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On a consolidated basis, Container Corporation of India (CONCOR) s net profit slumped 94.1% to Rs 18.58 crore on 23.5% increase in net sales to Rs 1,956.69 crore in Q4 March 2021 over Q4 March 2020.Profit before tax (after exceptional items) tumbled 90.4% to Rs 39.33 crore in Q4 FY21 as against Rs 410.88 crore in Q4 FY20. In the previous years, the company was providing liability for post retirement medical benefits for retired employees. However, during the current year, actuarial valuation has got done for the expected liability for all employees of the company, as all employees after superannuation or separation after rendering services for continued period of 20 years are entitled for such benefits. Due to this, during the current year, an amount of Rs 72.84 crore has been provided, out of which Rs 67.33 crore has been charged to statement of profit & loss and Rs 5.51 crore has been included in other comprehensive income, the company said.
Rs 5.6 crore worth red sanders seized
The container was found to have been meticulously filled with small pavement granite stones so as to camouflage the contraband red sanders .
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| A+A A- By Express News Service
CHENNAI: The Chennai seaport customs on Saturday seized 7.4 metric tonnes of prohibited red sanders consignment worth Rs 5.60 crore, destined to Taiwan under the guise of pavement stones, according to a release. Working on specific intelligence about smuggling of red sanders to South East Asian countries from where ultimately it lands to China, having largest international market for this endangered species, Customs officers under Special Intelligence and Investigation Branch (SIIB) gathered intelligence across the seaport area, Container Freight Stations (CFSs) and around the places for over a week.
Some of the red sanders logs seized by customs in Chennai
CHENNAI: Chennai seaport customs seized 7.4 metric tonne of red sanders logs, worth Rs 5.6 crore, which were being smuggled to Taiwan. The consignment was declared as pavement stones.
An official release said customs had been working on specific intelligence about smuggling of red sanders to South East Asian countries from where ultimately it reached China.
Customs worked in close coordination with another intelligence organization in this operation. Surveillance was stepped by customs’ Special Investigation and Intelligence Branch (SIIB). They were working on various sources of intelligence and conducting surveillance over the entire Chennai seaport area, Container Freight Stations (CFSs) and around the places for over a week day and night.