Essar Ports Q3 net doubles at Rs 90.42 crore
The company had clocked Rs 44.98 crore net profit during the October-December quarter of the last fiscal.
By ET Bureau | Updated:
MUMBAI: Essar Ports on Thursday said that the company’s net profit during the September-December quarter doubled to Rs 90.4 crore against Rs 45 crore in the year-ago period. Total revenues for the company in its third quarter rose 33% to Rs 367 crore against Rs 276.8 crore in the same quarter last year.
During the quarter, the company handled 14.3 million tonne of cargo, compared with 9.9 million tonnes in the year-ago period. Essar Ports, which also has commissioned a 16 million tonne iron ore terminal at Paradip Port, will increase capacity by 54 million tonne by 2015.
“Post the commissioning of the Paradip Dry Bulk Terminal and significant progress in our ongoing projects; we have now completed 80% of our committed capital expenditure plan. The capacity expansion plan will be complete by 2015,” Rajiv Agarwal, managing director of Essar Ports, said.
The port is also awaiting further directions from Chennai Port where it had bid for developing a mega container terminal worth Rs 4,000 crore. Essar had quoted a revenue share of 5.3% to the port and the port has now set up a committee to negotiate with Essar.
“They have opened our bids and have set up a committee to negotiate the revenue share with us. We have not had any meetings so far, since Adani Ports, the other bidder, is awaiting security clearance from the ministry of home affairs,” Agarwal added. The port has also signed two Memoranda of Understanding with the Gujarat state government during its recently-concluded Vibrant Gujarat summit to invest Rs 10,000 crore more in the state.
During the quarter, the company handled 14.3 million tonne of cargo, compared with 9.9 million tonnes in the year-ago period. Essar Ports, which also has commissioned a 16 million tonne iron ore terminal at Paradip Port, will increase capacity by 54 million tonne by 2015.
“Post the commissioning of the Paradip Dry Bulk Terminal and significant progress in our ongoing projects; we have now completed 80% of our committed capital expenditure plan. The capacity expansion plan will be complete by 2015,” Rajiv Agarwal, managing director of Essar Ports, said.
The port is also awaiting further directions from Chennai Port where it had bid for developing a mega container terminal worth Rs 4,000 crore. Essar had quoted a revenue share of 5.3% to the port and the port has now set up a committee to negotiate with Essar.
“They have opened our bids and have set up a committee to negotiate the revenue share with us. We have not had any meetings so far, since Adani Ports, the other bidder, is awaiting security clearance from the ministry of home affairs,” Agarwal added. The port has also signed two Memoranda of Understanding with the Gujarat state government during its recently-concluded Vibrant Gujarat summit to invest Rs 10,000 crore more in the state.
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