Essar Ports on Thursday reported a five-fold increase in its consolidated net profit to Rs. 331.6 crore for fiscal 2012-13 on higher income.
The company, one of the largest domestic port companies and part of the multinational conglomerate Essar Group, had clocked Rs. 63.95 crore in net profit during 2011-12 fiscal.
Its income from operations grew 28.2 per cent to Rs. 1,421.53 crore during the fiscal compared to Rs 1,108.81 crore during the previous fiscal, the company said in a filing on the BSE.
While the company’s port and terminal services contributed Rs. 1,412 crore to the income kitty, fleet operating and chartering segment contributed Rs. 42.33 crore during the fiscal, it said.
Essar Ports’ total operating expenses during the fiscal stood at Rs. 524.75 crore from Rs. 438.1 crore in the previous fiscal.
Commenting on the performance, Essar Ports Managing Director Rajiv Agarwal said: “Our improved performance on all parameters is in line with the expectations and we are confident of sustaining the performance in the coming quarters.”
He said, “We have seen a positive trend in cargo shifting to modern and efficient ports. The Company has tried to maximise its operational efficiency by keeping all the cost under control. The Company has declared a dividend of 5 per cent and slowly but surely is emerging as creator of value for the shareholders. We are on track with respect to our project execution and operations ramp up.”
The company said it has handled a record cargo during the year at 54.52 million tonnes (MT), up 26 per cent from 43.23 MT in FY12.
The company board recommended a dividend of 5 per cent (Rs 0.50 per share) for FY13, its earnings per share grew by 400 per cent at Rs. 7.80, the company said.
In the fourth quarter ended March 31, the company said it recorded a net profit of Rs. 92.1 crore. During the corresponding period in FY12, it had incurred a loss of Rs. 61.5 crore.
Its revenue for January-March quarter increased by 31 per cent to Rs. 389.9 crore from Rs. 296.6 crore in same period previous fiscal, it added.
Cargo handled during the fourth quarter increased by 20 per cent to 14.82 MT as against 12.36 MT in corresponding period in FY12.
The company said it had commissioned a state-of-the-art 16 MTPA Dry Bulk Terminal at Paradip during the last fiscal, with a fully mechanised ship loading system with a capacity of 5,000 tonnes per hour.
“The Company completed construction of 3 HSD tanks of capacity 180,000 KL during the year at Vadinar,” it said adding, “Essar Oil completed expansion of 20 MTPA refinery in June 2012 and accordingly the Vadinar terminal is now operating at an enhanced run-rate of 10.5 MT per quarter.”