Cargo volumes to rise 15% in FY14: Essar Ports

Moneycontrol Bureau 

After posting robust numbers in June quarter, Essar Ports is confident of achieving 15 percent growth in cargo volumes in FY14, said a top official. The company has announced 48 percent year-on-year jump in June quarter profit to Rs 101.4 crore on Rs 404 crore revenues which also grew 22 percent YoY. Good set of numbers can be attributed to a significant jump in cargo volume that the firm handled in the quarter gone by. “Our cargo volumes grew 11 percent to 14.08 million tone and we are confident of handling 60 MT by year-end,” Rajiv Agarwal, managing director, Essar Ports told moneycontrol.com. Did you read:Looking at ECB route to raise funds: Essar Ports The company also controlled costs and ensured improved performance on all parameters, Agarwal further said. The firm has completed expansion of 20 million tonne refinery at its Vadinar terminal which is now operating at an enhanced run-rate of over 10.5 metric tonne. “We have seen cargo shifting to modern and efficient ports  like ours and this helps us to handle high cargo,” added Agarwal who further said that the port is one of the most modern terminals of its type in India, connected to the stockyard by a 9km long covered conveyor system. By inducting three independent directors - former shipping secretary Michael Pinto, N.C. Singhal (founder of the erstwhile Shipping Credit and Investment Co. of India and Jose Paul (former chairman of Murmogao Port Trust), the firm aims to take growth to the next level. Meanwhile, it has won bid for development of three iron ore berths at Visakhapatnam port for 30 years. These three berths have a combined capacity of 23 MMTPA. Two of the berths are in operational condition and will contribute to our revenues post signing of concession agreement. The port handled 12 MMT of iron ore in FY13, Agarwal further said. shaheen.mansuri@network18online.com