Essar Ports Ltd. net profit up 22% to Rs 292.9 crore for the nine months ended December 2013
Essar Ports Ltd. (Essar Ports), part of Essar, today announced its unaudited results for the quarter ended December 2013, the company said in its press release.
Highlights of consolidated results:
Net profit for the nine-month period ended December 2013 increased by 22% to Rs 292.9 crore from Rs 239.5 crore in the same period in the previous year. For Q3FY14, the net profit increased by 4% to Rs 94 crore from Rs 90.4 crore in Q3FY13.
Earnings per share for the nine-month period ended December 2013 was Rs 6.85 as against Rs 5.60 for the same period in the previous year. Earnings per share for Q3FY14 was Rs 2.20 as against Rs 2.11 for Q3FY13.
Revenue for the nine-month period ended December 2013 (excluding trade revenues to fulfil export obligations) increased by 15% to Rs 1200.6 crore from Rs 1044.8 crore in the same period in the previous year. For Q3 FY14, the revenues increased by 9% to Rs 398.8 crore from Rs 367.0 crore in Q3FY13.
EBITDA for the nine-month period ended December 2013 increased by 14% to Rs 976.2 crore from Rs 853.3 crore in the same period in the previous year. For Q3FY14, EBITDA increased by 10% to Rs 324.2 crore from Rs 294.9 crore in Q3FY13.
Speaking on the key highlights for the quarter, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “Our financial results highlight the consistent performance we have shown over the past few years. In the coming quarters, we expect to handle higher cargoes driven by increased offtake from anchor customers and an increase in third-party cargo. Our focus is on completion of existing projects, which will double our volumes in the next two to three years."
Key highlights:
The Vizag terminal concession agreement signed with Vishakhapatnam Port Trust on December 13, 2013.The 23-MTPA project will be developed over a period of three years. Essar Ports will take over the two outer harbor berths soon and the operation and upgradation of the terminal will be undertaken simultaneously.
Paradip coal terminal construction is expected to start soon, as the Supreme Court has dismissed all the petitions filed by port users occupying the land during December 2013. The Paradip Port Trust has initiated action to vacate the land earmarked for the terminal.
The Hazira terminal was adjudged winner of the Port/Terminal of the year – Health, Safety, Environment at the Gujarat Star Awards 2013.
The Vadinar Terminal received the safety award from Lloyd’s List Middle East & Indian subcontinent 2013 during the quarter.
The Vadinar Terminal has also received runners up award for Best Port of the year & Port/Terminal of the year (Health, Safety & Environment) at the Gujarat Star Awards 2013.
About Essar Ports
Essar Ports 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 port 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 also plans to develop a coal terminal at Paradip of 14MMTPA capacity. 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.