Adani Ports and Special Economic Zone, the integrated logistics company, has reported a 26.2 percent year-on-year decline in consolidated profit at Rs 757.8 crore for Q1 FY21, impacted by the lockdown.
Consolidated revenue from operations fell 18 percent to Rs 2,292.7 crore compared to same period last year as cargo throughput dropped YoY.
"Due to all India lockdown imposed from last week of March, cargo throughput witnessed a decline of 27 percent, resulting in an 18 percent decline in consolidated revenue. However, there has been a steady increase in cargo throughput across ports from July," company said in its BSE filing.
During July, APSEZ handled cargo volumes of 18.30 million tonne, a growth of 6 percent YoY and 31 percent month-on-month. "This trend gives us confidence that worst is behind us and going forward cargo volume in FY21 is expected to stabilise," the management said.
The shift from road to rail and increase in services enabled Adani Logistics to achieve a revenue of Rs 200 crore, up 10 percent YoY.
At operating level, earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 24.5 percent YoY to Rs 1,394.2 crore and margin declined 530 bps to 60.8 percent.