Essar Ports Limited (EPL), part of the Essar Group, yesterday announced its audited results for the quarter and year ended 31st March 2012.
Results:
For the quarter ended March31, 2012, Essar Ports' revenue increased by 45% to Rs296.63crorefromRs203.9crore in Q4FY11. For the financial year 2011-12, Essar Ports revenue increased by 52% toRs. 1131.0crore as against Rs. 746.2crorerevenue from the port business in FY 2010-11, erstwhile ESPLL had the revenue of Rs 2086.1 crore during FY11
For the quarter ended March 31, 2012, Essar Ports EBITDA increased by 60% to Rs243.2crorefromRs152.2crorein Q4 FY12. For the financial year 2011-12, Essar Ports EBITDAincreased by 66% toRs. 913.2crorefromRs. 550.9crore EBITDA from the port business in FY 2010-12, erstwhile ESPLL had the EBITDA of Rs 912.0 crore during FY11
The company has recognized Rs235.5crore of contingent liability as long term debt which will be paid between 2019 to 2023, this has impacted the P&L account as an exceptional item. This has resulted into net loss of Rs61.5crore for the quarter ended March 31, 2012, as against net profit of Rs11.5crore in Q4 FY11. For the financial year 2011-12 Essar Ports net profitincreased by 124% to Rs63.9crorefrom Rs 28.5 croreprofit from the port businessin FY 2010-11, erstwhile ESPLL had the net profit of Rs 70.2 crore during FY11.
Speaking on these results, Mr. Rajiv Agarwal, CEO & Managing Director, Essar Ports Limited said, "We are happy with our performance during the year, and expect to continue with our high growth trajectory in the coming year. Management focus is on completion of all the projects on time, robust cash flow for the company and operational excellence resulting in value creation for the shareholders' and in line with that we have announced dividend of Re 0.5 per equity share this year"
Operational Highlights
A. Essar Ports achieved cargo handling of 12.36 MMT during Q3 FY12 as against 10.22 MMT in Q4 FY11, registering an increase of 21%. During the financial year Essar Ports handled cargo to the tune of 43.23 MMT as against 39.55MMT during FY11, an increase of 9%.
B. Third party coal and projects cargo handled at Hazira contributed to4% of revenues of Hazira during FY12.
C. Hazira handled 3.30 MMT of cargo in Q3 FY12 as against 2.85 MMT for Q4 FY11, registering an increase of 16%. Cargo handled at Hazira was 12.02 MMT for FY12 as against 9.50 MMT for FY11, an increase of 26%.
D. Vadinar handled 9.06 MMT cargo in Q4 FY12 as against 7.37 MMT for Q4 FY11, registering an increase of 23%. Cargo handled was 31.21 MMT for FY12 as against 30.05 MMT for FY11. The cargo throughput is expected to go up in coming quarters since the 18 MMTPA expansion of Essar Oil refinery is now complete.
Project Updates
Paradip I (Iron Ore)
• 92% project completed. Estimated COD: Q1 FY13
• Ship loader trial operations completed
• Conveyor trials started
• Stacker reclaimer erection in progress
Salaya
• 53% project completed. Estimated COD: Q4 FY14
• Ship unloaders are delivered
• 1 Stacker reclaimer erected, erection of other 2 are under progress
• Jetty construction and conveyor erection are under progress
• Environment and CRZ clearance are received. Forest clearance awaited for part of the project
The above results were taken on record at the meeting of the Board of Directors of the company held on February 02, 2012.
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 and break 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 developing two terminals at Paradip with a capacity of 30 MMTPA comprising 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
Source: Essar Ports