JSW Infrastructure (JSWINFRA) Q4 19/20 earnings summary

Executive summary

• FY20 consolidated operating revenue rose to ₹1,143.15 crore from ₹1,080.26 crore; EBITDA remained nearly flat at ₹713.42 crore, while PAT fell to ₹196.53 crore from ₹271.96 crore.

• Total cargo throughput was 56.40 MT versus 65.20 MT in FY19; separately, cargo volume excluding O&M-contract and transhipment handling remained at 34 MT.

• Capacity expansion and diversification remained priorities, with a 200 MTPA target by FY22 and plans to increase third-party cargo contribution.

Financial highlights

• Consolidated operating revenue increased to ₹1,143.15 crore from ₹1,080.26 crore; total income was ₹1,237.37 crore versus ₹1,181.59 crore.

• Consolidated EBITDA was ₹713.42 crore, nearly unchanged from ₹713.47 crore; PBT was ₹234.10 crore versus ₹283.84 crore, and PAT was ₹196.53 crore versus ₹271.96 crore.

• Standalone revenue from operations reached ₹284.57 crore from ₹270.83 crore; EBITDA rose to ₹229.22 crore from ₹210.06 crore and PAT to ₹131.51 crore from ₹110.93 crore.

• Consolidated cash profit was ₹479.88 crore versus ₹573.49 crore; operating cash flow was ₹258.70 crore, down from ₹328.02 crore.

• Adjusted for the ₹81.91 crore goodwill impairment recorded in standalone and consolidated results, reported profit comparisons include this significant non-cash charge.

Outlook and guidance

• Targeting 200 MTPA annual capacity by FY22; expansions at Jaigarh and Dharamtar and Paradip terminal projects were progressing toward scheduled commissioning.

• Jaigarh capacity expansion targets 80 MTPA; Dharamtar is planned to rise from 15 to 34 MTPA, while Paradip iron ore and coal terminals target 18 MTPA and 30 MTPA.

• Capacity expansion requires capital outlay exceeding ₹1,500 crore, funded through loans and internal accruals; discretionary capex was to be contained and phased amid COVID-19 uncertainty.

• Third-party cargo share was targeted to move toward 40% as Paradip iron ore and coal terminals and the Mangalore container terminal expand; longer-term business mix aims for 50:50 Group and third-party cargo.