For the financial year 2019-20, consolidated profit declined to ₹14.65 crore as against ₹209.93 crore for 2018-19.
Total income during the fourth quarter fell to ₹113.35 crore as against ₹149.99 crore in the year-ago period.
Total expenses during the quarter under review slumped to ₹208.30 crore as against ₹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.
This story has been published from a wire agency feed without modifications to the text.