JSW Infrastructure reported a 46 per cent rise in net profit in the second quarter of FY25 and revenue rose by over a fifth, driven by an increase in cargo volume and a change in the realisation mix.
The port operator reported net profit of ₹374 crore on revenue of ₹1088 crore, while EBITDA rose around 22 per cent to ₹607 crore. It ended the quarter with cash and bank balance of ₹4501 crore and gross debt of ₹4414 crore.
The total cargo handled went up 16 per cent to 27.5 million tons (mtpa), growth coming from the coal terminals at Mangalore, Paradip and Ennore, as well as the recently acquired ports of PNP and the liquid terminal at UAE.
The company also won a letter of intent to develop a greenfield port at Murbe in Maharashtra, with an initial capacity of 33 mtpa. The port will be developed over the next 4-5 years, said outgoing Joint MD and CEO Arun Maheshwari, who is transitioning to a new role in the JSW Group. He will be replaced by Rinkesh Roy from November 7.
The quarter saw 35 mtpa of brownfield expansion at the ports in Jaigarh and Dharamtar.
The share of third party cargo (non-JSW group) during the quarter rose to 46 per cent from 36 per cent year ago.
The company has a long term plan to increase its capacity to 400 mtpa by FY30, driven by participating in privatisation bids by the government and strategic acquisitions.
A 7 mtpa dry bulk cargo berth in Tuticorin, for which the concession agreement was signed in July, is expected to be completed by Q4 of FY26. Two liquid cargo berths with a capacity of 4.5 mtpa coming up at Jawaharlal Nehru Port will also be completed in early FY26 as will as expansion at Mangalore container terminal.
The two greenfield ports of Jatadhar and Keni will be completed by 2028 and 2029.