Essar Ports Limited (Essar Ports), part of Essar, today announced its audited results for the financial year 2013-14 and for quarter ended March 2014.Highlights of consolidated results:
- Net profit for the year increased by 16% to Rs. 383.7 crore from Rs. 331.6 crore for the previous year. For Q4 FY14, the net profit reduced by 1% to Rs. 90.8 crore from Rs. 92.1 crore in Q4 FY13.
- Earnings per share for the year was Rs. 8.97 as against Rs. 7.80 for previous year. Earnings per share for Q4 FY14 was Rs. 2.12 as against Rs. 2.15 for Q4 FY13.
- Essar Ports board recommends a dividend of 5 % (Rs. 0.50 per share) for FY14.
- Revenue for the year (excluding trade revenues to fulfill export obligations) increased by 13% to Rs. 1637.4 crore from Rs. 1448.6 crore for the previous year. For Q4 FY14, the revenues increased by 5% to Rs. 415.5 crore from Rs. 396.7 crore in Q4 FY13.
- EBITDA for the year increased by 14% to Rs. 1327.1 crore from Rs. 1167.9 crore for the previous year. For Q4 FY14, EBITDA increased by 7% to Rs. 329.6 crore from Rs. 307.4 crore in Q4 FY13.
Key Highlights:
Cargo handled
- 52.24 million tonnes of cargo handled during FY14 as against 54.52 million tonnes of cargo handled during FY13.
- 13.03 million tonnes of cargo handled during Q4 FY14 as against 14.81 million tonnes of cargo handled during Q4 FY13.
- Stage 1 forest clearance (FCA) for Salaya terminal has been received. Compensatory afforestation land has been finalized and the agreement has been executed. Final FCA clearance is expected soon.
- Paradip coal terminal construction expected to start soon as Supreme Court dismissed all the petitions filed by port users occupying the land during December 2013. Paradip Port Trust has initiated action to vacate the land earmarked for the terminal.
- Received final environment clearance for Hazira expansion.
- Court cases by labour unions against award of concession of Vizag iron ore terminals have been dismissed by honourable High Court of Andhra Pradesh.
- Upgradation of Vizag terminal simultaneously with operations. Terminal will contribute to third party revenues of EPL from Q2 FY2015.
- Increasing Third Party cargo share upon addition of New projects: Salaya and Paradip Coal.
Essar Ports is one of the largest port companies of India, with a current capacity of 104 MMTPA. The capacity is being expanded to 181 MMTPA over the next few years. Essar Ports has three operational port terminals at Hazira, Vadinar and Paradip. 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. Paradip dry bulk terminal was commissioned in December 2012 and is an all-weather, deep-draft port with 16 MMTPA of dry bulk cargo handling capacity.
Essar Ports also plans to develop a coal terminal at Paradip of 14 MMTPA capacity. 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 has won the bid for the development of three iron ore berths totaling 23 MMTPA at Visakhapatnam Port.
For Media Queries
Manish Kedia
Senior Vice President - Corporate Affairs
Phone: +91 9819730092
Email: manish.kedia@essar.com
Shilpika Das
Senior Manager - Corporate Communications
Phone: +91 9930136160
Email: shilpika.das@essar.com
