Essar Ports Q1 Profit Increases By 73 Percent To Rs 68.5 crores
By Pritha Dey
For the quarter ended June 30, 2012, Essar Ports’ revenue increased by 18 percent to Rs 330.3 crore from Rs 278.5 crore in Q1FY12, EBITDA increased by 23 percent to Rs 271.3 crore from Rs 220.3 crore in Q1FY12, Net Profit increased by 73 percent to Rs. 68.5 crore from Rs 39.6 crore in Q1FY12.
Revenue from third party customers contributed around four percent to the total revenue of the company during the quarter. The company’s debt has been reduced by Rs 165 crore during the quarter.
Speaking on these results, Mr. Rajiv Agarwal, CEO and Managing Director, Essar Ports Limited said, “87 percent of our committed capital expenditure has been completed and we expect the projects to be completed in phases by 2014. In line with the commissioning of the expansion projects, our earning and profitability will continue to grow”.
For the quarter ended June 30, 2012,Essar Ports handled 12.65 million ton of cargo compared to 11.20 million ton in Q1FY12 registering an increase of 13 percent.
Hazira handled 3.58 million ton of cargo during Q1FY13 compared to 2.79 million ton in Q1FY12 registering an increase of 28 percent. Hazira handled 2.55 lakh ton of third party cargo in Q1FY13 and contribution of third party revenue was eight percent in total revenue generated by the terminal. Hazira also won GreenTech Safety Sillver Award 2012 for outstanding achievement in safety management.
Vadinar handled 9.07 million ton of cargo during Q1FY13 compared to 8.41 million ton in Q1FY12 registering an increase of 8 percent. Vadinar terminal handled 1000th ship at its product berths during Q1FY13 and terminal won the prestigious Gold Award for Occupational Health & Safety from The Royal Society for Prevention of Accidents (RoSPA), UK.
Paradip Coal berth project recently received the final Forest Clearance from Ministry of Environment & Forest; construction is expected to commence shortly and completed in 24 months. Construction work for the iron ore terminal at Paradip is progressing well with 94 percent of project is already completed and terminal is expected to be commissioned in second quarter of current financial year.
Progress of the construction work of the Salaya project is good with all the important equipments like ship unloaders, ship loader are delivered at the site. Berth is close to completion, stack yard is operational and conveyor construction is in progress.