Essar Ports Q2 results: Revenue rises 12.5% for 12.6 million tonnes of cargo

Mumbai: Port infrastructure company, Essar Ports Ltd has reported a revenue growth of 12.5% for 12.6 million tonnes of cargo for the September quarter of FY 2021 as against 11.2 million tonnes during the June quarter of FY21.

“Our terminals have clocked revenue for cargo handling of 23.8 million tonnes for the six months with a growth 12.5% in Q2 FY 21 as compared to Q1 FY 21. We are proud of our people and all other stakeholders to make this possible,” said Mr. Rajiv Agarwal, CEO & MD, Essar Ports Ltd.

The company has said that business recovery is nearing pre-Covid-19 times and has attributed its growth to the pick up in steel, power and mining sectors.

The company’s revenues were up by 12.5% from the previous quarter ended June 30, 2020, overcoming the challenges posed due to the C-19 pandemic and led by growth in steel and power sectors, the company said in a statement on Monday.

For the six months ended September 30, 2020, the company has recorded revenue for 23.8 million tonnes of cargo.

Essar Ports specializes in development and operations of ports and terminals for handling dry bulk, break bulk, liquid and general cargo. Essar has terminals in Hazira and Salaya (both in Gujarat) on the west coast, and in Visakhapatnam and Paradip on the east coast. The current operational capacity of the port terminals in India is 110 MTPA.