Essar Announced Results for Full Year Ended 31 March 2011
OREANDA-NEWS. May 03, 2011.
Annual EBITDA increases by 14% to Rs 1260.9 crore for FY 2010 - 11
Annual PAT at Rs 92.1 crore
Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL),
The annual revenues for FY11 stood at Rs 3,397.4 crore as compared to Rs 3092.1 crore increase of 10%.
The EBITDA stood at Rs1260.9 crore in FY11 as against Rs1106.5 crore last year–an increase of 14%.
Profit after tax stood at Rs 92.1 crore in FY11 as against Rs 93.8 crore last year.
Quarterly performance
The Revenue for Q4 FY11 was Rs 857.6 Crore as against Rs 909 crore in the corresponding quarter last year.
The EBITDA for Q4 FY11 is Rs 311.5 crore, as against Rs 313.7 crore in the corresponding quarter last year.
The EBITDA margins for Q4 FY11 is 36% as against 35% in the corresponding quarter last year.
The PAT for Q4 FY11 was Rs 13.9 crore, as against Rs 63.5 crore in the corresponding quarter last year.
Demerger Update
Post the demerger, ESPLL will be renamed Essar Ports Ltd and will constitute the Ports business. The Shipping, Logistics and Oilfields Services businesses will be part of the resultant (new) company, to be called Essar Shipping Ltd.
Post completion of all approvals and processes, the board appointed committee will meet to establish record date for the demerger. The company will announce record date to determine entitlement of members for receiving shares of both the companies. Share capital will be split in the ratio of 2:1. For every shares of ESPLL held, shareholders will get two shares of Essar Ports and one share of Essar Shipping.
Revenue growth of 69% in Ports business
The ports business revenue grew by 69% to Rs 732.7 crore in FY11 as against Rs 435 crore in FY10.
The Ports business EBITDA saw a growth of 63% at Rs 534.1 crore in FY11 as against
Rs 326.7 crore in FY10. This was on account of commissioning of the 30 MTPA all-weather, deep-draft port at Hazira,
The PAT of the Ports business increased to Rs 33.4 crore in FY 11 as against a loss of
Rs 72 crore in FY10
Speaking on the results, Rajiv Agarwal, Managing Director & CEO, Essar Shipping Ports & Logistics Limited, said, “I am happy to share that the Ports business has contributed significantly to the overall revenues and the bottom line of the company. As both Ports and Shipping have significant growth plans going forward, the demerger would help us focus on the growth which will lead to better value creation for all stakeholders.”
ESPLL has tied up finance for 138 MTPA of port capacity out of the 158 MTPA planned.
The company commissioned 12 MTPA terminal expansion at Vadinar on 1 April 2011, taking the Vadinar capacity to 58 MTPA and overall port capacity to 88 MTPA. The company handled a total of 510 ships in FY11 as against 302 vessels during FY10. A record throughput of 39.55 MMT was achieved in FY11. A throughput of 9.50 MMT was handled at Hazira during the first year of operations (11 months)
The above results were taken on record at the meeting of the Board of Directors of the company held on 3 May 2011.
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