JSW Infrastructure Limited (the “Company”), a part of the JSW Group and India’s second-largest private commercial port operator, today announced its results for the third quarter ended 31st December 2023.
Key Highlights for Q3 FY24
- Cargo Handled Volumes of 28.1 Million Tonnes, up 17% YoY
- Revenue of ₹1,018 Crore, grew by 21% YoY
- EBITDA of ₹558 Crore up 33% YoY and EBITDA margin of 54.8%
- PAT of ₹254 Crore up 118% YoY
- Strong Balance Sheet, well positioned to pursue growth
- Net Debt/EBITDA (TTM) of 0.31x
- Cash and Cash equivalents of ₹3,764 Crore
Consolidated Financial Performance Q3 FY24
During the quarter, the company handled cargo volumes of 28.1 million tonnes which is higher by 17% over the last year. The increase in the volume is primarily on the back of increased capacity utilisation at the Paradip Iron Ore Terminal, Paradip Coal Terminal and Mangalore Coal Terminal. Also, at the Mangalore Container terminal, cargo volumes grew by 33% year on year. Notably, the increase in the third-party volume was even stronger at 47% year-on-year growth and the share of Third Party in the overall volumes stood at 39% vs 31% a year ago.
The higher volume translated to 21% growth in the total revenue which stood at ₹1,018 Crore. Increased revenue, the benefit of operating leverage and cost control meant EBITDA of ₹558 Crore (+33% yoy) with a robust margin of 54.8%. As a result, PAT stood at ₹254 Crore, reflecting a solid growth of 118% year on year.
Key Business update
- Received Environmental Clearance (EC) for an additional 1.6 million tonnes per annum (mtpa) at Ennore Coal Terminal, consequently the cargo handling capacity of the terminal stands at 9.6 mtpa.
- Greenfield Port Development at Keni, Karnataka: 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 Karnataka Maritime Board. Capex estimated for the Project is ₹4,119 Crore with an initial capacity of 30 MTPA.
- Acquired 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 Anchorage and opposite to the company’s Dharamatar Port and well-connected with Rail and Road. The purchase considerations being ₹270 crore for 50% plus 1 share of the paid-up capital of the PNP Port. The Port has a current capacity of 5 million tonnes per annum (MTPA) and the potential to expand to 19 MTPA.
- The acquisition of the liquid storage facility at the Fujairah port in UAE, with a capacity of 465,000 Cubic Meters or 5 million tonnes per year, has been completed.
With the given capacity increases and acquisitions, the total cargo handling capacity now stands at 170 MTPA from 158.4 MTPA earlier.
