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 and period ended 31st December 2024.
Key Highlights for Q3 FY25
• Revenue of ₹1,265 Crore, up 24% YoY
• EBITDA of ₹670 Crore up 20% YoY
• PAT of ₹336 Crore up 32% YoY
• Strong Balance Sheet, well positioned to pursue growth
o Net Debt to EBITDA (TTM*) of 0.4x
o Cash and Cash equivalents of ₹4,845 Crore
*Trailing Twelve Months
Consolidated Financial Performance Q3 FY25
During the quarter, the Company handled cargo volumes of 29.4 million tonnes which is higher by 5% over the last year. The volume increase was driven by the increased capacity utilisation in the coal terminal at Paradip, contribution from PNP port and Liquid Storage Terminal, UAE. The growth was partially offset by lower cargo volumes in the Iron Ore terminal at Paradip.
The increase in the third-party volume was stronger with 31% year-on-year growth and the share of Third Party in the overall volumes stood at 49% vs 39% a year ago.
The higher volume and integration of the recently acquired Navkar Corporation translated to 24% year-on-year growth in the total revenue which stood at ₹1,265 Crore. EBITDA increased to ₹670 Crore (+20% yoy) with a robust margin of 52.9%. Consequently, PAT stood at ₹336 Crore, reflecting a growth of 32%.
Key Business update
• Overall Capacity enhancement to 174 mtpa from 170 mtpa
o Mangalore Coal Terminal: The cargo handling capacity increased to 8.1 mtpa, from 6.7 mtpa.
o PNP port: The capacity increased to 8mtpa from 5mtpa on the back of dredging activities while the Environmental Clearance (EC) is in place for 19mtpa.
• Interim operations commenced at JNPA (Liquid Terminal): At JNPA, the company obtained approval from the relevant authorities to commence interim operations. It handled nearly 90,000 tonnes of liquid edible oil during November and December 2024. Similar efforts are underway to secure approvals for interim operations at the Tuticorin Dry Bulk Terminal.
• Low Risk on ESG: The global ESG risk rating agency, Morningstar Sustainalytics, has rated JSW Infrastructure Limited as “Low Risk” on ESG. This rating from a globally regarded agency confirms our belief, ability, and commitment to manage ESG risks as part of our overall business strategy.
Growth Strategy
As previously announced, the company has embarked on a growth plan to increase its cargo handling capacity to 400 million tonnes per annum (mtpa) by FY 2030 or earlier, up from the current capacity of 174 mtpa. To achieve this, it has outlined a comprehensive capital expenditure (capex) plan of ₹30,000 crores.
Additionally, the Company has increased its total capex guidance to ₹39,000 crores, with an additional ₹9,000 crores earmarked for expanding its logistics segment. This expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network for last-mile connectivity.
The Company is targeting a top line of ₹8,000 crores for its logistics segment, with a 25% EBITDA margin, resulting in industry-leading Return on Capital Employed (ROCE). With a strong balance sheet, the Company is well-positioned to pursue both organic and inorganic growth without compromising its leverage ratios.
