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The net profit of Adani Ports and Special Economic Zone Ltd (APSEZ) plunged 74 per cent in the January-March quarter to ₹340.21 crore from ₹1,314.19 crore a year earlier.
India’s biggest private port company reported a 5 per cent dip in operating revenue during the fourth quarter to ₹2,921.19 crore from ₹3,082.49 crore a year ago.
In FY21, APSEZ said it will reduce operating costs and cut capex to ₹2,000 crore as the global trade reels under the impact of the coronavirus pandemic.
“Focus will be on conserving cash, generating higher free cash flow and increasing the return on capital employed (ROCE) from our business,” the company said in a statement after a board meeting.
For the full year FY20, APSEZ’s net profit declined 5 per cent to ₹3,784.53 crore from ₹4,044.75 crore, mainly due to a forex loss of ₹1,626 crore while its revenue jumped 9 per cent to ₹11,873.07 from ₹10,925.44 crore a year ago boosted by port and logistics revenue, the company said.
The nine ports and terminals run by APSEZ handled 223 million tonnes (mt) of cargo in FY20, registering a growth of 7 per cent over the previous year. In containers, it handled 6.25 million TEUs, clocking a growth of 8 per cent.
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