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Informist, Monday, Oct. 28, 2024

 

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--JSW Infra Jul-Sept consol net profit INR 3.72 bln vs INR 2.54 bln year ago 
--JSW Infra Jul-Sept consol revenue INR 10.01 bln vs INR 8.48 bln year ago 
--JSW Infra Apr-Sept consol net profit INR 6.64 bln vs INR 5.75 bln year ago 
--JSW Infra Apr-Sept consol revenue INR 20.11 bln vs INR 17.26 bln year ago 
--JSW Infra Jul-Sept consol cargo handled volume 27.5 mln tn, up 16% on year 
--JSW Infra Jul-Sept consol EBITDA INR 6.07 bln, up 22% on year 

 

By Akshay V. Johnson

 

MUMBAI - JSW Infrastructure Ltd. reported better-than-expected earnings for the September quarter led by higher cargo volume and a reduction in total expenses. The increase in volumes is driven by increased capacity utilisation at the coal terminals of Mangalore, Paradip, and Ennore, and contributions from acquisitions such as PNP port at Dharamtar in Maharashtra, and the liquid storage terminal in the United Arab Emirates, the company said.

 

The company reported a consolidated net profit of INR 3.72 billion for the September quarter, up 46% from INR 2.54 billion in the year-ago quarter. Analysts had estimated the company would report a net profit of INR 3.18 billion. On a year-on-year basis, the company's net profit growth for the September quarter is the highest in the last three quarters.

 

The company reported consolidated revenues of INR 10.01 billion for the September quarter, up 18% from INR 8.48 billion in the year-ago quarter. Analysts had expected the revenue number at INR 10.34 billion for Jul-Sept. Sequentially, the company's consolidated net profit was up 27% and revenue was down 0.8%. The company's other income for the September quarter was INR 868 million, up 84% on year.

 

For the September quarter, the company reported total expenses of INR 5.34 billion, down 5.8% from INR 5.67 billion in the year-ago quarter. The company's operating expenses rose 26% to INR 3.70 billion. Its finance costs were 0.9% higher at INR 747 million from INR 740.4 million in the year-ago quarter. The company's depreciation and amortisation expense for the September quarter was INR 1.34 billion, up 33% on year. 

 

For Apr-Sept, the company reported a consolidated net profit of INR 6.64 billion, up 15.4% on year. Its revenue for the period was up 16.% on year at INR 20.11 billion.

 

The company's earnings before interest, tax, depreciation, and amortisation was INR 6.07 billion, up 22% on year. As of Sept.30, the company's cash and cash equivalents were INR 45.01 billion. For Apr-Sept, the company reported an EBITDA of INR 12.16 billion, up 23% on year. The company's EBITDA margin for the September quarter was 55.8%, unchanged from the year-ago quarter.

 

JSW Infrastructure handled cargo volumes of 27.5 million tonnes in the September quarter, up 16% on year. The rise in volume was driven by increased capacity utilisation in the coal terminals and contributions from new acquisitions. The company's third party volumes saw strong growth in the September quarter. The third party volume grew 48% on year to 12.7 million tonnes for Jul-Sept. The share of third party volumes in the overall volumes grew to 46% from 36% a year ago. The higher growth in volume translated to better revenue growth, while the total expenses saw a year-on-year decrease. All these factors led to the company posting better-than-expected net profit figures for the September quarter.

 

For Apr-Sept, the company's cargo handled volumes were 55.3 million tonnes, up 13% on year. The company's third party volumes grew 48% on year to 26.5 million tonnes in this period.

 

In Jul-Sept, the company won the bid for development of a greenfield port at Murbe in Maharashtra. The board also approved brownfield capacity expansion of the port at Dharamtar by 21 million tonnes per annum and of the Jaigarh port by 15 million tonnes. The capacity expansion in Dharamtar and Jaigarh has a total budget of INR 23.59 billion and the company aims to complete this expansion by March 2027. The company also acquired a 70.37% stake in logistics company Navkar Corp. Ltd. in the September quarter.

 

JSW Infrastructure's current cargo capacity is 170 million tonnes per annum. The company aims to increase its capacity by 2.4 times to 400 million tonnes per annum by 2029-30 (Apr-Mar).

 

On Monday, shares of the company ended 2.22% higher at INR 287.35 on the National Stock Exchange.  End

 

Edited by Tanima Banerjee

 

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