JSW Infrastructure (JSWINFRA) Q4 14/15 earnings summary

Executive summary

• Cargo throughput reached 25.06 MMT vs 23.66 MMT in FY14; management cited 7% growth despite challenging demand.

• Consolidated revenue rose 11.83% to ₹5,727 million and EBITDA rose 13.07% to ₹3,574 million; profit after minority interest fell to ₹1,303 million.

• FY15 results include ₹752 million goodwill amortization from the IMASL amalgamation, materially reducing reported profit.

Financial highlights

• Consolidated total revenue was ₹5,727.33 million vs ₹5,121.64 million; EBITDA was ₹3,573.56 million vs ₹3,160.56 million.

• Consolidated PBT fell to ₹1,538.45 million from ₹2,043.49 million; PAT after minority interest was ₹1,303.25 million vs ₹1,817.28 million.

• Standalone revenue rose 43.64% to ₹2,218 million and EBITDA rose 69.36% to ₹1,633 million; PAT declined 89.50% to ₹68 million.

• Consolidated cash profit was ₹2,655.66 million vs ₹2,648.03 million; operating cash flow was ₹2,752 million vs ₹3,538 million.

Outlook and guidance

• Capacity expansion remains a priority, with a stated ambition to reach 160 MTPA through greenfield and brownfield projects over five years.

• Jaigarh targets 90 MTPA capacity and a 23-metre draft; expansion is intended to enable handling of larger dry-bulk, LNG, container and crude-oil vessels.

• Goa capacity is targeted to reach 38 MTPA by FY2019; Dharamtar capacity is expected to rise from 8 MTPA to 30 MTPA after berth development.

• Paradip plans include a mechanized 10 MTPA iron-ore terminal; execution of the concession agreement was expected by June 2015.