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Home > Businesses > Ports > In focus

Essar Ports declares Q2FY12 and half-yearly results; net profit of Rs 40.84 crore

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Essar Ports Limited (EPL), part of the Essar Group, today announced its results for the quarter ended September 30, 2011.

October 20, 2011 Bookmark and Share  
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Highlights:
  1. Net profit for Q2FY12 increased to Rs 40.84 crore from Rs 5.30 crore of standalone ports business in Q2FY11, erstwhile Essar Shipping Ports & Logistics Ltd (ESPLL) had a net profit of Rs 11 crore in Q2FY11.
  2. Revenue for Q2FY12 increased by 56% to Rs 279.14 crore from Rs 178.96 crore of standalone ports business in Q2FY11, erstwhile ESPLL had revenues of Rs 813.35 crore in Q2FY11.
  3. EBITDA for Q2FY12 increased by 72% to Rs 230.72 crore from Rs 133.70 crore of standalone ports business in Q2FY11, erstwhile ESPLL had the EBITDA of Rs 296.99 crore in Q2FY11.
  4. EBITDA for H1FY12 increased by 73% to Rs 451.02 crore from Rs 259.72 crore of standalone ports business in Q2FY11, erstwhile ESPLL had the EBITDA of Rs 634.88 crore in Q2FY11.
Essar Ports Limited (EPL), part of the Essar Group, today announced its results for the quarter ended September 30, 2011.

Results:
For the quarter ended September 30, 2011, Essar Ports' net profit increased to Rs 40.84 crore as against Rs 5.30 crore in Q2 FY11 of the standalone ports business; erstwhile ESPLL net profit was Rs11 crore in Q2FY11. For the half year ended September 30, 2011, net profit increased to Rs 80.45 crore in FY12 as against Rs 8.81 crore of the standalone ports business in H1FY11; erstwhile ESPLL net profit was Rs 50.48 crore in H1FY11.

For the quarter ended September 30, 2011, Essar Ports’ revenue increased to Rs 279.14 crore as against Rs 178.96 crore of the standalone ports business in Q2 FY11, registering an increase of 56%; erstwhile ESPLL revenue was Rs 813.35 crore in Q2FY11 which also had the contribution of the Shipping, Oilfields and Logistics businesses. For the half-year ended September 30, 2011, revenue increased to Rs 557.62 crore as against Rs 351.92 crore of standalone port business in H1FY11 registering an increase of 58%; erstwhile ESPLL Revenue was Rs 1705.55 crore.

For the quarter ended September 30, 2011, Essar Ports EBITDA increased to Rs 230.72 crore as against Rs 133.70 crore of the standalone ports business in Q2 FY11 registering an increase of 72%; erstwhile ESPLL EBITDA was Rs 296.99 crore in Q2FY11 which also has contribution of the Shipping, Oilfields and Logistics businesses. The EBTIDA margin for the half-year has increased from 37% to 81% as the Ports business has a higher EBITDA margin than the Shipping and Logistics businesses. For the half-year ended September 30, 2011, EBITDA has increased to Rs 451.02 crore as against Rs 259.72 crore of standalone Ports business in H1FY11 registering an increase of 73%; erstwhile ESPLL EBITDA was Rs 634.88 crore.

Speaking on the results, Mr Rajiv Agarwal, Managing Director, Essar Ports Limited, said: “We are pleased by the excellent performance of EPL resulting in significant increase in revenue, EBITDA and profit. The performance reflects the company’s ability to generate higher per tonne revenue during the quarter.

"EPL has also made considerable progress in all the port projects that are under construction and development, which are expected to be commissioned by FY 2014. On completion, the port capacity will increase from 88 MMTPA to 158 MMTPA.”

Operational highlights:
  • In the second quarter, Essar Ports saw an increase in the total volumes handled of 9.73 MMT from 9.63 MMT for the corresponding quarter last year. For the half-year ended September 30, 2011, cargo handled was 20.93 MMT as against 19.46 MMT in H1 FY11.
  • The Vadinar Oil Terminal maintenance shutdown synchronised with the Essar Oil refinery shutdown covering 13 days of the quarter. Vadinar handled 6.79 MMT cargo in Q2 FY12 as against 7.49 MMT for Q2 FY11; during H1FY12 cargo handled was 15.20 MMT as against 15.26 MMT cargo handled in H1FY11.
  • Hazira handled 2.94 MMT of cargo in Q2 FY12 as against 2.14 MMT for Q2 FY11, registering a jump of 37%. Billed volume for Essar Steel was 4.28 MMT as per the Take or Pay contract. During H1FY12, cargo handled increased to 5.74 MMT as against 4.20 MMT in H1FY11.
  • Third party cargo handling contributed 5% to the revenue of Hazira port facilities during H1FY12.
  • Average realisation per ton for the company improved to Rs233 in H1 FY12 from Rs 174 in H1 FY11.
  • The EBTL Hazira channel continued operations through the monsoon months highlighting the all-weather deep-draft capabilities of the terminal.
  • The terminal at Hazira received ISO 9001:2008 (Quality Management), ISO 14001:2004 (Health & Safety), and the OHSAS 18001:2007 (Environment) certifications. It also achieved zero Loss Time Injury (LTI) performance in its first year of operations. The terminal has handled 118 deep-draft vessels during the first half of FY-12 and more than 1 MMT of cargo in the month of September 2011.
Progress on Other Projects:

Paradip
Two terminals at Paradip, with the combined capacity of 30 MMTPA, comprising an iron ore berth of 16 MMTPA and a coal berth of 14 MMTPA.
  • Paradip I (CQ3) commissioning expected by end of FY12, 66% of the project is completed by September 2011;
  • Basic and detailed engineering are completed;
  • Ship loader is erected, stack yard development is under progress;
  • Conveyor erection is under progress.

Salaya
The company is setting up a dry bulk terminal at Salaya with a capacity of 20 MMTPA.
  • Salaya port commissioning is expected in end of FY13-14, 42% of project is completed by September 2011;
  • Ship un-loaders are delivered;
  • 1 stacker-cum-reclaimer is erected and erection of 2 stacker-cum-reclaimers are under progress;
  • Jetty construction and conveyor erection are under progress;
  • Environment and CRZ clearances are received. Forest clearance is pending for part of the project.
About Essar Ports
Essar Ports Ltd is one of the largest port companies of India, with a current capacity of 88 MMTPA. The capacity is being expanded to 158 MMTPA over the next few years.

Essar Ports has two operational ports at Hazira and Vadinar. The Hazira port is an all-weather, deep-draft port with 30 MMTPA of dry bulk cargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58 MMTPA of liquid cargo handling capacity.

Essar Ports is currently executing two terminals at Paradip with a capacity of 30 MMTPA comprising an iron ore berth of 16 MMTPA and a coal berth of 14 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.
 
 
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