Essar Ports Q1 net up 48% at Rs 101.44 crore

NEW DELHI: Essar Ports, part of the Essar Group, saw its first quarter profits jump by 48% to Rs 101.4 crore from Rs 68.5 crore achieved in the corresponding quarter of the previous financial year. The surge in their top line is mainly on the back of higher cargo volumes which increased 11% to 14.08 million tonnes during Q1 FY14. Revenue grew by 22% to Rs 403.7 crore.

“The steady performance has mainly come from customers like Essar Oil and Essar Steel who have expanded because of which our cargo handling has also increased,” said Rajiv Agarwal, MD, Essar Ports told ET. “We have also been focusing on improvement of efficiency like increasing throughput, storage and unloading which brings a lot of value.”