Essar Shipping Limited part of the Essar Group today announced its Quarter three FY 12 results for the Quarter ended December 31st 2011. This is for the first time Essar Shipping is announcing its results after having listed on bourses on October 20th 2011 post demerger from erstwhile ESPLL.

Results:
Essar Shipping Limited registered PAT (Profit after Tax) had increased by 43% to INR 48.6crore for the quarter ended December 31st 2011, as against INR 33.9 crore for the corresponding quarter last year.

EBITDA of the company had increased by over 39% to INR 242.3 crore as against 173.6 crore for the corresponding quarter last year.

Revenues of the company had increased by11% to INR 729.2 crore as against INR 658.8 crore for the corresponding quarter last year.

Speaking on the results, Mr AR Ramakrishnan MD of Essar Shipping Limited said that “Despite tough market conditions such strong performance is primarily because of the company’s strategy to enter into long term charter of the vessels which provides a natural hedge against the cyclical nature of the industry and ensures long term visibility of revenues and profitability.”