JSW Infrastructure (JSWINFRA) Q3 24/25 earnings summary

Executive summary

• Cargo handled for April–December 2024 reached 85.7 million tons, up 11% year-over-year, with third-party cargo mix rising 45% to 41.7 million tons and now comprising 49% of total volumes.

• Revenue for the nine months ended December 2024 was ₹3,457 crore, up 22% year-over-year; EBITDA grew 22% to ₹1,885 crore, and net profit rose 21% to ₹1,006 crore.

• Major project expansions, new terminal operations, and the acquisition of a 70.37% stake in Navkar Corporation Limited support future growth and impact period comparability.

• Recognized for ESG performance, workplace safety, and community initiatives, with multiple awards received.

Financial highlights

• Q3 FY25 total revenue: ₹1,265 crore (+24% YoY); EBITDA: ₹670 crore (+20% YoY); PAT: ₹336 crore (+32% YoY).

• Q3 FY25 port operations revenue was ₹1,063 crore (+13% YoY); logistics operations added ₹118.82 crore.

• Net debt at ₹827 crore; cash and bank balance at ₹4,845 crore; gross debt at ₹5,672 crore as of Dec 31, 2024.

• PAT for the quarter grew 32% to ₹336 crore; profit before tax was ₹276 crore, impacted by a ₹156 crore mark-to-market unrealized loss due to INR depreciation and hedge accounting.

• Basic EPS for the quarter was ₹1.59, and for the nine months, ₹4.81.

Outlook and guidance

• Port capacity targeted to increase from 174 mtpa to 400 mtpa by FY30 through brownfield and greenfield projects.

• Logistics segment aims for ₹8,000 crore revenue and 25% EBITDA margin by FY30, supported by ₹9,000 crore capex and a pan-India terminal network.

• Double-digit cargo growth anticipated for FY25–26, with new terminals at JNPA and Tuticorin contributing.

• Results for the current quarter and nine months are not directly comparable to previous periods due to the Navkar acquisition.