Essar Ports Ltd. (EPL), part of the Essar Group, today announced its results for the quarter ended 31st December 2011.
Financial Results:
For the quarter ended December 31, 2011, Essar Ports’ revenue increased to Rs 276.78 crore as against Rs 190.27 crore, registering an increase of 45 %. For the nine months Essar Ports posted revenues of Rs. 834.40 crore as against Rs. 542.19 crore, an increase of 54%.
For the quarter ended 31st December, 2011, Essar Ports EBITDA increased to Rs 219.36 crore as against Rs 138.61 crore Q3 FY11 registering an increase of 58%. For the nine months Essar Ports posted EBITDA Rs. 670.38 crore as against Rs. 398.33 crore, an increase of 68 %.
For the quarter ended 31st December 2011, Essar Ports' net profit increased to Rs.44.98 crore as against Rs 8.21crore in Q3 FY11. For the nine months Essar Ports posted net profit Rs. 125.43 crore as against Rs. 17.02 crore, an increase of 637%.
Speaking on these results, Rajiv Agarwal, CEO & Managing Director, Essar Ports Ltd. said, “We are happy with our performance, and expect to continue with our high growth trajectory in the coming years. It has been a good quarter with significant progress on the regulatory approvals side, now the management focus is on completion of all the projects on time”.
Operational Highlights
Essar Ports achieved cargo handling of 9.94 MMT during Q3 FY12 as against 9.90 MMT in Q3 FY11. For the nine month period Essar Ports handled cargo to the tune of 30.87 MMT in FY12 as against 29.35 MMT during the corresponding nine month period in FY11.
Third - party coal and projects cargo handled at the Hazira facility contributed to over 4% of its revenues during the nine month period for FY12.
The Hazira terminal handled 2.99 MMT of cargo in Q3 FY12 as against 2.44 MMT for Q3 FY11, registering a jump of 22%. Cargo handled at the Hazira terminal was 8.72 MMT for Q1-Q3 FY12 as against 6.64 MMT for Q1-Q3 FY11.
Vadinar handled 6.95 MMT cargo in Q3 FY12 as against 7.46 MMT for Q3 FY11. The decrease in cargo handled is on account of a shutdown by Essar Oil to expand its refinery to 18 MMTPA capacity. The cargo handled was 22.15 MMT for Q1-Q3 FY12 as against 22.71 MMT for Q1-Q3 FY11. The cargo throughput is expected to go up in coming quarters since the 18 MMTPA expansion of Essar Oil refinery is now complete.
Project Updates
Paradip I (Iron Ore)
79% Project completed. Estimated COD: Q1 FY13
- Stacker reclaimer erection in progress
- Ship loader is erected, stackyard development is under progress
- Conveyor erection is under progress
Salaya
- 49% project completed. Estimated COD: Q4 FY14
- Ship unloaders are delivered
- 1 Stacker reclaimer erected, erection of other 2 are under progress
- Jetty construction and conveyor erection are under progress
- Environment and CRZ clearance are received. Forest clearance awaited for part of the project
The above results were taken on record at the meeting of the Board of Directors of the company held on February 02, 2012.