India's JSW Infrastructure Q4 profit rises on higher cargo volumes

JSW Infrastructure

03/05/2024 11:14

BENGALURU, May 3 (Reuters) - JSW Infrastructure
 JSWN.NS , India's No.2 private port operator by market
capitalisation, reported a near 10% increase in fourth-quarter
profit on Friday, boosted by higher cargo volumes. 
    The company, part of steel-to-energy conglomerate JSW Group,
said consolidated net profit rose to 3.30 billion rupees ($39.6
million) in the quarter, from 3 billion rupees a year ago.
    Increased capacity utilisation at Paradip and Mangalore coal
terminals helped boost cargo volumes by 9% to 29.3 million tons
in the January-March period, said JSW Infrastructure, which
operates 10 ports and terminals along the Indian coastline.
    That helped revenue from operations to climb about 20% to
10.96 billion rupees. Total expenses rose 15.5%, mainly due to
higher operational costs.
    Port operators, including JSW's larger rival Adani Ports
 APSE.NS , have been benefitting as buoyant commercial activity
and strong domestic consumption sustain cargo movement in and
out of the country.
    On Thursday, Adani Ports reported a 76% jump in
fourth-quarter profit, backed by record cargo traffic at its
ports and terminals.
    JSW Infrastructure's shares rose as much as 2.6% after
results before reverting to trade flat as of 3:15 p.m. IST.
    The stock has gained about 24% so far this year, while Adani
Ports has risen about 29%, the most among the seven listed Adani
group companies.
 
 ($1 = 83.4100 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio
D'Souza)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))