Essar Ports Ltd. Q2 FY15 net profit up 4% at Rs 96.1 cr
Essar Ports Ltd. (Essar Ports), part of the Essar, has announced its unaudited results for the quarter ended September 2014, the company said in its press release.
Highlights of Consolidated Results:
Revenue for the quarter increased by 1% at Rs. 435.3 crore as against Rs. 431.6 crore during previous quarter (Q1 FY15) and increased by 7% from Rs. 405.1 crore during corresponding quarter of previous year (Q2FY14)
EBITDA for the quarter increased by 4% to Rs. 361.4 crore from Rs. 346.8 crore during the previous quarter (Q1 FY15) and increased by 9% from Rs. 331.2 crore during corresponding quarter of previous year (Q2 FY14)
Net Profit for the quarter has increased by 4% to Rs. 96.1crore from Rs. 92.2 crore during the previous quarter (Q1 FY15) and reduced by 1% from Rs. 97.5 crore during corresponding quarter of previous year (Q2 FY14)
Earnings per Share as at Q2 FY15 were at Rs 2.25.
Business Update:
Billed traffic for the Quarter Q2 FY15 was17.73 MMT as per take or pay agreements whereas actual cargo handled was 12.62 MMT as against 13.01 MMT of cargo handled during Q2 FY14.
Paradip Dry Bulk Terminal was awarded with Dun & Bradstreet Infra award 2014 under the Port Project Category for project execution and success.
Epansion Projects:
Expansion project at Hazira has received environment clearance for 4.8km of berth length. Hazira will see expansion of berth by 1100m and the project construction is expected to start post receipt of the Gujarat Maritime Board approval.
After receipt of final forest clearance for Salaya terminal during the previous quarter, construction has commenced. Expected COD: October 2015
Vizag iron ore terminal project expected to be taken over as an operating berth during Q3 FY15. Project will significantly enhance third party mix of the Company and gives strategic presence on the east coast after Paradip.
About Essar Ports
Essar Ports is one of the largest port companies of India, with a current capacity of 104 MMTPA. The capacity is being expanded to 194 MMTPA 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 30 MMTPA of dry bulk and break bulk cargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58 MMTPA of liquid cargo handling capacity. The Paradip dry bulk terminal was commissioned in December 2012 and is an all-weather, deep-draft port with 16 MMTPA of dry bulk cargo handling capacity.
The Company is also setting up a dry bulk terminal at Salaya with a capacity of 20 MMTPA. Additionally, the Company plans to expand its Hazira port capacity by 20 MMTPA – taking its capacity to 50 MMTPA. The Company is also undertaking development of three iron ore berths at Visakhapatnam Port with a total capacity of 32 MMTPA. The Company also plans to develop a coal terminal at Paradip of 18 MMTPA capacity.
