Essar Ports lost 0.28% to Rs 89.45 at 15:14 IST on BSE after the company reported consolidated net profit of Rs 92.10 crore in Q4 March 2013, as against net loss of Rs 61.50 crore in Q4 March 2012.
The company announced Q4 results during trading hours today, 18 April 2013.
Meanwhile, the S&P BSE Sensex was up 305.01 points or 1.63% at 19,036.17.
On BSE, 2.30 lakh shares were traded in the counter as against average daily volume of 22,000 shares in past two weeks.
The stock hit a high of Rs 94.80 and a low of Rs 88.95 so far during the day.
Essar Ports' consolidated revenue rose 31% to Rs 389.90 crore in Q4 March 2013 over Q4 March 2012. Earnings before interest, taxation, depreciation, and amortization (EBITDA) surged 24% to Rs 300.60 crore in Q4 March 2013 over Q4 March 2012.
Essar Ports' cargo handled rose 20% to 14.82 MMT in Q4 March 2013 over Q4 March 2012.
Essar Ports' consolidated net profit galloped 418.12% to Rs 331.60 crore on 27% growth in revenue to Rs 1434.60 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012). EBITDA jumped 26% to Rs 1153.90 crore in FY 2013 over FY 2012.
Commenting on the company's performance, Mr. Rajiv Agarwal, MD, Essar Ports 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. 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. We are on track with respect to our project execution and operations ramp up".
Essar Ports said that its terminal at Vadinar refinery is now operating at an enhanced run-rate of 10.5 MMT per quarter (42 MMTPA).
During FY 2013, the company's terminals handled a record 683 ships, as against 514 ships handled in FY 2012, Essar Ports said in a statement.
Essar Ports' board of directors at a meeting held today, 18 April 2013, recommended a dividend of 50 paise per share for FY 2013.
Essar Ports is one of the largest port companies of India, with a current capacity of 104 million metric tonnes per annum (MMTPA). The capacity is being expanded to 158 MMTPA over the next few years. Essar Ports has three operational terminals at Hazira, Vadinar and Paradip. Essar Ports is currently developing one terminal at Paradip which will be a coal berth of 14 MMTPA. The company is also setting up a dry bulk terminal at Salaya with a capacity of 20 MMTPA. Additionally, the company plans to expand its Hazira port capacity by 20 MMTPA, taking its capacity to 50 MMTPA.
Powered by Capital Market - Live News
