OREANDA-NEWS. February 9, 2012. Essar Shipping Limited (ESL) part of the Essar Group today announced its Quarter three FY 12 results for the Quarter ended December 31, 2011. This is for the first time Essar Shipping is announcing its results after having listed on bourses on October 20, 2011 post demerger from erstwhile ESPLL.

Results:

Essar Shipping Limited registered PAT (Profit after Tax) had increased by 43% to Rs48.6crore for the quarter ended December 31, 2011, as against Rs33.9 crore for the corresponding quarter last year.

EBITDA of the company had increased by over 39% to Rs. 242.3 crore as against 173.6 crore for the corresponding quarter last year.

Revenues of the company had increased by11% to Rs. 729.2 crore as against Rs. 658.8 crore for the corresponding quarter last year. 

Speaking on the results, Mr. A R Ramakrishnan, Managing Director, Essar Shipping Limited, said: “Despite tough market conditions such strong performance is primarily because of the company’s strategy to enter into long term charter of the vessels which provides a natural hedge against the cyclical nature of the industry and ensures long-term visibility of revenues and profitability.”

The Sea Transportation business registered revenue of Rs. 317.4crore in Q3 FY2012 as compared to Rs264.3 crore for the corresponding period in the previous year. The EBITDA for Q3 FY2012 stood at Rs135.5crore as compared to Rs113.2 crore in Q3 FY2011.

The Oilfields Services revenues had increased by 56.9% to Rs143.9crore as compared to Rs91.7 crore for the corresponding period in the previous year. The EBITDA for Oilfield services had increased by 102% and stood at Rs96.4crore as compared to Rs47.8 crore for the corresponding period in the previous years.

The Logistics business registered revenue of Rs283.9 crore for Q3FY2012 as compared to Rs338.5 crore for corresponding period in the previous year. The EBITDA for Q3FY2012 stood at Rs21.0 crore as compared to Rs31.9 crore for the corresponding period in the previous year.