Ruia family controlled Essar Ports on Thursday posted a five fold increase in its net profit for the September-December quarter while its total revenue rose to Rs 276.78 crore from Rs 190.27 crore in the year ago period, The Economic Times reports.
"We are happy with our performance, and expect to continue with our high growth trajectory in the coming years. It has been a good quarter with significant progress on the regulatory approvals side, now the management focus is on completion of all the projects on time", said Rajiv Agarwal, MD, Essar Ports.
Essar Ports currently operate two ports at Hazira and Vadinar and is also developing terminals at Paradip in Orissa and Salaya in Gujarat. Essar now plans to expand its Hazira port capacity by 20 mt a year, the company said.
Essar is now looking at setting up of a port facility in Mozambique while the company's plan to set up a port facility in Canada has been put on hold. In addition, the port major is also looking to reduce its promoter holding by next year to 75 percent from the current 83 percent but maintained that it is not looking at a stake sale.
"We are happy with our performance, and expect to continue with our high growth trajectory in the coming years. It has been a good quarter with significant progress on the regulatory approvals side, now the management focus is on completion of all the projects on time", said Rajiv Agarwal, MD, Essar Ports.
Essar Ports currently operate two ports at Hazira and Vadinar and is also developing terminals at Paradip in Orissa and Salaya in Gujarat. Essar now plans to expand its Hazira port capacity by 20 mt a year, the company said.
Essar is now looking at setting up of a port facility in Mozambique while the company's plan to set up a port facility in Canada has been put on hold. In addition, the port major is also looking to reduce its promoter holding by next year to 75 percent from the current 83 percent but maintained that it is not looking at a stake sale.