Essar Ports Ltd, the cargo handling unit of Essar Group, on Tuesday reported a whopping 97 per cent year-on-year jump in profits for the quarter through September 30.

The Ruias-promoted company generated profits of Rs 80.5 crore in the three months September 30 this year, as compared with Rs 41 crore reported in the corresponding period of last year.

EBITDA (earnings before interest, tax, depreciation & amortisation) jumped 24 per cent year-on-year to Rs 287 crore, while EBITDA margins reached 82 per cent in the three months.

Revenues grew 25 per cent, from Rs 279 crore to settle at Rs 348 crore in the same period.

Essar Ports Managing Director Rajiv Agarwal attributed the rise in revenues to the increased capacities of group companies like Essar Oil Ltd and Essar Steel Ltd.

Meanwhile, Essar Ports Ltd is planning to raise $400 million in the next few months in order to slash its debt pile and to finance the development of one of its ports. The company will use $300 million to refinance a part of its debt, and the remaining $100 to expand its Paradip port in Orissa.

Shailesh Sawa, finance director at Essar Ports, said, "We have been successful in getting some good deals while raising funds from various banks earlier and we are sure we can do it again."

Stock in Essar Ports Ltd gained 0.31 per cent to close at 98.50 a share on Bombay stock Exchange (BSE) on Tuesday.