Adani Ports Q4 profit crashes 74% on forex loss

Stock Market

India’s largest port operator Adani Ports and Special Economic Zone (APSEZ) reported a 74% fall in internet profit within the final quarter of FY20 as a result of a big overseas trade loss. Net profit fell to Rs340.21 crore, from Rs1,314.19 crore within the January-March interval of the earlier fiscal.

For the complete 12 months, the corporate reported internet profit of Rs3,784.53 crore, down 6.4% year-on-year from Rs4,044.75 crore in FY19.

Operating income fell 5% year-on-year in Q4, to Rs2,921 crore whereas consolidated EBITDA (earnings earlier than curiosity, tax, depreciation and amortisation) fell 15% to Rs1,644 crore.

For the complete 12 months, cargo throughput was 223 million tonnes (mt), rising 7%.Mundra continues to be the biggest industrial port in India, dealing with 139 mt of cargo quantity in the course of the 12 months.

Shares of APSEZ fell 1.26% to Rs263.15 on Tuesday on the BSE.

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