Essar Ports has reported a sharp rise in its net profit at Rs.90.4 crore for the third quarter ended December 31, 2012 (unaudited), against Rs.45 crore during the corresponding period of the previous year.
Revenue increased by 33 per cent to Rs.367 crore from Rs.276.8 crore.
During the quarter, the company handled 14.34 million metric tonnes cargo, up 44 per cent against 9.94 million metric tonnes handled in the same period in the previous year. The company mostly handles cargo of group companies.
In the third quarter, the company commissioned the 16 million metric tonnes per annum dry bulk terminal at Paradip, with a fully mechanised ship loading system with a capacity of 5,000 tonnes per hour.
“With the commissioning of the Paradip dry bulk terminal, and significant progress in our ongoing projects, we have completed almost 80 per cent of our committed capital expenditure plan. We have grown appreciably in revenues and cargo handling during the year, we hope this trend to continue in the coming few years as our planned projects keep getting commissioned and cargo keeps growing,” said Rajiv Agarwal, Managing Director, Essar Ports.
The company’s stock closed with a loss of 0.86 per cent at Rs.93.50 on the BSE.