JSW Infra Q2 Results: Net profit rises 85% to ₹256 crore, revenue up 25% YoY

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.

‘’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 today was listed at ₹143 per share, 20.2 per cent higher than the issue price of ₹119. 

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Updated: 03 Nov 2023, 08:36 PM IST