Essar Ports Q1 net profit up 73% at Rs 68.5 cr
Ruias-promoted Essar Ports today reported 73% rise in net profit at Rs 68.5 crore for the first quarter ended June 30, driven by higher revenue.
The company, which has two operational ports at Hazira and Vadinar with a combined capacity of 88 million tonnes per annum (MTPA), had clocked 39.6 crore net profit during the April-June quarter of 2011-12.
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During the reporting quarter, Essar Ports' revenue rose by 18% to Rs 330.3 crore from Rs 278.5 crore in the same period a year ago, it said in a statement.
Essar Ports handled 12.65 MT cargo in the April-June, 2012 quarter, up 13% from 11.20 MT handled in the year-ago period. Vadinar handled the most at 9.07 MT and the remaining by Hazira.
"Paradip coal berth project recently received the final forest clearance from Ministry of Environment and Forest. The construction is expected to commence shortly and completed in 24 months," it said in the statement.
Shares of the company today closed at Rs 98.35 at the BSE, down 0.10% from the previous closing.