Gammon Infrastructure Projects Ltd on Wednesday reported a consolidated profit of Rs 223.46 crore for the quarter ended March. It had reported a consolidated loss of Rs 103.76 crore in the year-ago period, the company said in a BSE filing.
For the financial year 2019-20, consolidated profit declined to Rs 14.65 crore as against Rs 209.93 crore for 2018-19.
Total income during the fourth quarter fell to Rs 113.35 crore as against Rs 149.99 crore in the year-ago period.
Total expenses during the quarter under review slumped to Rs 208.30 crore as against Rs 242.22 crore in same period last year.
"The COVID-19 Pandemic has severely disrupted business operations due to lockdown and other emergency measures imposed by the governments. The operations of the company were impacted due to shutdown of projects and offices following the nationwide lockdown," the company said.
Various proposals for restructuring and settlement have been delayed on account of the non-availability of the officials and the office being shut, it said.
"The COVID-19 pandemic has compounded the problems due to all the restrictions on the movement of people, opening of offices and project work at sites, which was already at its slowest. The impact assessment of COVID-19 is a continuing process given the uncertainties associated with its nature and duration and accordingly the impact may be different from that estimated as at the date of approval of these financial results," it said .
The company will continue to monitor any material changes to future economic conditions, it said. The management does not expect any further adjustment beyond the assessments already made in the financial statements to the assets and liabilities, it added.
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