India's JSW Infra reports highest-ever quarterly profit on strong cargo growth
Indian JSW Infrastructure 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, is due to report second-quarter earnings on Tuesday.
($1 = 84.0470 Indian rupees)
