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Essar Ports Ltd posted a net profit of Rs 39.61 crore for the quarter ended June 30, 2011.
The company's income was 278. 48 crore. The figures are not comparable as the company was listed recently after demerging the port business of Essar Shipping, Ports and Logistics Ltd.
Speaking on the results, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd, said in the year ago period, the net for the port business of erstwhile company was Rs 3.48 crore and the revenue was Rs 172 crore .
He said Essar Ports has lined up major expansion plans at Salaya, Paradip Hazira and Vadinar at an expenditure of Rs 9,300 crore.
The company is setting up a dry bulk terminal at Salaya with a capacity of 20 mtpa. Salaya port commissioning is expected in the second half of 2014.
Upcoming projects
The cargo handling capacity at Hazira is 30 mtpa, which will be ramped to 50 mtpa while at Vadinar the capacity has been ramped up to 58 mtpa. Apart from this, Essar port is developing a 16 mtpa iron ore berth and 14 mtpa coal terminals at Paradip in Orissa. Essar Ports is also developing a 20 mtpa dry bulk terminal at Salaya, Gujarat.
At Paradip, it is building a 14-million tonne deep-draught coal berth.
Another project there pertains to a 16 mt mechanisation terminal as a part of ten years licence agreement with the Paradip Port Trust for export of dry bulk cargo.
The company has commissioned its 12 mt expansion at its Vadinar terminal in Gujarat at a cost of Rs 1,100 crore, taking the overall capacity of Essar Ports to 88 mtpa.
The volume of cargo rose by 14 per cent to 11.2 mt in the first quarter.
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