India's JSW Infrastructure posts Q1 profit fall on higher expenses

JSW Infrastructure

18/07/2024 12:44

BENGALURU, July 18 (Reuters) - JSW Infrastructure
 JSWN.NS , India's second-largest private port operator in terms
of cargo handled, reported a nearly 9% fall in first-quarter
profit on Thursday, hurt by higher expenses.
    Its consolidated net profit fell to 2.92 billion rupees
(about $35 million) in the quarter ended June 30 from 3.21
billion rupees in the year-ago period.
    Port operators, including JSW Infra's larger rival Adani
Ports  APSE.NS , have been benefiting from cargo movement across
their ports with improved commercial activity in the country.  
    JSW Infrastructure, part of steel-to-power conglomerate JSW
Group, said its cargo volume grew 9% year-on-year to 27.8
million tons, which helped revenue from operations rise 15%.
    However, its total expenses jumped 41%, with operational
expenses rising 23% year-on-year and eating into its profit.
    JSW Infrastructure currently operates 10 ports along the
country's coastline.
    In June, the company acquired a majority stake in Navkar
Corporation  NAVR.NS  through its unit JSW Port Logistics,
entering the logistics sector.
    JSW Infrastructure's shares closed 1.3% lower on Thursday,
ahead of the results.
 
 ($1 = 83.6316 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru; Editing by Janane
Venkatraman
)
 ((anisha.ajith@thomsonreuters.com;))