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Essar Ports handles record 19.62 MT cargo in Apr-Jun qtr

Press Trust of India  |  New Delhi 

Essar Ports today said it has handled a record 19.62 million tonnes (MT) of cargo during the first quarter of the ongoing fiscal.

This is a growth of 12 per cent when compared to 17.52 MT cargo handled during the April-June quarter of the previous fiscal, the company said in a statement.

"For dry and unit cargo, the performance was even more impressive, with the company recording a significant 32 per cent growth," it said.

The substantial growth in traffic at the company's dry bulk ports in Hazira, Paradip and Vizag, came on the back of heightened activity and capacity utilisation of Essar Steel, which is Essar Port's anchor customer, the firm said.

According to figures, the three port together handled 9.24 MT traffic as against 7.03 MT in the year ago quarter.

However, its dry bulk terminal at Paradip Port surpassed past benchmarks to record 131 per cent growth in cargo handling at 1.11 MT.

The company also said that the overall growth in traffic was also helped by the 60 per cent increase in third-party cargo volumes during the quarter.

Rajiv Agarwal, CEO and MD, Essar Ports, said: "FY18 has started on a promising note for Essar Ports. Handling 19.62 million tonnes of cargo in Q1 itself is an encouraging sign and we are confident of sustaining our performance and grow throughout the year."

Essar Ports is one of the largest port companies of India, with a current capacity of 140 MTPA. The company has five operational port terminals at Hazira, Vadinar, Paradip, Salaya and Visakhapatnam.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 14 2017. 15:22 IST