Port operator JSW Infra's Q3 profit misses estimates on sluggish cargo volume growth (updated)

JSW Infrastructure

28/01/2025 15:20

(Adds CFO comments in paragraph 4)
    By Hritam Mukherjee
       Jan 28 (Reuters) - JSW Infrastructure  JSWN.NS , India's
second-largest private port operator, missed third-quarter
profit estimates on Tuesday as cargo volume growth slowed due to
lower iron ore exports.
    The company, which operates ten ports and terminals along
the country's coastline, reported a consolidated net profit of
3.30 billion rupees ($38.1 million) for the October-December
period, compared with the average analyst estimate of 3.40
billion rupees, according to data compiled by LSEG.
    A decrease in volumes at its Paradip iron ore terminal in
the state of Odisha capped JSW Infra's volume growth at 5% -
lower than the past four quarters and also below brokerage
ElaraCapital's 6% estimate.
    Iron ore prices hit exports in the October-December period
and the company expects volumes to rebound in the ongoing
quarter, Chief Financial Officer Lalit Singhvi said on a
post-earnings call.
    India's slowing economic growth has curbed cargo volumes at
port operators including JSW Infra and its bigger rival Adani
Ports  APSE.NS , ElaraCapital analysts said.
    JSW Infra's third-quarter results are not comparable with
the year-earlier figures as it completed the acquisition of
logistics firm Navkar  NAVR.NS  in October, the company said.
    The company said it gained 1.19 billion rupees in revenue
and 55.1 million rupees in profit in the reported quarter from
the acquisition.

 ($1 = 86.5150 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Eileen
Soreng and Shounak Dasgupta)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam))