Essar Ports' net profit jumps 7% in Q1 FY16
Essar Ports Limited, the second largest private sector port operator in India, today announced its unaudited results for the Quarter ended June 2015.
During the quarter under review, Essar Ports took over Visakhapatnam iron ore outer harbor terminal. This has increased the Operating capacity from 104 Million Metric tonnes per annum (MMTPA) to 120 MMTPA. The operating capacity is expected to increase to 140 MMTPA by March 2016 and 194 MMTPA by 2018. The total capital employed till date is approximately Rs 10,000 crores.
Visakhapatnam Iron ore outer harbor terminal is an existing operating port which was earlier operated by Visakhapatnam port trust. The takeover of operations at this port gives ready third party cargo to the company.
About Essar Ports
Essar Ports is one of the largest port companies of India, with a current capacity of 120 MMTPA. The capacity is being expanded to 194 MMTPA over the next few years.
Essar Ports has four operational port terminals at Hazira, Vadinar, Paradip and Vizag Iron Ore. 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 Vizag terminal is an operational berth taken over on 14th May 2015 having capacity of 16 MMTPA.
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 capacity addition of additional iron ore berths at Visakhapatnam Port with a total capacity of 16 MMTPA. The Company also plans to develop a coal terminal at Paradip of 18 MMTPA capacity and additional liquid cargo handling facility at Vadinar.
