JSW Infrastructure (JSWINFRA) Q4 20/21 earnings summary

Executive summary

• FY 2020-21 delivered record consolidated turnover and EBITDA; cargo handled reached 63 MMT, up 13% YoY, despite pandemic disruption. Capacity rose to 160 MTPA.

• Chettinad terminal acquisition expanded the footprint across Tamil Nadu and Karnataka, added 19 MTPA of capacity and increased third-party cargo to 28% of the mix.

Financial highlights

• Consolidated total income rose 36% to ₹1,678 crore; net turnover increased 40% to ₹1,604 crore.

• Consolidated EBITDA increased 25% to ₹891 crore; PAT rose 45% to ₹285 crore; diluted EPS was ₹48.47.

• Standalone revenue from operations rose 13% to ₹320 crore, while PAT declined 25% to ₹99 crore and EBITDA fell 10% to ₹206 crore.

• Consolidated operating cash flow was ₹1,011 crore; investing cash outflow was ₹1,637 crore, including ₹1,723 crore for property, plant and equipment.

Outlook and guidance

• Target capacity of 200 MTPA by FY 2023-24 through organic expansion, acquisitions and greenfield and brownfield projects.

• Paradip’s 30 MTPA coal export terminal and the New Mangalore container terminal were expected to become operational in FY 2021-22; container Phase I capacity is 1.8 lakh TEU.

• Long-term cargo mix target is 50:50 group and third-party; priority areas include container and liquid cargo, diversification and higher capacity utilisation.

• Management cited an RBI India GDP growth forecast of 9.5% for FY 2021-22, while noting elevated commodity and logistics costs could pressure input prices.