JSW Infrastructure Limited (the “Company”), a part of the JSW Group, announced its results for the fourth quarter and year ended 31st March 2025.
In Q4 FY2025, the company reported strong financial performance, handling cargo volumes of 31.2 million tonnes, reflecting a 5% YoY growth. Total revenue increased by 14% YoY, reaching Rs 1,372 crore, while EBITDA rose by 7% YoY to Rs 730 crore. Profit After Tax (PAT) surged by 57% YoY, amounting to Rs 516 crore, highlighting the company's robust operational efficiency and growth trajectory.
In FY2025, the company achieved impressive growth, handling cargo volumes of 117 million tonnes, marking a 9% YoY increase. Notably, the third-party share of cargo handled rose to 49% from 40% last year. Total revenue surged by 20% YoY to Rs 4,829 crore, while EBITDA increased by 17% YoY to Rs 2,615 crore. Profit After Tax (PAT) saw a remarkable 31% YoY rise, reaching Rs 1,521 crore. The Board has recommended a dividend of Rs 0.80 per share, subject to shareholder approval. The company also demonstrated a strong balance sheet with a Net Debt/Operating EBITDA ratio of 0.65x, gross debt of Rs 4,659 crore, and a cash and bank balance of Rs 3,188 crore.
In FY2025, the company made significant strides with several key updates. It received a Letter of Intent (LOI) for Murbe Port, a greenfield port project in Maharashtra. The company also expanded into the logistics segment by acquiring a majority stake (70.37%) in Navkar Corporation Limited. Interim operations have commenced at both the JNPA Liquid Terminal and the Tuticorin Terminal following the signing of the concession agreement. Additionally, the acquisition of the Slurry Pipeline Business was completed, and a long-term take-or-pay agreement was established with JSW Steel Ltd. Furthermore, Jaigarh Port, the company's flagship port, was awarded the prestigious "Sword of Honour" by the British Safety Council for its excellence in safety management.
During the quarter, the Company handled cargo volumes of 31.2 million tonnes, 5% higher than last year. The volume increase was mainly due to robust performance at the coal terminals in Mangalore, Ennore, and Paradip, along with contributions from interim operations at the Tuticorin Terminal and the JNPA Liquid Terminal. However, reduced cargo volumes at the Iron Ore terminal in Paradip partially offset this growth.
The increase in third-party volume was stronger, with 11% year-on-year growth, and the share of Third Parties in the overall volumes stood at 50% vs. 47% a year ago.
The higher volumes and consolidation of Navkar Corp’s business translated to 14% year-on-year growth in the total revenue which stood at Rs 1,372 Crore. EBITDA increased to Rs 730 Crore (+7% yoy) with a robust margin of 53.2%. Consequently, PAT stood at Rs 516 Crore, reflecting a growth of 57%.
The company handled cargo volumes of 117 million tonnes during the year, 9% higher than last year. The increase in the volume is primarily due to incremental volumes from the acquired assets (Fujairah Liquid Terminal and PNP Port) and increased capacity utilisation across the coal terminals at Paradip, Ennore, and Mangalore.
The third-party volumes stood at 57.3 million tonnes, implying a healthy growth of 34% Year over Year. As a result, the share of third parties in the overall volumes increased to 49%, compared to 40% a year ago.
The higher volume translated to 20% growth in total revenue, including consolidation of Navkar Corp from 11th October 2024, which stood at Rs 4,829 Crore. Increased revenue, the benefit of operating leverage, and cost control meant EBITDA of Rs 2,615 Crore (+17% YoY) with a strong margin of 54.2%. As a result, PBT grew by 23% to Rs 1,803 Crore, while PAT stood at Rs 1,521 Crore, representing a 31% year-on-year growth.
The company has embarked on a growth plan to increase its cargo handling capacity to 400 million tonnes per annum (mtpa) by FY 2030 or earlier, up from the current capacity of 177 mtpa. It has outlined a comprehensive capital expenditure (capex) plan of Rs 30,000 crores to achieve this.
Additionally, the Company has earmarked Rs 9,000 crores for expanding its logistics segment. This expansion aims to build on the Navkar acquisition to develop a robust pan-India logistics network. The Company is targeting a top line of Rs 8,000 crores for its logistics segment, with a 25% EBITDA margin, resulting in industry-leading Return on Capital Employed (ROCE).
