JSW Infrastructure (JSWINFRA) Q4 15/16 earnings summary

Executive summary

• FY16 consolidated revenue was ₹7,393.21 million, EBITDA ₹5,012.93 million and PAT after minority interest ₹2,393.93 million; cargo throughput reached 25.23 MMT.

• Standalone revenue was ₹2,974.89 million, EBITDA ₹2,426.03 million and PAT ₹920.92 million, recovering from ₹67.84 million in FY15.

Financial highlights

• Consolidated revenue rose 29% YoY, EBITDA rose 40% to ₹5,013 million and cash profit rose 50% to ₹3,583 million.

• Standalone revenue rose 34% YoY and EBITDA rose 49% to ₹2,426 million; cash profit increased 93% to ₹1,608 million.

• Consolidated operating expenditure increased 11% to ₹2,380.28 million; PBT reached ₹2,777.23 million versus ₹1,538.45 million in FY15.

• Throughput was 25.23 MMT versus 25.06 MMT in FY15; standalone throughput was 23.03 MMT.

Outlook and guidance

• Target is 200 MMT capacity by 2020; Jaigarh Port is planned to expand from 25 MMT to 80 MMT in phases.

• South West Port targets capacity expansion from 10 MMT to 15 MMT by March 2017; Dharamtar is developing new berths to raise capacity from 8 MMT to 34 MMT.

• Paradip East Quay coal terminal is planned for 30 MMT capacity; the project is at conception/design stage, with BOT development.

• Additional investment is directed to third-party cargo, connectivity and capacity for larger vessels; inorganic growth and greenfield projects remain under consideration.