Adani Ports' fourth quarter net profit dropped 74 percent
Adani Ports and Special Economic Zone Limited (APSEZ) reported a net profit of Rs 340.21 crore in the last quarter of the last financial year ended March 31. This is 74 percent less than the same period a year ago. The net profit of the company was Rs 1,314.19 crore in the same period a year ago.
The company said in a statement that its consolidated total income in the fourth quarter fell slightly to Rs 3,360.17 crore. Its total income in the fourth quarter last year was Rs 3,492.72 crore. Its total expenditure in the quarter stood at Rs 3,099.18 crore as against Rs 1,840.35 crore in the same period a year ago.
The company has said in the information given to the Mumbai stock market that it will reduce its operating costs in the current financial year 2020-21 and capital expenditure will also be reduced to Rs 2000 crore. The company has said that it will diversify its work. It wants to facilitate transportation of all types of cargo from its ports. The company stated that it added LNG (Liquefied Natural Gas) and LPG (Liquefied Petroleum Gas) haulage facilities to its facilities during April-March 2019-20. Chief Executive Officer of the company Karan Adani said that we have also taken steps in the field of logistics. We have own racks (racks of goods trains), inland freight transport centers, at our ports Attention is being paid to expansion of storage facilities and end-to-end contact facilities. He said that the company has set a target to reduce its operating costs in the current financial year as well as limit capital expenditure to Rs 2000 crore.
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