Essar Ports Ltd Q1 FY14 net profit up 48% to Rs101.4 crore
Essar Ports Ltd (Essar Ports), part of the Essar Group, today announced its unaudited results for the quarter ended June 2013, said in the company's press release.
Highlights of consolidated results:
Net profit for Q1 FY14 increased by 48% to Rs101.4 crore from Rs68.5 crore in Q1 FY13.
Revenue for Q1 FY14 increased by 22% to Rs403.7 crore from Rs330.3 crore in Q1 FY13.
EBITDA for Q1 FY14 increased by 21% to Rs327.9 crore from Rs271.3 crore in Q1 FY13.
Earnings per share for Q1 FY14 were at Rs2.37 as against Rs1.65 for Q1 FY13.
14.08 million tonnes of cargo handled during the quarter as against 12.65 million tonnes of cargo handled during Q1 FY13 registering a growth of 11%.
Other highlights:
Essar Ports has won the bid for the development of three iron ore berths with a combined capacity of 23 MMTPA at Visakhapatnam Port for 30 years.
Industry stalwarts Mr Michael Pinto, Dr Jose Paul and Mr NC Singhal join the Essar Ports Board as Independent Directors. Company intends to make the board more effective and broad based with these Independent Directors of eminence.
Speaking on the key highlights for the year, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd, said, “Our performance has been exceeding the expectations for the past two years and we are confident of delivering good results in the coming quarters. Our third party terminals of Paradip and Vizag will bring us a good customer mix. We have further strengthened our Board with professionals, which will help bring about stronger corporate governance, and guide us in the company's growth."