Mumbai–JSW Infrastructure reported a nearly 10% decline in first-quarter profit as lower other income and a higher effective tax rate offset growth in cargo volumes and logistics operations.
The JSW Group company posted consolidated net profit attributable to shareholders of Rs 346.63 crore for the April-June quarter, down 9.9% from Rs 384.68 crore in the same period a year earlier, according to a stock exchange filing.
Profit before tax fell to Rs 462 crore. The company attributed the decline largely to the use of surplus funds for ongoing growth-related capital spending, which reduced other income during the quarter.
Revenue from operations rose 18.2% to Rs 1,444.83 crore from Rs 1,223.85 crore a year earlier. The increase was driven by higher port cargo volumes, continued momentum in the logistics business and a favorable product mix.
EBITDA increased 8.9% to Rs 731 crore from Rs 671 crore. However, the EBITDA margin narrowed to 48.7% from 51.1%, reflecting higher operating costs and changes in the business mix.
JSW Infrastructure handled 31 million metric tons of cargo during the quarter, up 6% year over year. Growth was supported by stronger activity at Jaigarh Port, where volumes from anchor customers increased and newer cargo categories contributed additional third-party business.
Dharamtar Port, South West Port and Ennore Bulk Terminal also recorded strong operations, while interim activity at the Tuticorin Terminal contributed to overall volumes.
The gains were partly offset by lower cargo volumes at the Fujairah Liquid Terminal amid difficult operating conditions in the Middle East.
JSW Infrastructure, India’s second-largest private port operator, said it aims to increase its cargo-handling capacity to 400 million metric tons annually by fiscal 2030 or earlier, nearly double its current capacity of 186 million metric tons. (Source: IANS)
