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Adani Ports Q1 net profit falls 26% to Rs 758 crore

Adani Ports Q1 net profit falls 26% to Rs 758 crore

Adani Ports Q1 net profit falls 26% to Rs 758 crore
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By PTI Aug 11, 2020 6:09:24 PM IST (Published)

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported 26.33 per cent decline in its consolidated profit to Rs 757.83 crore for the first quarter ended June 30.

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported 26.33 per cent decline in its consolidated profit to Rs 757.83 crore for the first quarter ended June 30.

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The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,028.69 crore in the corresponding period a year earlier, the company said in a BSE filing.
Its total income declined to Rs 2,749.46 crore for the first quarter as against Rs 3,216.92 crore in the year-ago period.
The company's total expenses during the quarter under review rose to Rs 1,805.24 crore, compared to Rs 1,796.34 crore in the year-ago period.
"In the first quarter of FY21, we were able to perform operationally at par with pre-COVID levels. We kept supply chain running and stood by our customers to prove as a bankable service provider at all times ensuring stronger customer relationships and stickiness in cargo.
"During this period, we relooked at fundamentals of port operations and realigned costs, thus maintaining Port EBIDTA (earnings before interest, taxes, depreciation, and amortisation) margin of 70 per cent," Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said in a statement.
Adani said with the worst behind, APSEZ has emerged operationally stronger and resilient to externalities.
"Our focus continues on further improving efficiencies, reducing costs and closing out value accretive acquisitions namely Krishnapatnam Port and Dighi Port. We are happy to inform that we have signed up with Science Based Targets initiative (SBTi) and Task Force on climate related financial disclosure (TCFD) for reducing carbon emission with a commitment to become carbon neutral by 2025," he said.
The company has diversified its board by inducting PS Jayakumar as an independent director, he noted.
The resilience in the business is a testimony of the team's commitment to excel, Adani said.
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