Adani Ports & SEZ's net profit drops by a whopping 74%
New Delhi: Adani Ports and Special Economic Zone Ltd’s consolidated net profit dropped by a whopping 74 percent to Rs 340.21 crore for the fourth quarter of the 2019-20 fiscal. The company had reported a consolidated net profit of Rs 1,314.19 crore in the same period of the previous fiscal.
The company consolidated total income too dropped to Rs 3,360.17 crore for the fourth quarter of the 2019-20 fiscal as compared to Rs 3,492.72 crore in the same period of the previous fiscal. The total expenses of the company went up to Rs 3,099.18 crore as compared to Rs 1,840.35 crore, it said in a regulatory filing.
"In fiscal 2019-20, 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 and warehousing solutions," said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ.