Essar Ports Q1 profit increases by 73 per cent to Rs 68.5 crore [25 July 2012]

Essar Ports Limited (EPL), part of the Essar Group, has announced 73 per cent  rise in net profit at Rs 68.5 crore for the first quarter ended June 30.
During the quarter, Essar Ports’ revenue increased by 18 per cent  to Rs 330.3 crore from Rs 278.5 crore in Q1FY12, EBITDA increased by 23 per cent  to Rs 271.3 crore from Rs 220.3 crore in Q1FY12. According to statement released by the company, “Revenue from 3rd party customers contributed around 4 per cent  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, Rajiv Agarwal, CEO & Managing Director, Essar Ports said, “87 per cent  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.”
Essar Ports handled 12.65 million ton of cargo during the first quarter compared to 11.20 million ton in Q1FY12 registering an increase of 13 per cent . It’s Hazira port handled 3.58 million ton of cargo during Q1FY13 compared to 2.79 million ton in Q1FY12 registering an increase of 28 per cent  whereas Vadinar port handled 9.07 million ton of cargo during Q1FY13 compared to 8.41 million ton in Q1FY12 registering an increase of 8 per cent .
Paradip Coal berth, the upcoming project of the company, recently received the final forest clearance from Ministry of Environment & Forest; construction is expected to commence shortly and completed in 24 months. According to Mr. Agarwal, “Construction work for the iron ore terminal at Paradip is progressing well with 94 per cent  of project is already completed and terminal is expected to be commissioned in 2nd quarter of current financial year.” 

6