Essar Ports registers 12% Q-o-Q growth in cargo in Q1 FY17-18

KOLKATA/MUMBAI
15 Jul 2017

Essar Ports has handled a record 19.62 million tonnes of cargo in the quarter ending 30 June 2017. This is a growth of 12% when compared to the cargo handling in the corresponding quarter of the previous fiscal.
For dry and unit cargo, the performance was even more impressive, with the company recording a significant 32% growth. The substantial growth in traffic at the company’s three dry bulk ports in Hazira, Paradip and Vizag, came on the back of heightened activity and capacity utilisation of Essar Steel, which is Essar Port’s anchor customer.
The overall growth in traffic was also helped by the 60% increase in third-party cargo volumes during the quarter.
The Essar dry bulk terminal at Paradip Port surpassed past benchmarks to record 131% growth in cargo handling.
Commenting on the performance, Rajiv Agarwal, CEO & MD, Essar Ports, said: “FY18 has started on a promising note for Essar Ports. Handling 19.62 million tonnes of cargo in Q1 itself is an encouraging sign and we are confident of sustaining our performance and grow throughout the year.” (EOIC)