JSW Infrastructure (JSWINFRA) Q4 17/18 earnings summary

Executive summary

• FY18 cargo throughput reached 54.30 MMT, versus 38.26 MMT in FY17; consolidated revenue from operations rose 14% and EBITDA increased 15% YoY.

• Consolidated net profit after tax was ₹2,808.1 million, down from ₹3,103.9 million; reported earnings included a ₹722.9 million goodwill impairment charge.

• Growth priorities included a ₹88 billion three-year port expansion plan and a target of 200 MTPA capacity by 2021.

Financial highlights

• Consolidated revenue from operations was ₹9,980.9 million versus ₹8,877.8 million; total revenue, including other income, was ₹10,747.7 million versus ₹9,461.4 million.

• Consolidated EBITDA was ₹7,368.0 million versus ₹6,384.2 million; PBT was ₹3,774.8 million versus ₹3,955.6 million.

• Consolidated PAT was ₹2,808.1 million versus ₹3,103.9 million; PAT attributable to owners was ₹2,676.8 million versus ₹2,936.2 million.

• Standalone total revenue was ₹2,634.1 million, EBITDA ₹2,015.9 million, PBT ₹981.1 million and PAT ₹708.9 million; PAT rose from ₹565.0 million.

• Consolidated cash profit increased to ₹5,102.2 million from ₹4,629.7 million; basic EPS was ₹46.69 versus ₹51.21.

Outlook and guidance

• Targeted 200 MTPA capacity by 2021, with a ₹88 billion port expansion plan over three years and organic and inorganic growth opportunities under evaluation.

• Paradip iron ore terminal was planned for 18 MTPA capacity, with completion targeted by March 2019; East Quay coal terminal was planned for 30 MTPA, with completion targeted by June 2019.

• Jaigarh’s 33.7-km rail link to Digni was under development, with construction expected to be completed by 2020.