Essar Ports Profits up by 5%

 

Essar Ports Ltd. a part of Essar, today announced its unaudited results for the quarter ended 31st December 2014.

Highlights of Consolidated Results:

Revenue for the quarter stands at Rs. 434.3 cr, an increase of 9% over corresponding quarter in FY14.

EBITDA at Rs. 359.6 cr in Q3 FY15, an increase of 11% over corresponding quarter in FY14.
Commensurately, net profit for the quarter increased to Rs. 98.3 cr which is 5% higher than in the corresponding quarter of FY14.

Earnings per Share for Q3 FY15 was at Rs 2.30.

Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. commented: “The Company has achieved another quarter of consistently strong performance. We are quite bullish at the moment with a few of our projects expected to start operations during this year. There is a significant opportunity for the Indian Port Sector to multiply capacity and traffic, over the next few years, which is being further strengthened through the Government’s focus on the ‘Make in India’ campaign. We are well positioned to capture the growth.”

Business Update:

Ø  Vadinar:

o   Completed 3,000 Safe Operation Days during the quarter.

o   Winner of the Environment Award at Lloyd’s List Middle East and Indian Subcontinent  Awards 2014

o   Winner of the Port/Terminal of the Year - Health, Safety and Environment Award, at Gujarat Star Awards 2014

o   High commendation in both the Port Operator, and Environment Awards categories at Lloyd’s List Asia Awards 2014

Key Updates:

Ø  Final forest clearance for Salaya terminal is received and bund construction from land side in full swing. Expected COD: October 2015

Ø  Financial closure for Visakhapatnam iron ore terminal completed. Project expected to be taken over as an operating berth during Q4FY15. Project will significantly enhance third party mix of the Company and gives strategic presence on the east coast, after Paradip

Ø  Project site for the development of coal terminal at Paradip Port is expected to be handed over by Paradip Port Trust soon, post which project construction will start.