New Delhi, May 5 (PTI) Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported 74 per cent decline in consolidated net profit to Rs 340.21 crore for the fourth quarter ended March 31.
The country’s largest integrated logistics player had clocked consolidated net profit of Rs 1,314.19 crore in the corresponding period a year earlier, the company said in a BSE filing.
Its consolidated total income marginally declined to Rs 3,360.17 crore for the fourth quarter as against Rs 3,492.72 crore in the year-ago period.
Total expenses during the quarter under review rose to Rs 3,099.18 crore as against Rs 1,840.35 crore.
“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. We have also increased our logistics footprint by focusing on increasing connectivity to our ports through our own rakes, inland freight terminals, warehousing solutions and concentrating on end mile connectivity,” Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said.
As a strategy, the company always maintained a liquidity cover of 2x. While it is planning to reduce operating costs, the firm aims to curtail Capex to Rs 2,000 crore for FY21.
Adani said the focus will be on conserving cash, generating higher free cash flow and increasing the ROCE from the business.
He said considering the current situation due to spread of COVID-19, APSEZ is implementing the government’s operating procedures at all its ports with safety of the workforce as a top priority.
Operational staff is quarantined at ports with necessary arrangements in place for safe work environment, he said, adding hygiene, sanitization of workplaces and sites are a top priority, and has enabled 100 per cent thermal scanning.
“Majority of our administrative staff are working from home. Ports fall under essential services and as such all our ports are operating efficiently during this period of crises to ensure that supply chain of essential goods is not disrupted,” Adani added.