JSW Infrastructure Limited (the “Company”), a part of the JSW Group and India’s second largest commercial port operator in terms of cargo handling capacity, today announced its results for the second quarter ended 30th September 2023.
Key Highlights for Q2 FY24
• Cargo Handled Volumes of 23.7 Million Tonnes, up 27% YoY
• Revenue of ₹895 Crore, grew by 29% YoY
• EBITDA of ₹499 Crore up 33% YoY and EBITDA margin of 54%
• PAT of ₹256 Crore up 85% YoY
• Strong Balance Sheet, well positioned to pursue growth
o Cash and Cash equivalents of ₹5,333 Crore
Key Business update
In line with the strategy of diversifying portfolio and pursuing value-accretive growth, the company through its wholly owned subsidiary JSW Terminal Middle East FZE has signed a share purchase agreement with MPT Commodities Ltd (part of the Mercuria Group, Switzerland), to acquire a Liquid storage facility of 465,000 Cubic Meters capacity at the Fujairah port, UAE for a consideration of $187m. The acquisition helps us to foray into the lucrative business of liquid storage at the Fujairah Port, UAE. Fujairah Port, is the second-largest bunkering hub in the world after Singapore. The experience can be leveraged to explore similar opportunities in India.
Consolidated Financial Performance Q2 FY24
During the quarter, the company handled cargo volumes of 23.7 million tonnes which is higher by 27% over the last year. The increase in the volume is primarily on the back of increased capacity utilisation at the Paradip Coal terminal as well as Paradip Iron Ore terminal and increased offtake at the Dharamtar and Jaigarh ports. Also, the Mangalore Container terminal handled close to 54,404 TEU, which is 7% higher YoY. Notably, the increase in the third-party volume was even stronger at 31% and the share of third Party in the overall volume stood at 36% vs 35% a year ago.
The higher volume translated to 29% growth in the total revenue which stood at ₹895 crore. Increased revenue and efficient operating cost structure meant EBITDA of ₹499 Crore (+33% yoy) with a robust margin of 55.7%. As a result, PAT stood at ₹256 crore, reflecting a solid growth of 85% year on year.
Management Comments
Mr. Arun Maheshwari, JMD & CEO, JSW Infrastructure said: “I would like to express my gratitude to all our stakeholders for the trust they have placed in our company. On October 3rd, the company reached a significant milestone by being listed, and with the support of our stakeholders, I am confident that JSW Infrastructure Limited is in a unique position to take advantage of India’s growth opportunities. Our strong financial results for the quarter and half year ending on September 30th, 2023, continue to be a testament to our strategic assets and operational excellence. The acquisition of the commercial Liquid Storage facility at Fujairah Port, UAE is a step towards our overarching vision of growth going forward.”
