Andrew Yule hopes to come out of BIFR this fiscal

Diversified engineering PSU Andrew Yule & Company was expecting to come out of BIFR during the current financial year, an official of the company said.
"There are pending issues relating to Income Tax and provident fund (PF) for which the company is still under BIFR. I hope these issues will get resolved soon and hopefully be able to shed the BIFR tag this fiscal," Andrew Yule CMD Kallol Datta told PTI.
Referred to BIFR in 2003, the company made a turnaround in 2007 in posting a modest net profit and since then had been on the profitability track, Datta said.

"We are now making profits and the networth has also turned positive and accumulated losses of Rs 400 crore has been wiped out", he said.
Regarding performance of the company, he said that the tea division was contributing the highest revenue in the overall kitty.
"The tea unit is doing extremely well in terms of yields, quality and profits. Our main focus is directed towards this division", Datta said.
He said that the company had been continuing replantation exercise at the rate of 2.5 per cent each year.
The tea division's revenue touched Rs 180 crore, while the engineering and electrical divisions contribution was Rs 150 crore.