Essar Ports' Quarterly Net Profit Doubles to Rs90.4 Crore
OREANDA-NEWS. Highlights of consolidated results:
1. Highest-ever cargo handled in a quarter for Essar Ports at 14.34MMT, up from 9.94MMT in Q3FY12, an increase of 44%. For Q1-Q3 FY13, cargo handled increased by 29% to 39.71MMT as against 30.87MMT in Q1-Q3 FY12.
2. Net profit for Q3FY13 increased by 101% to Rs90.4 crore from Rs 45.0 crore in Q3FY12. For Q1-Q3FY13, the net profit increased by 91% to Rs239.5 crore from Rs125.4 crore in Q1-Q3FY12
3. Earnings per share for Q1-Q3FY13 were at Rs5.60 as against Rs3.06 for Q1-Q3FY12
4. Revenue for Q3FY13 increased by 33% to Rs.367.0 crore from Rs 276.8 crore in Q3FY12. For Q1-Q3FY13, the Revenue increased by 25% to Rs 1044.8 crore from Rs 834.4 crore in Q1-Q3FY12
5. EBITDA for Q3FY13 increased by 34% to Rs 294.9 crore from Rs 219.4 crore in Q3FY12. For Q1-Q3FY13, the EBITDA increased by 27% to Rs 853.4 crore from Rs 670.4 crore in Q1-Q3FY12
Essar Ports Ltd. (Essar Ports), part of Essar , today announced its unaudited results for the quarter ended December 2012.
The company commissioned the state of the art 16 MMTPA Dry Bulk Terminal at Paradip, with a fully mechanized ship loading system with a capacity of 5,000 tons per hour. It is one of the most modern terminals of its type in India, connected to the stockyard by a 9km long covered conveyor system having a capacity of 5,000 tons per hour. The fully mechanized stock yard has 2 Reclaimers with a capacity of 2500 tons per hour each.
During Q3 FY13, the company's terminals handled a record 180 ships, as against 114 ships handled for the corresponding quarter the previous year.
The company's commitment towards Health, Safety & Environment was highlighted with the company winning the following awards:
Award for Outstanding Environment Protection at the India Shipping Summit for innovation and best practice in minimizing marine pollution and the protection of marine environment for Vadinar Oil Terminal.
Port / Terminal of the year award in the field of Health Safety & Environment at the Gujarat Star Awards 2012 for Vadinar Oil Terminal.
Speaking on the key highlights for the quarter, Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: "With the commissioning of the Paradip Dry Bulk Terminal, and significant progress in our ongoing projects, we have completed almost 80% of our committed capital expenditure plan. We have grown appreciably in revenues and cargo handling during the year, we hope this trend to continue in the coming few years as our planned projects keep getting commissioned and cargo keeps growing."