The company said after relaxations in the nationwide lockdown due to COVID-19 pandemic, it has commenced construction activity in a phased manner, adhering to the prescribed safety measures at all project sites.
Highways builder Ashoka Buildcon on Tuesday reported a 68 per cent jump in standalone PAT at Rs 164.2 crore for the quarter ended March 31, 2020. The company had clocked a profit after tax (PAT) of Rs 98 crore in the corresponding quarter of previous year, it said in a filing to the BSE.
Its revenue during the quarter under review declined to Rs 1,289.3 crore from Rs 1,345.4 crore in the year-ago quarter.
Expenses also declined to Rs 1,025.8 crore as against Rs 1,125.9 crore in the year-ago quarter.
The company said after relaxations in the nationwide lockdown due to COVID-19 pandemic, it has commenced construction activity in a phased manner, adhering to the prescribed safety measures at all project sites.
Toll collection resumed across all toll plazas from April 20, 2020 and "within 3 weeks, we have reached 60-70 per cent pre-COVID toll collections levels", it said
However, the company added that due to the sudden halt in construction activities and tolling activities, revenue and profitability will be impacted in near- term and it is focusing on stringent cost control measures to minimise the impact of crisis on profitability and has established robust internal control systems with a review mechanism.
Ashoka Buildcon said its order book currently stands at Rs 8,980.9 crore which will help the company in carrying on its operations smoothly.
"Currently, we are operating at 50-70 per cent of required workforce and expect to reach at normal level in near-term," it said, adding that it is difficult to ascertain the material impact of COVID-19 on the business for FY21 at this stage.Join the Moneycontrol Rule the New Normal powered by Lenovo webinar on the 18th of June. REGISTER NOW!
