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Informist, Tuesday, Jan. 28, 2025

By Alina Geogy

MUMBAI – An increase in cargo volumes led port operator JSW Infrastructure Ltd. to post a nearly 32% on-year growth in its bottom line for the December quarter. The volume increase was driven by the increased capacity utilisation at the coal terminal at Paradip in Odisha, the contribution from the PNP port in Maharashtra, and the liquid storage terminal in the UAE, the company said in a press release. However, the company's annualised bottom line growth in the December quarter slowed from the previous quarter. The company's bottom line also fell 11.2% sequentially in absolute terms.

The volume growth would have been higher but for the lower cargo volumes at the iron ore terminal at Paradip. The company's consolidated net profit rose 31.6% on year to INR 3.30 billion for the quarter, slightly higher than analysts' estimate of INR 3.14 billion.

The company's consolidated revenue for Oct-Dec rose 25.7% on year to INR 11.82 bln from a year ago and 18% from the previous quarter. The top line print was also higher than analysts' estimate of INR 11.26 billion. The higher volume and integration of the recently acquired Navkar Corp. Ltd. translated to 24% on-year growth in the company's consolidated total revenue, which was INR 12.65 billion for the quarter.  

During the quarter, the company had completed the acquisition of a 70.4% stake in Navkar Corp. through its subsidiary company JSW Port Logistics Pvt. Ltd. Of the INR 11.82 billion consolidated revenue, the company's core port operations contributed nearly 90% while the rest was from its logistics operations. Revenue from the company's port operations in the December quarter rose to INR 10.63 billion from INR 9.40 billion a year ago. 

For the nine months ended December, the company's consolidated net profit rose 20% on year to INR 9.94 billion. Its consolidated revenue in Apr-Dec rose 20% on year to INR 31.93 billion. 

JSW Infra posted a 20% on-year increase in its consolidated earnings before interest, taxes, depreciation, and amortisation in the December quarter to INR 6.70 billion. Its consolidated operating EBITDA margin in the December quarter contracted to 49.59% from 51.05% a year ago.

JSW Infra has increased its guidance for total capital expenditure to INR 390 billion from INR 300 billion earlier. The company has earmarked an additional capital expenditure of INR 90 billion for expanding its logistics business. This expansion aims to build on the acquisition of Navkar Corp. to develop a robust pan-India logistics network for last-mile connectivity, the company said in the release.

The company is on track to increase its cargo handling capacity to 400 million tonnes per annum by 2029-30 (Apr-Mar) or earlier, more than double its current capacity of 174 million tn per annum, as per the press release. In the December quarter, JSW Infra handled cargo volumes of 29.4 million tn, up 5% on year. The increase in the third-party volume was stronger at 31% on-year and the share of third party in the overall volumes was 49%, up from 39% a year ago. Shares of JSW Infra Tuesday closed at INR 261.20, up 0.2%, on the National Stock Exchange. End

Edited by Akul Nishant Akhoury

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