Antony Waste Handling tumbles after I-T dept conducts raids

Antony Waste Handling Cell fell 4.12% to Rs 369.75 after the Income Tax department conducted search at the offices of the company and three of its subsidiary companies.

In a regulatory filing, Antony Waste Handling Cell 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 15 October 2021, the company said without disclosing the reason for the IT action.

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

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

On a consolidated basis, Antony Waste Handling Cell's net profit surged 129.90% to Rs 16.76 crore on 58.60% rise in net sales to Rs 145.37 crore in Q1 June 2021 over Q1 June 2020.

Antony Waste Handling Cell is one of the top five players in the Indian Municipal Solid Waste (MSW) management industry with an established track record of 17 years, providing full spectrum of MSW services which includes solid waste collection, transportation, processing and disposal services across the country, primarily catering to Indian municipalities. It is also present in the emerging waste management area in India which is MSW based Waste to Energy (WTE).

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