OREANDA-NEWS. May 31, 2012. Strategic Alliance Agreement signed with Port of Antwerp International (PAI) and an investment of approximately Rs 175crore by PAI in Essar Ports.

Board has recommended a dividend of 5% of face value of share (Re 0.5 per share) for FY12, amounting to Rs 20.53crore.

Revenue for FY12 increased by 52% to Rs1131crore from Rs 746.5crore revenue from the port business in FY11; erstwhile ESPLL had revenue of Rs 2086.1 crore.

EBITDA for FY12 increased by 66% to Rs 913.1crore from Rs 550.9crore EBITDA from the port business in FY11; erstwhile ESPLL had EBITDA of Rs 912crore.

Exceptional item of Rs 235.5crore is recognized in the books of the account which was earlier appearing as contingent liability in the books.

Net profit for FY12 increased by 124% to Rs 63.9crore from Rs 28.5crore net profit from the port business in FY11; erstwhile ESPLL had net profit of Rs 70.2crore.

Essar Ports Limited (EPL), part of the Essar Group, today announced its audited results for the quarter and year ended March 31, 2012.

Results

For the quarter ended March 31, 2012, Essar Ports’ revenue increased by 45 per cent to Rs 296.63crore from Rs 203.9crore in Q4FY11. For the financial year 2011-12, Essar Ports revenue increased by 52 per cent to Rs 1,131crore as against Rs 746.2crore revenue from the port business in FY 2010-11, erstwhile ESPLL had the revenue of Rs 2,086.1 crore during FY11.

For the quarter ended March 31, 2012, Essar Ports EBITDA increased by 60 per cent to Rs 243.2 crore from Rs 152.2crore in Q4 FY12. For the financial year 2011-12, Essar Ports EBITDA increased by 66 per cent to Rs 913.2crore from Rs 550.9crore EBITDA from the port business in FY 2010-12; erstwhile ESPLL had the EBITDA of Rs 912crore during FY11.

The company has recognized Rs.235.5crore of contingent liability as long-term debt which will be paid between 2019 to 2023, this has impacted the P&L account as an exceptional item.  This has resulted into net loss of Rs 61.5crore for the quarter ended March 31, 2012, as against net profit of Rs 11.5crore in Q4 FY11. For the financial year 2011-12 Essar Ports' net profit increased by 124 per cent to Rs 63.9crorefrom Rs 28.5crore profit from the port business in FY 2010-11; erstwhile ESPLL had the net profit of Rs 70.2crore during FY11.

Speaking on these results, Mr. Rajiv Agarwal, CEO & Managing Director, Essar Ports said, “We are happy with our performance during the year, and expect to continue with our high growth trajectory in the coming year. Management focus is on completion of all the projects on time, robust cash flow for the company and operational excellence resulting in value creation for the shareholders, and in line with that we have announced dividend of Re 0.5 per equity share this year.”

Operational highlights

A. Essar Ports achieved cargo handling of 12.36 MMT during Q3 FY12 as against 10.22 MMT in Q4 FY11, registering an increase of 21 per cent. During the financial year Essar Ports handled cargo to the tune of 43.23 MMT as against 39.55MMT during FY11, an increase of 9 per cent.

B. Third-party coal and projects cargo handled at Hazira contributed 4 per cent of revenues of Hazira during FY12.

C. Hazira handled 3.30 MMT of cargo in Q3 FY12 as against 2.85 MMT for Q4 FY11, registering an increase of 16 per cent. Cargo handled at Hazira was 12.02 MMT for FY12 as against 9.50 MMT for FY11, an increase of 26 per cent.

D. Vadinar handled 9.06 MMT cargo in Q4 FY12 as against 7.37 MMT for Q4 FY11, registering an increase of 23 per cent. Cargo handled was 31.21 MMT for FY12 as against 30.05 MMT for FY11. The cargo throughput is expected to go up in coming quarters since the 18 MMTPA expansion of Essar Oil refinery is now complete.