JSW Infra Q4 result: Net profit up 10% at Rs 330 cr on higher cargo volumes

JSW Infrastructure , India's No.2 private port operator by market capitalisation, reported a near 10% increase in fourth-quarter profit on Friday, boosted by higher cargo volumes.
 

The company, part of steel-to-energy conglomerate JSW Group, said consolidated net profit rose to Rs 330 crore ($39.6 million) in the quarter, from Rs 300 crore a year ago.
 

Increased capacity utilisation at Paradip and Mangalore coal terminals helped boost cargo volumes by 9% to 29.3 million tons in the January-March period, said JSW Infrastructure, which operates 10 ports and terminals along the Indian coastline.
 

That helped revenue from operations to climb about 20% to Rs 1,096 crore. Total expenses rose 15.5%, mainly due to higher operational costs.

 

Port operators, including JSW's larger rival Adani Ports , have been benefitting as buoyant commercial activity and strong domestic consumption sustain cargo movement in and out of the country.
 

On Thursday, Adani Ports reported a 76% jump in fourth-quarter profit, backed by record cargo traffic at its ports and terminals.

JSW Infrastructure's shares rose as much as 2.6% after results before reverting to trade flat as of 3:15 p.m. IST.
 

The stock has gained about 24% so far this year, while Adani Ports has risen about 29%, the most among the seven listed Adani group companies.