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For the quarter ended June 30, 2012, Essar Ports' revenue increased by 18% to Rs 330.3 crore from Rs 278.5 crore in Q1FY12, EBITDA increased by 23% to Rs 271.3 crore from Rs 220.3 crore in Q1FY12, Net Profit increased by 73% to Rs. 68.5 crore from Rs 39.6 crore in Q1FY12. Revenue from 3rd party customers contributed around 4% to the total revenue of the company during the quarter. The company's debt has been reduced by Rs 165 crore during the quarter. Speaking on these results, Mr. Rajiv Agarwal, CEO & Managing Director, Essar Ports Limited said, "87% 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". Operational Highlights For the quarter ended June 30, 2012,Essar Ports handled 12.65 million ton of cargo compared to 11.20 million ton in Q1FY12 registering an increase of 13%. Hazira handled 3.58 million ton of cargo during Q1FY13 compared to 2.79 million ton in Q1FY12 registering an increase of 28%. Hazira handled 2.55 lakh ton of third party cargo in Q1FY13 and contribution of 3rd party revenue was 8% in total revenue generated by the terminal. Hazira also won GreenTech Safety Sillver Award 2012 for outstanding achievement in safety management. Vadinar handled 9.07 million ton of cargo during Q1FY13 compared to 8.41 million ton in Q1FY12 registering an increase of 8%. Vadinar terminal handled 1000th ship at its product berths during Q1FY13 and terminal won the prestigious Gold Award for Occupational Health & Safety from The Royal Society for Prevention of Accidents (RoSPA), UK. Paradip Coal berth project recently received the final Forest Clearance from Ministry of Environment & Forest; construction is expected to commence shortly and completed in 24 months. Construction work for the iron ore terminal at Paradip is progressing well with 94% of project is already completed and terminal is expected to be commissioned in 2nd quarter of current financial year. Progress of the construction work of the Salaya project is good with all the important equipments like ship unloaders, ship loader are delivered at the site. Berth is close to completion, stack yard is operational and conveyor construction is in progress. About Essar Ports Essar Ports Ltd is one of the largest port companies of India, with a current capacity of 88 MMTPA. The capacity is being expanded to 158 MMTPA over the next few years. Essar Ports has two operational ports at Hazira and Vadinar. 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. Essar Ports is currently developing two terminals at Paradip comprising of an iron ore berth of 16 MMTPA and a coal berth of 14 MMTPA. 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. Essar Ports press release |
