Essar Ports Ltd H1FY14 net profit up 33% to Rs 198.90 crore
Essar Ports Ltd. (Essar Ports), part of Essar, today announced its unaudited results for the quarter ended September 2013, the company said in its press release.
Highlights of consolidated results:
Net profit for Q2 FY14 increased by 21% to Rs 97.5 crore from Rs 80.5 crore in Q2FY13. For H1FY14, the net profit increased by 33% to Rs 198.9 crore from Rs 149.1 crore in H1FY13.
Earnings per share as at H1FY14 were at Rs 4.65 as against Rs 3.53 for H1FY13.
Revenue for Q2 FY14 excluding trade revenues to fulfill export obligations increased by 14% to Rs 398.1 crore from Rs 348.3 crore in Q2 FY13. For H1FY14, the revenue excluding trade revenues to fulfill export obligations increased by 18% to Rs 801.8 crore from Rs 677.8 crore in H1FY13.
EBITDA for Q2FY14 increased by 13% to Rs 324.2 crore from Rs 287.1 crore in Q2FY13. For H1FY14, EBITDA increased by 17% to Rs 652.1 crore from Rs 558.4 crore in H1FY13.
13.01 million tons of cargo handled during Q2FY14 as against 12.70 million tons of cargo handled during Q2 FY13.
Speaking on the key highlights for the quarter, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “Our performance is consistent with the growth targets we have set for ourselves and we are confident of delivering good performance in the coming quarters. We will further strengthen our performance once we execute the projects in hand and third party terminals at Paradip and Vizag."
Eventful first half:
Company achieved 25% minimum public shareholding requirements of SEBI by successfully completing dilution through Offer for Sale.
Won the bid for 23MMTPA iron ore terminal at Vizag. Project will significantly enhance third party mix of the company and gives strategic presence on the east coast after Paradip.
The company declared dividend of 5% for FY 2012-13.
Salaya Jetty construction completed.
Operations on track:
13.01 million tons of cargo handled during Q2 FY14 as against 12.70 million tons of cargo handled during Q2 FY13.
27.08 million tons of cargo handled during H1 FY14 as against 25.36 million tons of cargo handled during H1 FY13.
Company has earned trade revenues and incurred purchase expenses of Rs 301.92 crore each during the quarter on account of fulfilling export obligations under EPCG.
Vadinar terminal completed 2500 loss time injury free days during the quarter and also completed over 1 million accident free man hours reflecting the QHSE of the terminal operations.
Vadinar terminal won the safety award in Lloyds List Middle East and Indian Subcontinent Awards 2013.
Hazira expansion project obtained Consent to Establish (CTE) from GPCB for the expansion project.
Hazira terminal received Gold Award in the Greentech Safety Awards 2013.
About Essar Ports
Essar Ports Ltd. is one of the largest port companies of India, with a current capacity of 104MMTPA. The capacity is being expanded to 181MMTPA over the next few years.
Essar Ports has three operational terminals at Hazira, Vadinar and Paradip. The Hazira port is an all-weather, deep-draft port with 30MMTPA of dry bulk and break bulk cargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58MMTPA of liquid cargo handling capacity. Paradip dry bulk terminal was commissioned in December 2012 and is an all-weather, deep-draft port with 16MMTPA of dry bulk cargo handling capacity.
Essar Ports is currently developing one terminal at Paradip which will be a coal berth of 14MMTPA. The company is also setting up a dry bulk terminal at Salaya with a capacity of 20MMTPA. Additionally, the company plans to expand its Hazira port capacity by 20MMTPA – taking its capacity to 50MMTPA. Essar Ports has won the bid for the development of three iron ore berths totaling 23MMTPA at Visakhapatnam Port.