JSW Infrastructure (JSWINFRA) Q3 24/25 earnings summary

Executive summary

• Cargo handled for April–December 2024 was 85.7 million tons, up 11% year-over-year, with Q3 FY25 cargo at 29.4 million tons, up 5% YoY.

• Third-party cargo share rose to 49% in Q3 FY25 from 39% a year ago, reflecting diversification.

• Revenue, EBITDA, and PAT all posted double-digit YoY growth for both Q3 and 9M FY25.

• Major project expansions, new terminal operations, and the Navkar acquisition support future growth.

• Recognized for ESG performance and workplace safety, 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).

• 9M FY25 total revenue: ₹3,457 crore (+22% YoY); EBITDA: ₹1,885 crore (+22% YoY); PAT: ₹1,006 crore (+21% YoY).

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

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

• Net profit margin for the quarter was 26.52%, and operating EBITDA margin was 49.59%.

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, with ₹9,000 crore capex planned FY25–30.

• Double-digit growth expected in port volumes for FY25 and FY26, supported by new terminal operations and capacity utilization.

• Revenue and EBITDA expected to grow faster than volumes due to new business segments.