Essar Ports Profit Jumps 15%

 

Essar Ports Limited today announced its unaudited results for the full year and quarter ended March 2015.

Key Highlights:

·         Essar Ports takes over the Vizag Iron Ore outer harbor terminal with 2 berths on 14th May 2015. Existing operational terminal with no gestation period. Refurbishment of terminal to happen alongside operations.

Financial Performance for  FY’15

1.    Revenue for FY’15 is Rs. 1,741 cr, an increase of 6% against Rs 1,637 cr in FY’14.

2.    EBITDA for FY’15 is Rs. 1,416 cr, an increase of 7% against Rs 1,327 cr in FY’14.

3.    PAT for FY’15 is Rs. 391 cr, an increase of 2% against Rs 384 cr in FY’14.

4.    Earnings Per Share for FY’15 were Rs. 9.14

Financial Performance  for Q4 FY’15

1.    Revenue for the quarter is Rs. 440 cr, an increase of 1% against Rs 434 cr in Q3FY’15 and 6% increase against Rs 416 cr in Q4FY’14.

2.    EBITDA for Q4 FY’15 is Rs. 348 cr, a decrease of 3% against Rs 359 cr in Q3FY’15 and an increase of 6% against Rs 330 cr in Q4FY’14.

3.    PAT at Rs. 104.6 cr, an increase of 7% against Rs 98.3 cr in Q3FY’15 and 15% increase against Rs 90.8 cr in Q4FY’14.

Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. commented: “The Company has delivered another quarter of consistent growth in financial performance. The emphasis is on development of world class facilities and to complete the projects in hand in time. The Company has now received all pending approvals related to environment and land clearances. We are happy to announce takeover of operations of Vizag outer harbor iron ore terminal which is an existing operational project with no gestation period.”

Business Update:

Ø  Billed traffic during Q4FY15 is 18.43 MMT as against 18.08 MMT in Q4FY14.

Ø  Billed traffic during FY15 is 73.00 MMT as against 72.16 MMT during FY14.

Ø  Awards and accolades earned during the year

o   Vadinar

§  Won Greentech Safety Award in Gold Category

§  Was accorded Port/ Terminal of the Year (HSE) in Gujarat Star Awards

§  Won Environment Award – Lloyd’s list (Middle east & Indian subcontinent) Award

o   Paradip

§  Won outstanding project execution award under Dun & Bradstreet's Infra Awards 2014

§  Won 4th Annual Greentech CSR Award

§  Won 15th Annual Greentech Environment Award

Key Updates:

Ø  Takeover of Vizag operations from Vizag Port Trust today (14th May 2015)

Ø  Concession Agreement signed with Kandla Port Trust (KPT) for additional 1 SPM and 2 product berths.

Ø  Salaya project has received all regulatory approvals including Forest clearance, Govt / Gauchar land. All required clearances now in place.