Indian industrial and energy giant Essar Group's subsidiary Essar Shipping Ports & Logistics Ltd has issued its financial results for the year ended on March 31, 2010, stating that the company continued to grow despite the challenging market environment.
Profit after tax was Rupees 9.3 billion ($198.7 million) in the year ended March 31, increasing 21 percent compared with a profit after tax of Rupees 7.7 billion a year earlier. The company also pointed out that its revenues jumped by 16 percent to Rupees 30.9 billion ($660 million) from Rupees 26.7 billion the year before. EBITDA for the year also registered a growth of 18 percent at Rupees 11 billion ($235 million), compared to Rupees 9.3 billion during the previous year.
Commenting on the results, Mr V Ashok, director of Essar Shipping Ports & Logistics Limited, said, "In a very challenging and volatile business environment, the contributions from all our subsidiaries have resulted in better operational performance."