Essar Ports Q3 FY15 net profit up 5% at Rs 98.3 crore
Essar Ports Limited (Essar Ports), part of Essar, today announced its unaudited results for the quarter ended December 31, 2014.
Highlights of Consolidated Results:
Revenue for the quarter stands at Rs 434.3 crore, an increase of 9% over corresponding quarter in FY14.
EBITDA at Rs 359.6 crore in Q3 FY15, an increase of 11% over corresponding quarter in FY14.
Commensurately, net profit for the quarter increased to Rs 98.3 crore which is 5% higher than in the corresponding quarter of FY14.
Earnings per share for Q3 FY15 was at Rs 2.30.
Business update:
Vadinar:
Completed 3,000 Safe Operation Days during the quarter.
Winner of the Environment Award at Lloyd's List Middle East and Indian Subcontinent Awards 2014.
Winner of the Port/Terminal of the Year - Health, Safety and Environment Award at Gujarat Star Awards 2014.
High commendation in both the Port Operator and Environment Awards categories at Lloyd's List Asia Awards 2014.
Key Updates:
Final forest clearance for Salaya terminal has been received and bund construction from land side is in full swing. Expected COD: October 2015.
Financial closure for Visakhapatnam iron ore terminal completed. Project expected to be taken over as an operating berth during Q4 FY15. Project will significantly enhance third party mix of the company and give strategic presence on the east coast after Paradip.
Project site for the development of coal terminal at Paradip Port is expected to be handed over by the Paradip Port Trust soon, post which project construction will start.
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.