Essar Ports Posts Record 20% Cargo Growth In Q1 FY20
The growth has been driven by a 183.21 per cent increase in third-party cargo compared to that in the corresponding period in the previous financial year.
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Essar Ports posted a record 20 per cent cargo growth in April-September period of the ongoing fiscal with a throughput of 27.29 MT, on the back of higher third-party cargo, the company said on Tuesday. Essar Ports is one of India's largest private sector port and terminal developer, with operations spanning four terminals with a combined capacity of 110 million tonne per annum (MTPA), which is roughly 5 per cent of India's port capacity.
"Essar's ports business, which operates four terminals on the east and west coasts of India, has registered a 20.07 per cent growth in cargo volumes with a throughput of 27.29 million tonnes (MT) in the first half of FY2019-20," the company said in a statement.
The growth has been driven by a 183.21 per cent increase in third-party cargo compared to that in the corresponding period in the previous financial year, it said.
Cargo from captive customers grew by 6 per cent, it added.
"Significant boost in third-party business has been the key driver for our growth in overall volumes. Alongside this, our focus on driving operational efficiencies and minimising operating costs has helped in recording strong growth," Essar Ports Ltd MD & CEO Rajiv Agarwal said.
The company has consistently surpassed the average growth rate of the sector, which is showing signs of heightened economic activity, he said.
Elaborating on terminal-wise performance, the company said that the 50 MTPA Hazira terminal handled 14.17 MT cargo in April-September, with 3.24 per cent growth compared to the same period last year.
The 24 MTPA Essar Vizag Terminal (EVTL), India's largest iron ore handling terminal located on the outer harbour of Visakhapatnam Port, handled 5.91 MT cargo with a 52.22 per cent growth compared to the same period last year.
The 20 MTPA Essar Bulk Terminal Salaya (EBTSL), deepest draft facility of Saurashtra region, clocked a cargo throughput of 3.22 MT in the first half (April-September) of 2019-20, it said.
The 16 MTPA Essar Bulk Terminal in Paradip Port clocked a cargo throughput of 4 MT in the first half of the fiscal, the statement said.
The company said it has invested Rs 11,000 crore in developing world-class terminals in three Indian states.
Having clocked a throughput of 40 MT in 2018-19, Essar Ports expects to handle over 60 MT cargo in the current financial year, it said.