Millennium Post

Essar Ports’ Q1 net profit floats 48% to Rs101 crore

Essar Ports on Friday reported a 48 per cent jump in consolidated net profit at Rs 101.44 crore during the quarter ended 30 June, 2013, largely due to increased cargo handling.

The Essar group firm had reported a net profit of Rs 68.52 crore in the corresponding quarter of the last fiscal.Its income from operations, during the quarter, rose by over 22 per cent to Rs 399 crore vis-a-vis Rs 325.34 crore of the April-June quarter of FY13.

During the quarter, the company handled 14.08 million tonnes of cargo, up 11 per cent over the first quarter of 2012-13, it said in a statement.
'Our performance has been exceeding the expectations for the past 2 years and we are confident of delivering good results in the coming quarters. Our third party terminals of Paradip and Vizag will bring us a good customer mix,' Essar Ports Managing Director Rajiv Agarwal said.
The company announced that it has reconstituted its Board by adding three industry stalwarts --Michael Pinto, Jose Paul and N C Singhal-- as independent directors.

Michael Pinto is a former Shipping secretary and former chairman of Jawaharlal Nehru Port Trust, while Dr Jose Paul is the former chairman of Murmogao Port Trust. N C Singhal is the founder of the erstwhile Shipping Credit and Investment Company of India Ltd (SICICI).
'With the induction of these eminent professionals global standards of corporate governance will be set. It will create a strong heritage of a professional run, and board managed company in India,' Essar Ports said.

Essar Ports is the second largest port operator in India after Adani Ports and has a cargo handling capacity of 104 MTPA. The company, which currently operates three terminals at Hazira, Vadinar and Paradip, is expanding its capacity to 181 MTPA over the next few years.
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