JSW Infrastructure Posts Over 2-Fold Jump In Q3 Net Profit To Rs 253.57 Crore
The country's second-largest private port operator posted a net profit of Rs 116.38 crore during the October-December period of 2022-23.
JSW Infrastructure on Friday reported a more than two-fold jump in its consolidated net profit to Rs 253.57 crore in the October-December quarter of this fiscal, driven by higher income.
The country's second-largest private port operator posted a net profit of Rs 116.38 crore during the October-December period of 2022-23.
The total income surged to Rs 1,018.30 crore in the third quarter from Rs 842.02 crore in the year-ago quarter. Its expenses were at Rs 711.25 crore in the third quarter against Rs 734.41 crore in the October-December quarter of last fiscal.
In a separate statement, the company said it handled cargo volumes of 28.1 million tonnes, registering a 17% year-on-year growth.
The increase in volume is primarily on the back of increased capacity utilisation at the Paradip Iron Ore Terminal, Paradip Coal Terminal and Mangalore Coal Terminal, JSW Infrastructure said.
"The higher volume translated to 21% growth in the total revenue which stood at Rs 1,018 crore. Increased revenue, the benefit of operating leverage and cost control meant EBITDA of Rs 558 crore with a robust margin of 54.8%," the company said.
Sharing business updates, it said Environmental Clearance (EC) has been received for an additional 1.6 million tonnes per annum (mtpa) capacity at Ennore Coal Terminal.
The company emerged as the winning bidder for the development of a greenfield port at Keni in Karnataka, further to which the concession agreement was signed with the Karnataka Maritime Board. The capex estimated for the project is Rs 4,119 crore with an initial capacity of 30 MTPA.
During the quarter, the JSW Group company also acquired the majority shareholding of PNP Maritime Services (PNP Port), an operating port located at Shahbaj, Raigad district, Maharashtra, which is about 20 nautical miles from Mumbai. The port has a current capacity of 5 MTPA and the potential to expand to 19 MTPA.
The acquisition of the liquid storage facility at the Fujairah port in the UAE, with a capacity of 465,000 cubic meters or 5 million tonnes per year, has been completed.
JSW Infrastructure shares rose by 3.03% to close at Rs 224.25 on BSE on Friday.
