Essar Ports rose 3.1% to Rs 74.75 at 15:15 IST on BSE after consolidated net profit surged 48% to Rs 101.40 crore on 22% growth in revenue to Rs 403.70 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced during trading hours today, 18 July 2013.
Meanwhile, the S&P BSE Sensex was up 194.93 points or 0.98% at 20,143.66.
On BSE, 1.59 lakh shares were traded in the counter as against average daily volume of 22,362 shares in the past one quarter.
The stock hit a high of Rs 78 and a low of Rs 71.25 so far during the day. The stock had hit a 52-week high of Rs 106.75 on 22 October 2012. The stock had hit a 52-week low of Rs 70.10 on 17 June 2013.
The stock had underperformed the market over the past one month till 17 July 2013, sliding 6.81% compared with the Sensex's 3.22% rise. The scrip had also underperformed the market in past one quarter, declining 19.18% as against Sensex's 6.5% rise.
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The mid-cap company has equity capital of Rs 427.89 crore. Face value per share is Rs 10.
Essar Ports' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 21% to Rs 327.90 crore in Q1 June 2013 over Q1 June 2012.
Essar Ports handled 14.08 million tonnes of cargo during Q1 June 2013, as against 12.65 million tonnes of cargo handled in Q1 June 2012, an increase of 11%.
Essar Ports' MD Mr. Rajiv Agarwal said, "Our performance has been exceeding the expectations for the past 2 years and we are confident of delivering good results in the coming quarters. Our third party terminals of Paradip and Vizag will bring us a good customer mix. We have further strengthened our Board with professionals which will help bring about stronger corporate governance, and guide us in the company's growth".
Essar Ports is one of the largest port companies of India, with a current capacity of 104 million metric tonnes per annum (MMTPA). The capacity is being expanded to 158 MMTPA over the next few years.
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