Mumbai: Essar Ports Ltd’s net profit doubled in the quarter ended 31 December from the year ago after an increase in the number of ships handled by the company’s facilities.
Profit rose to Rs90.4 crore from Rs45 crore, while sales rose 33% to Rs367 crore from Rs276.8 crore. Essar Ports handled a record 180 ships in the quarter, up from 114 in the year before.
“With the commissioning of the Paradip Dry Bulk Terminal, and significant progress in our ongoing projects, we have completed almost 80% of our committed capital expenditure plan,” said Rajiv Agarwal, managing director, Essar Ports. “We have grown appreciably in revenues and cargo handling during the year, we hope this trend will continue in the coming few years as our planned projects keep getting commissioned and cargo keeps growing.”
Essar Ports is one of India’s largest port companies with an annual capacity of 104 million tonnes that’s being expanded to 158 million tonnes over the next few years.