Express distribution and supply chain solutions major Gati Ltd has reported a consolidated net loss of Rs 63 crore in the quarter ended March as compared to a net profit of Rs 8 crore in Q4 FY19.
Revenue from operations fell by 19 per cent year-on-year to Rs 370 crore from Rs 459 crore in the same period. Pre-tax loss stood at Rs 39 crore in Q4 FY20 as against a pre-tax profit of Rs 15 crore in Q4 FY19.
Consolidated net loss stood at Rs 78 crore in the year ended March (FY20) as compared to a net profit of Rs 18 crore in the year ended March last year (FY19). Revenue from operations fell to Rs 1,712 crore in FY20 over Rs 1,863 crore in FY19.
“The operating loss for quarter and financial year ended March 2020 is mainly attributable to a drop in cross-border e-commerce and TV-commerce business coinciding with a shift in domestic e-commerce market dynamics with increased price competitiveness due to key customers increasing investment in their own in-house logistics capacity,” the company said in a statement.
In case of the material subsidiary the loss for the quarter is due to certain provisioning and lower business in March due to the Covid-19 induced lockdown, it added.