Essar Ports Q2 FY15 Net Profit Up

 

Essar Ports Ltd. (Essar Ports), part of the Essar, today announced its unaudited results for the quarter ended September 2014.

Highlights of Consolidated Results:

*Revenue for the quarter increased by 1% at Rs. 435.3 crore as against Rs. 431.6 crore during previous quarter (Q1 FY15)and  increased by 7% from Rs. 405.1 crore during corresponding quarter of previous year (Q2FY14)
*EBITDA for the quarter increased by 4% to Rs. 361.4crore from Rs. 346.8 crore during the previous quarter (Q1 FY15) and increased by 9% from Rs. 331.2 crore during corresponding quarter of previous year (Q2 FY14)
*Net Profit for the quarter has increased by 4% to Rs. 96.1crore from Rs. 92.2 crore during the previous quarter (Q1 FY15) and reduced by 1% from Rs. 97.5 crore during corresponding quarter of previous year (Q2 FY14)
*Earnings per Share as at Q2 FY15 were at Rs 2.25.

Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. commented: “Infrastructure projects are expected to receive a boost with faster approval processes, Government’s focus on infrastructure, improved business sentiment and financial reforms like project financing and flexible structuring. Over the next few quarters, our focus ison commencing operations at our Vizag facility, completion of Salaya and Hazira expansion and reducing our overall interest costs to deliver better value to the shareholders”

Business Update:

Ø  Billed traffic for the Quarter Q2 FY15 was 17.73 MMT as per take or pay agreements whereas actual cargo handled was 12.62 MMT as against 13.01 MMT of cargo handled during Q2 FY14.

Ø  Paradip Dry Bulk Terminal was awarded with Dun &Bradstreet Infra award 2014 under the Port Project Category for project execution and success.
Expansion Projects:

Ø  Expansion project at Hazira has received environment clearance for 4.8km of berth length. Hazira will see expansion of berth by 1100m and the project construction is expected to start post receipt of the Gujarat Maritime Board approval.

Ø  After receipt of final forest clearance for Salaya terminal during the previous quarter, construction has commenced. Expected COD: October 2015

Ø  Vizag iron ore terminal project expected to be taken over as an operating berth during Q3 FY15. Project will significantly enhance third party mix of the Company and gives strategic presence on the east coast after Paradip.