Essar Ports Post Record Cargo Growth of 20.07% in H1FY20

–Company clocks 27.29 MnT throughput in H1FY20, with an overall growth of 20.07%
–Third-party cargo volumes increase by 183.21% as compared to the volumes in H1 FY19
–Third-party cargo share increases to 25.8% in total cargo volumes

Essar’s Ports business, which operates four terminals on the east and west coasts of India, has registered a 20.07% growth in cargo volumes with a throughput of 27.29 MnT in the first half of FY2019-20.

The growth has been driven by a 183.21% increase in third-party cargo compared to that in the corresponding period in the previous financial year. Cargo from captive customers grew by 6%.

Speaking on the performance, Mr Rajiv Agarwal, MD & CEO, Essar Ports Ltd, said: “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 has consistently surpassed the average growth rate of the sector, which is showing signs of heightened economic activity.”

Essar Ports is one of India’s largest private sector port and terminal developers and operators. It has invested INR 11,000 crore in developing world-class terminals in three Indian states. Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 percent of India’s port capacity.