Adani Ports, India’s largest integrated logistics company, today announced a 30.51 percent drop in consolidated net profit for the September quarter to 968.34 crore, down from 1,393.69 crore a year ago. The corporation also stated that it will be exiting its Myanmar investment.
In a BSE filing, Adani Ports and Special Economic Zone Ltd (APSEZ) reported its total consolidated income grew to 4,066.78 crore in the second quarter, up from 3,423.16 crore the previous quarter.
According to Reuters, the corporation also stated that it would abandon its stake in Myanmar by June of next year.
In June, the business warned it would quit the Myanmar container terminal project and write off the investment if it was discovered to be in violation of US sanctions.
“The Company is discussing its compliance with the OFAC [Office of Foreign Assets Control] sanctions programmes with its US-based lawyers. In the event that Myanmar is designated as a sanctioned country by OFAC, or if OFAC determines that we are in violation of present sanctions, the business intends to quit the project and write down its entire investment “In a filing on Wednesday, Adani Ports stated.
The write-down, according to the corporation, will have no major impact on the balance sheet because it amounts to roughly 1.3 percent of the company’s total assets.
