OREANDA-NEWS. Essar Ports Ltd. (Essar Ports), part of the Essar group, announced its audited results for the year ended March 2013.

Highlights of consolidated results:

1. Essar Ports Board recommends a dividend of 5% (Rs. 0.50 per share) for FY13

2. Earnings per share for FY13 were at Rs. 7.80 as against Rs. 1.56 for FY12.

3. Highest-ever cargo handled in a year at 54.52 MMT, up from 43.23 MMT in FY12, an increase of 26%.

4. Net Profit for FY13 increased five times to Rs. 331.6 crore from Rs. 64.0 crore in FY12.

5. Revenue for FY13 increased by 27% to Rs.1434.6 crore from Rs. 1131.1 crore in FY12.

6. EBITDA for FY13 increased by 26% to Rs. 1153.9 crore from Rs. 913.2 crore in FY12.

Highlights for the 4th Quarter FY13

1. Net Profit for Q4FY13 recorded at Rs. 92.1 crore up from a loss of Rs. 61.5 crore during Q4FY12.

2. Revenue for Q4FY13 increased by 31% to Rs. 389.9 crore from Rs. 296.6 crore in Q4FY12.

3. EBITDA for Q4FY13 increased by 24% to Rs. 300.6 crore from Rs. 243.2 crore in Q4FY12.

4. Cargo handled in Q4FY13 increased by 20% to 14.82 MMT as against 12.36 MMT in Q4FY12.

Speaking on the key highlights for the year, Mr Rajiv Agarwal, Managing Director, Essar Ports Ltd, said: "Our improved performance on all parameters is in line with our expectations and we are confident of sustaining the performance in the coming quarters. We have seen a positive trend in cargo shifting to modern and efficient ports. The company has tried to maximize its operational efficiency by keeping all costs under control. The company has declared a dividend of five per cent and slowly but surely is emerging as a creator of value for shareholders. We are on track with respect to our project execution and operations ramp-up."

Operational highlights for the year:

Projects completed:

The company commissioned the state-of-the-art 16 MMTPA Dry Bulk Terminal at Paradip, with a fully mechanized ship-loading system with a capacity of 5,000 tons per hour. It is one of the most modern terminals of its type in India, connected to the stockyard by a 9km long covered conveyor system.

The company completed construction of 3 HSD tanks of capacity 180,000KL during the year at Vadinar.

Operations on track:

Essar Oil completed expansion of its 20MMTPA refinery in June 2012 and, accordingly, the Vadinar terminal is now operating at an enhanced run-rate of 10.5MMT per quarter (42MMTPA).

During FY13, the company's terminals handled a record 683 ships, as against 514 ships handled during the previous year.

The company's commitment towards Quality, Health, Safety & Environment was highlighted with the company winning the following awards during the year:

Vadinar continued to be an award-winning asset for its world-class HSE practices. Awards were won during the year at the India Shipping Summit, Gujarat Star Awards and from The Royal Society for Prevention of Accidents (RoSPA).

Hazira won the Greentech Foundation HSE Award and the Best Coal Port Performer Award at the Indian Coal Markets Conference.