Essar Ports Q2 beats estimates, net up 97% to Rs 80.5 cr
Essar Ports' consolidated net profit rose by 97 percent year-on-year and 17.5 percent to Rs 80.5 crore in the quarter ended September 2012, which was quite higher than analysts' expectations of Rs 69 crore.
October 16, 2012 / 23:38 IST
Essar Ports' consolidated net profit rose by 97 percent year-on-year and 17.5 percent to Rs 80.5 crore in the quarter ended September 2012, which was quite higher than analysts' expectations of Rs 69 crore.
Total income from operations went up by 25.5 percent YoY and 6 percent QoQ to Rs 344 crore and earnings before interest, tax, depreciation and amortisation (EBITDA) increased 23 percent YoY and 6.5 percent QoQ to Rs 283 crore during the same period. Operating profit margin improved by 160 basis points YoY and 30 basis points QoQ to 82.3% in the three months ended September 2012, which too was higher than forecast of 81.9%.Tax expense increased to Rs 24.5 crore in the second quarter of current financial year 2012-13 from Rs 21.3 crore in a year ago period and Rs 16 crore in the previous quarter. During the quarter, Essar Ports has capitalized net exchange loss of Rs 6.2 crore on FCCBs relating to acquisition of depreciable assets. Revenue from its port & terminal services division rose by 25% YoY to Rs 343 crore and profit before interest & finance charges went up by 30% YoY to Rs 223 crore during the quarter.Capital employed for port & terminal service segment was up by 13% to Rs 6154 crore from Rs 5464 crore YoY. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
