Essar Shipping Q1 net profit rises 186%
The company had clocked Rs 18.83 crore net profit in the same quarter last fiscal
Essar Shipping today clocked 186% increase in net profit at Rs 53.90 crore for the quarter ended June 30 on higher revenue from across the verticals.
The company had clocked Rs 18.83 crore net profit in the same quarter last fiscal, it said in a statement.
Essar Shipping's revenue went up by 38% during the April-June quarter to Rs 925.18 crore as against Rs 670.31 crore during the same quarter last fiscal.
The company, which has a diversified fleet of 25 vessels, generated Rs 458.63 crore revenue from the sea transportation business.
Oilfields services revenue increased by 91% to Rs 172.51 crore in the first quarter of FY13 from Rs 90.15 crore for the same period in the previous year. Logistics business contributed Rs 291.91 crore to the overall revenue. Essar shipping has over 5,000 trucks.
"The company has maintained performance despite challenging market conditions. While the sea transportation business will leverage on long-term contracts, the oilfields services business is gearing itself to benefit from the firm market conditions," company Managing Director A R Ramakrishnan said.