Adani Ports reports 74% fall in Q4 consolidated net profit

Mumbai, May 5 (SocialNews.XYZ) Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday reported a 74.11 per cent fall in its consolidated net profit for the January-March quarter of the financial year 2019-20, compared to the same period in the last fiscal.

In a regulatory filing, the company reported a consolidated net profit of Rs 340.21 crore during fourth quarter of FY20, against Rs 1,314.19 crore in the year ago period.

Further, the company logged a total income of Rs 3,360.17 crore during the period under review, lower by 3.79 per cent compared to Rs 3,492.72 crore earned during Q4 of FY19.

For the financial year 2020, the company reported a consolidated net profit of Rs 3,784.53 crore, 6.4 per cent lower than Rs 4,044.75 crore.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said: "Our strategy to diversify and ability to handle all types of cargo enabled us to outperform and deliver another year of stellar operational and financial performance. In FY20, we added LNG and LPG into our cargo portfolio."

He further said that the company also increased the logistics footprint by focusing on increasing connectivity to our ports through own rakes, inland freight terminals, warehousing solutions and concentrating on end-mile connectivity.

"As a strategy, we always maintain a liquidity cover of 2x. In FY21, we will reduce our operating costs and capex will be curtailed to Rs 2,000 cr. Focus will be on conserving cash, generating higher free cash flow and increasing the ROCE from our business", Adani said.

Source: IANS