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Business News/ Companies / Company Results/  JSW Infra Q2 Results: Net profit jumps 85% to 256 crore, revenue rises 25%; cargo volumes up 27% YoY
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JSW Infra Q2 Results: Net profit jumps 85% to ₹256 crore, revenue rises 25%; cargo volumes up 27% YoY

JSW Infra Q2 Results: The JSW Group company's revenue from operations in the second quarter of current fiscal stood at ₹895 crore, registering a growth of 25 per cent, compared to ₹696 crore in the year-ago period.

JSW Infrastructure listing on the stock exchanges in October 2023. (Photo: Courtesy BSE X channel account)Premium
JSW Infrastructure listing on the stock exchanges in October 2023. (Photo: Courtesy BSE X channel account)

JSW Infra Q2 Results: JSW Infrastructure announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a rise of 85 per cent to 256 crore, compared to 138 crore in the corresponding period last year. 

The JSW Group company's revenue from operations in the second quarter of current fiscal stood at 895 crore, registering a growth of 25 per cent, compared to 696 crore in the year-ago period.

On the operating front, India’s second largest commercial port operator in terms of cargo handling capacity reported an EBITDA (earnings before interest, taxes, depreciation, and amortization) of 499 crore in the September quarter, registering a growth of 33 per cent year-on-year. 

EBITDA margin in the quarter-under-review came in at 54 per cent. The total cargo handled volumes by JSW Infra in the September quarter stood at 23.7 million tonnes, registering a growth of 27 per cent year-on-year.

JSW Infra's board approved the acquisition by JSW Terminal (Middle East) FZE (a wholly owned subsidiary of the company) of Marine Oil Terminal Corp, a company incorporated in Marshall Island along with its Fujairah branch from MPT Commodities Limited, British Virgin Islands at a value of $187 million.

Also Read: JSW Infrastructure share price debuts at 20% premium at 143 on NSE and BSE

‘’In line with the strategy of diversifying portfolio and pursuing value-accretive growth, the company through its wholly owned subsidiary JSW Terminal Middle East FZE has signed a share purchase agreement with MPT Commodities Ltd (part of the Mercuria Group, Switzerland), to acquire a liquid storage facility of 465,000 cubic meters capacity at the Fujairah port, UAE,'' said JSW Infra in a regulatory filing to the stock exchanges.

The acquisition helps the company to foray into the lucrative business of liquid storage at the Fujairah Port, UAE, according to JSW Infra. Fujairah Port, is the second-largest bunkering hub in the world after Singapore.

The company's board also approved the purchase of container train operator /Concession by the company from M/s. Sical Multimodal and Rail Transport Limited, which is subject to the requisite government approvals. 

"On October 3rd, the company reached a significant milestone by being listed, and with the support of our stakeholders, I am confident that JSW Infrastructure Limited is in a unique position to take advantage of India's growth opportunities…The acquisition of the commercial Liquid Storage facility at Fujairah Port, UAE is a step towards our overarching vision of growth going forward,'' said Arun Maheshwari, JMD & CEO, JSW Infrastructure.

JSW Infrastructure share price listed on the bourses at a premium on October 3. On the NSE and BSE, JSW Infrastructure share price was listed at 143 per share, 20.2 per cent higher than the issue price of 119. JSW Infra IPO had opened for subscription on September 25, and closed on September 27. The issue was oversubscribed on the final day.

Ahead of the announcement of Q2FY24 results, shares of JSW Infra settled 0.03 per cent lower at 171.60 apiece on the BSE.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 03 Nov 2023, 08:36 PM IST
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