Essar Ports Q4 net declines marginally

EBITDA for the year increased by 14% to Rs 1327.1 cr from Rs 1167.9 cr for the previous year

Essar Ports Ltd posted a one per cent decline in net profit for the fourth quarter of the fiscal to Rs  90.8 crore from Rs  92.1 crore in the same period last fiscal. Revenues for the quarter grew by 5 per cent to Rs  415.5 crore.

For the full year, the net profit grew 16 per cent to Rs  383.7 crore, while revenues for the year year (excluding trade revenues to fulfill export obligations) increased by 13 per cent to Rs  1637.4 crore from Rs  1448.6 crore for the previous year.

EBITDA for the year increased by 14 per cent to Rs . 1327.1 crore from Rs . 1167.9 crore for the previous year.

For Q4 FY14, EBITDA increased by 7 per cent to Rs . 329.6 crore from Rs . 307.4 crore in Q4 FY13. Essar Ports board recommended a dividend of 5  per cent or 50 paise per share for FY14

Rajiv Agarwal, Managing Director, Essar Ports Ltd. said: “We have started receiving many pending approvals which will ensure early commissioning of our pending projects. With the Start of Operations in Vizag terminal and proposed Commissioning of Salaya terminal, the revenue profile for Essar Ports Limited is also set to diversify thereby improving the customer mix.”

The port handled 52.24 million tonnes of cargo handled during FY14 as against 54.52 million tonnes of cargo handled during FY13 .

Around 13.03 million tonnes of cargo handled during Q4 FY14 as against 14.81 million tonnes of cargo handled during Q4 FY13.