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Essar Ports' net profit jumps 7% in Q1 FY16

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August 13, 2015 Bookmark and Share  

August 13, 2015, Mumbai: Essar Ports Limited (“Essar Ports”), the second largest private sector port operator in India, today announced its unaudited results for the Quarter ended June 2015.

Key Highlights:

Essar Ports - Key Highlights

Financial Performance for Q1 FY16

  1. Revenue for the quarter is Rs. 452.2 cr, an increase of 5% against Rs 431.6 cr in Q1 FY15.
  2. EBITDA for Q1FY’16 is Rs. 364.9 cr, an increase of 5% against Rs 346.8 cr in Q1 FY15.
  3. PAT at Rs. 99.1 cr, increases by 7% against Rs 92.2 cr in Q1 FY15

During the quarter under review, Essar Ports took over Visakhapatnam iron ore outer harbor terminal. This has increased the Operating capacity from 104 Million Metric tonnes per annum (MMTPA) to 120 MMTPA. The operating capacity is expected to increase to 140 MMTPA by March 2016 and 194 MMTPA by 2018. The total capital employed till date is approximately Rs 10,000 crores.

Visakhapatnam Iron ore outer harbor terminal is an existing operating port which was earlier operated by Visakhapatnam port trust. The takeover of operations at this port gives ready third party cargo to the company.

 Mr. Rajiv Agarwal, Managing Director, Essar Ports Ltd. commented: “We expect the economy to grow at higher pace in the coming quarters. This along with availability of long term funds for infrastructure financing will give a boost to the sector. We have continued to increase our port capacity by adding the terminal at Visakhapatnam and are in line to increase our capacity to 194 MMTPA by 2018.”

Business Update:

  • Billed traffic during Q1 FY16 is 18.78 MMT as against 18.38 MMT in Q1 FY15
Vizag Iron ore outer harbor terminal
  • Terminal taken over from Vizag port trust on 14th May 2015
  • Existing operating capacity of the port is 16 MMTPA
  • Upgradation of the facility simultaneously along with operations
Vadinar Expansion approvals
  • New Concession Agreement signed with Kandla Port Trust (KPT) for expansion of Vadinar port facility to double the existing capacity
  • Facility can be developed to cater to future expansion of refinery
Salaya Coal terminal
  • Substantial progress achieved with respect to bund construction 
  • Construction in full swing
  • All required approvals for the project in place
Paradip Coal terminal
  • The port land site has been cleared of all encumbrances. The project is proposed to be taken over by January 2016 post financial closure.
Vadinar Operations
  • Vadinar completed 3,201 LTI Free Days as on June 30, 2015

Awards and accolades earned:

  • Essar Ports Limited has been commended with CII-Scale awards : Exemplary position under Terminal Operator category
  • Paradip terminal has been commended with Gold award for Best Safety Practice in Service Sector at 14th Greentech Safety Awards 2015.

About Essar Ports
Essar Ports is one of the largest port companies of India, with a current capacity of 120 MMTPA. The capacity is being expanded to 194 MMTPA over the next few years.

Essar Ports has four operational port terminals at Hazira, Vadinar, Paradip and Vizag Iron Ore. 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. The 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. The Vizag terminal is an operational berth taken over on 14th May 2015 having capacity of 16 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.  The Company is also undertaking capacity addition of additional iron ore berths at Visakhapatnam Port with a total capacity of 16 MMTPA. The Company also plans to develop a coal terminal at Paradip of 18 MMTPA capacity and additional liquid cargo handling facility at Vadinar.

For Media Queries
Manish Kedia, Senior Vice President - Corporate Affairs
Phone: +91 9819730092, Email: manish.kedia@essar.com   

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