JSW Infrastructure Limited, a part of the JSW Group, on Friday reported its third quarter profit for the financial year 2023-24 at Rs 250.66 crore, up 118.2 per cent in comparison to Rs 114.89 crore during the corresponding quarter of previous year. It posted revenue from operations at Rs 940.11 crore, up 17.8 per cent as against Rs 797.73 crore during the third quarter of FY23. The company EBITDA stood at Rs 479.9 crore, up 27.7 per cent on-year.
During the quarter, JSW Infrastructure handled cargo volumes of 28.1 million tonnes which is higher by 17 per cent over the last year. The increase in the volume, it said, is primarily on the back of increased capacity utilisation at the Paradip Iron Ore Terminal, Paradip Coal Terminal and Mangalore Coal Terminal. Also, it added, at the Mangalore Container terminal, cargo volumes grew by 33 per cent on-year. Notably, the increase in the third-party volume was even stronger at 47 per cent year-on-year growth and the share of third party in the overall volumes stood at 39 per cent vs 31 per cent a year ago.
During the quarter, the company received Environmental Clearance (EC) for an additional 1.6 million tonnes per annum (mtpa) at Ennore Coal Terminal, which consequently led to the cargo handling capacity of the terminal reaching to 9.6 mtpa.
The company also emerged as the winning bidder for the development of Greenfield Port at Keni in Karnataka, further to which the concession agreement was signed with Karnataka Maritime Board. Capex estimated for the project, it said, is Rs 4119 crore with an initial capacity of 30 MTPA.
JSW Infrastructure also acquired majority shareholding of PNP Maritime Services, an operating port located at Shahbaj, Raigad district, Maharashtra, which is about 20 nautical miles from Mumbai Anchorage and opposite to the company’s Dharamatar Port and well-connected with Rail and Road. The purchase considerations being Rs 270 crore for 50 per cent plus 1 share of the paid up capital of the PNP Port. The Port has a current capacity of 5 million tonnes per annum (MTPA) and the potential to expand to 19 MTPA.
It also said that the acquisition of the liquid storage facility at the Fujairah port in UAE, with a capacity of 465,000 Cubic Meters or 5 million tonnes per year, has been completed. With the given capacity increases and acquisitions, the total cargo handling capacity now stands at 170 MTPA from 158.4 MTPA earlier.