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Essar Ports’ Q1 net profit surges 73 pc


Essar Ports has reported a whopping 73 per cent increase in net profit to Rs 68.5 crore for the first quarter (April-June) ended June 30, 2012. Last fiscal's comparative figure was Rs 39.6 crore.
According to Exim News Service, revenue for Q1 FY13 increased by 18 per cent to Rs 330.3 crore from Rs 278.5 crore in Q1FY12, while EBITDA surged 23 per cent to Rs 271.3 crore from Rs 220.3 crore. Essar Ports reduced its debt by Rs 165 crore during the quarter.
The cargo handled in Q1 FY13 increased by 13 per cent to 12.65 million tonnes from 11.20 million tonnes in Q1 FY12.
The audited results were announced by Mr Rajiv Agarwal, CEO and Managing Director of Essar Ports Ltd (EPL), part of the Essar Group, at a media interaction here on Tuesday (July 24).
Mr Jan Adams, Financial Director of Port of Antwerp, was also present. He is on the Board of Essar Ports. It might be recalled that Essar Ports had recently announced a long-term strategic alliance with Port of Antwerp International (PAI), the international investing arm of the Antwerp Port Authority.
As per the agreement, inked on May 30, PAI has invested approximately Rs 175 crore in Global Depository Shares (GDS) issued by Essar Ports at Rs 100 per share. These are convertible after June 2013 and would come to approximately 4 per cent stake in EPL post conversion.
Antwerp Port Authority and Essar Ports will collaborate in the areas of training and consultancy services, port planning, traffic flow, quality and productivity improvement and will further build a mutually beneficial commercial relationship based on mutual business and investment preferences. Both entities will mutually assist in the volume growth of their businesses.
Commenting on the results, Mr Agarwal 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".
Revenue from 3rd party customers contributed around 4 per cent to the total revenue of the company during the quarter.
For the quarter ended June 30, 2012, Essar Ports handled 12.65 million tonnes of cargo, compared to 11.20 million tonnes in Q1 FY12, registering an increase of 13 per cent.
Hazira handled 3.58 million tonnes of cargo during Q1 FY13, compared to 2.79 million tonnes in Q1 FY12, an increase of 28 per cent. It handled 2.55 lakh tonnes of third party cargo in Q1 FY13 and the contribution of 3rd party revenue was 8 per cent of the total revenue generated by the terminal. Hazira also won the GreenTech Safety Silver Award 2012 for outstanding achievement in safety management.
Vadinar handled 9.07 million tonnes of cargo during Q1 FY13, compared to 8.41 million tonnes in Q1 FY12, up 8 per cent. The Vadinar terminal handled the 1,000th ship at its product berths during the quarter and won the prestigious Gold Award for Occupational Health & Safety from The Royal Society for Prevention of Accidents (RoSPA), UK.
The Paradip coal berth project recently received the final forest clearance from the Ministry of Environment & Forests. Construction is expected to commence shortly and will be completed in 24 months. Construction work for the iron ore terminal at Paradip is progressing well with 94 per cent of the project completed. The terminal is expected to be commissioned in the 2nd quarter of the current financial year.
The Salaya project construction is progressing well with all the important equipment like ship unloaders, ship loaders etc. delivered at the site. The berth is close to completion, stackyard is operational and conveyor construction is in progress, highlighted an official communiqué.

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