With many automobile makers using Kamarajar Port to ship out vehicles to overseas markets, a second terminal costing Rs 320 crore is being developed while another is planned for the future, a top port management company official said on Monday.

He said the Kamarajar Port Ltd. has borrowed $100 million loan in foreign currency to part-fund its current year's capital expenditure of Rs 400 crore.

Announcing the provisional results of the company for 2016-17, its Chairman-cum-Managing Director M.A. Bhaskarachar told reporters: "To meet the increased demand of automobile exporters, the Kamarajar Port has started building the second automobile terminal."

He said the company is planning a third automobile terminal in the future.

According to Sanjay Kumar, General Manager-Corporate Strategy and Business Development, 2,27,581 vehicle were exported during the last fiscal from Kamarajar Port compared to previous year's 2,16,922 units.

Apart from export of vehicles, the port is also used for coastal transport of vehicles.

Last year, coastal shipping of automobiles began from the Kamarajar Port to Cochin and Kandla Ports.

According to Bhaskarachar, the company will, as per provisional figures, close last year's books with a revenue of around Rs 681 crore and a before-tax profit of Rs 460 crore.

In 2016-17, the Kamarajar Port earned a revenue of Rs 617.31 crore and before-tax profit of Rs 480 crore.

"Higher depreciation is one of the reasons for the dip in profit. The final profit figure may be higher than Rs 460 crore," M. Gunasekaran, General Manager-Finance, said.

According to Kumar, nine coastal shipping voyages have been undertaken till date.

One of the major automobile customers is Nissan Motor India, Kumar said.

Queried about the collision of two ships near the port early this year and steps taken to prevent such accidents, Bhaskarachar said: "A committee has given its recommendations, including having own pilots than outsourcing."

He said the port is to receive around Rs 60 lakh as reimbursement of expenses incurred from one of the shipping companies.

Two ships -- M.T. BW Maple carrying liquefied Petroleum Gas and M.T. Dawn Kanchipuram, carrying petroleum oil lubricants -- collided off Kamarajar Port on January 28 at 3.45 a.m.