Essar Ports Ltd, part of the Essar Group announced its unaudited results for the quarter ended September 2012, net profit for Q2FY13 increased by 97% to INR 80.53 crore from INR 40.84 crore in Q2FY12. For H1FY13, net profit increased by 85% to INR 149.05crore from INR 80.45 crore in H1FY12.

Revenue for Q2FY13 increased by 25% to INR 348.29 crore from INR 279.14 crore in Q2FY12. For H1FY13, revenue increased by 22% to INR 677.76 crore from INR 557.62 crore in H1FY12.

Operational highlights:
In the Q2 Essar Ports saw an increase of 31% in the total volumes handled to 12.70 million tonne from 9.73 million tonne in Q2FY12. For Half year ended September 2012, cargo handled increased by 21% to 25.36 million tonne as against 20.93 million tonne in H1 FY12.

Essar Ports became one of the first companies to be part of the Government's Take Out Financing scheme through IIFCL by refinancing INR 405 crore of its debt at EBTL Hazira, bringing down interest cost by 2.65% for the stated amount.

Source - Essar Ports Ltd

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