India's JSW Infra reports highest-ever quarterly profit on strong cargo growth

JSW Infrastructure

28/10/2024 12:05

Oct 28 (Reuters) - 
    Indian JSW Infrastructure  JSWN.NS  on Monday reported its
highest-ever quarterly profit since going public in October
2023, boosted by higher cargo volumes.
  
    The company, India's second-biggest private port operator,
reported consolidated net profit of 3.72 billion rupees ($44.3
million) in second quarter ended Sept. 30, up by 46% on-year.
    The company handled 27.5 million metric tonnes of cargo, 16%
higher over the last year, said JSW Infrastructure, which
operates ten ports and terminals along the Indian coastline.
    Higher cargo volumes was driven by increased capacity
utilisation at its coal terminals, the company said in an
earnings release, leading to higher third-party volumes growth
of 48% year-on-year.
        Revenue from operations rose by 18% to 10.01 billion
rupees.
  
    Total expenses, meanwhile, fell nearly 6% to 5.34 billion
rupees, helping boost its margins to 55.8% from 54% a year ago.
    Additionally, the company said it plans to enhance its
overall cargo handling capacity to 400 million tonnes per annum
(MTPA) by 2030 from 170 MTPA currently.
        JSW Infra's bigger rival, Adani Ports and Special
Economic Zone  APSE.NS , is due to report second-quarter
earnings on Tuesday.
  

($1 = 84.0470 Indian rupees)

 (Reporting by Hritam Mukherjee and Manvi Pant in Bengaluru;
Editing by Varun H K)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))