that the proceedings have absolutely no impact on the operational performance of the company," it said.

Shares of the company have been yo-yoing. From a low of ₹ 369 on September 2, it rallied to ₹ 446 on September 14, but from there on it has been on a steady downtrend and touched a low of ₹ 345 on October 1, only to bounce back to ₹ 385 last Thursday.

The company had issued a positive update on its business performance for the September quarter. Its operating revenue (tipping revenue from Collection and Transportation, Mechanical Power Sweeping and Waste Processing) has shown a growth of about 9 per cent sequentially and 33 per cent on year-on-year basis.

Further, the company's total tonnage handled by the Collection and Transportation business (excluding those projects with fixed shifts/trips) was up 20 per cent year-on-year, while total waste processed by the company improved 12 per cent. Compost sales were down at 2,908 tonnes (3,327 tonnes).

The company said it has seen some revival in economic activities across various geographies, with the pace of growth differing significantly from region to region. This was confirmed in September quarter with tonnage improving in line with the unlocking measures and resultant commercial activities being initiated in regions where the company operates, it said.

Published on October 16, 2021

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