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JSW Infra Q4 results: Profit jumps 54% despite moderate cargo volume growth
Sajjan Jindal-led JSW Infrastructure (JSW Infra) posted an annual increase of 54.4 per cent in its profit (attributable to the owners of the company) for Q4FY25, despite a moderate growth of 5 per cent in the cargo volume handled by the company.
The company's profit stood at Rs 509.4 crore, beating the Bloomberg analysts' poll estimate of Rs 364.2 crore. Meanwhile, the cargo volumes handled by the company stood at 31.2 million tonnes.
The company's revenue from operations for the quarter also grew by 17.04 per cent year-on-year (YoY) on the back of higher volumes and consolidation of Navkar Corp's business. It stood at Rs 1,283.2 crore, topping the estimate of Rs 1,267.1 crore.
The total expenses during the quarter increased by only about 1 per cent YoY, to Rs 790.6 crore.
The earnings before interest, taxes, depreciation, and amortisation (Ebitda) increased by 7 per cent YoY, to Rs 730 crore, with a margin of 53.2 per cent.
The volume increase in the quarter was driven by the robust performance at the coal terminals in Mangalore, Ennore, and Paradip, along with contributions from interim operations at the Tuticorin Terminal and the Jawaharlal Nehru Port Authority (JNPA) Liquid Terminal.
'However, this growth was partially offset by reduced cargo volumes at the iron ore terminal in Paradip,' said Lalit Singhvi, whole-time director and chief financial officer at JSW Infra, during the firm's earnings call on Wednesday (April 30).
Rinkesh Roy, joint managing director and chief executive officer, speaking on the slowdown in iron ore cargo, said, 'This will be a slightly volatile market (hence), will not be able to exactly predict the nature of this, because primarily a large part of this movement is for the export market. So, we will be watching the trend.'
In Q4FY25, the share of third-party volume in the total cargo handled by the company increased by 11 per cent YoY to 50 per cent. The third-party cargo handled by the company stood at 15.5 million tonnes.
During the quarter under review, the company completed the acquisition of the slurry pipeline business in Odisha and signed a long-term take-or-pay agreement with JSW Steel.
In FY25, the company's revenue grew by almost 19 per cent YoY to Rs 4,476.14 crore, while the profit increased 30.03 per cent YoY to Rs 1,503.1 crore.
The company handled a cargo of 117 million tonnes in FY25, up 9 per cent YoY, achieving its annual guidance of 116–117 million tonnes. The increase in volume was primarily amid incremental volumes from the acquired assets (Fujairah Liquid Terminal in the UAE and PNP Port) and increased capacity utilisation across the coal terminals at Paradip, Ennore, and Mangalore.
In FY26, the company has planned a capex of Rs 4,000 crore for ports and Rs 1,500 crore for the logistics business. In FY26, it is aiming for a 10 per cent growth in port volumes and a 50 per cent growth in logistics revenue.
Roy stated that the company is confident of achieving the guidance despite global uncertainties and challenges.
The company aims to expand its total capacity to 400 million tonnes per annum by FY30 or earlier, with a capex plan of Rs 30,000 crore for ports and Rs 9,000 crore for the logistics business (FY25–FY30).
It aims to achieve the capacity via privatisation bids, leveraging the balance sheet for other inorganic growth opportunities, and value-accretive acquisition of port-related logistics infrastructure.
The company, through its wholly owned subsidiary JSW Port Logistics, had acquired a 70.37 per cent stake in Navkar Corporation for Rs 1,012 crore in June 2024. It is targeting a top line of Rs 8,000 crore, Ebitda of Rs 2,000 crore, and an Ebitda margin of 25 per cent for its logistics arm by FY30.
JSW Infra's net debt to Ebitda ratio stands at 0.65x, while its cash and bank balance is Rs 3,188 crore as of March 31, 2025. Its gross debt stands at around Rs 4,659 crore.
Sequentially, the company's revenue increased by 8.6 per cent, while profit grew by 54.5 per cent.
Additionally, the company's board of directors recommended a dividend of Rs 0.8 per equity share of Rs 2 per share. Its share listed on the BSE closed at Rs 293.10 on Wednesday.
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