JSW Infrastructure (JSWINFRA) Q4 21/22 earnings summary

Executive summary

• FY22 delivered lifetime highs in cargo throughput, revenue and EBITDA despite pandemic-related disruption; throughput rose 36% YoY to 62 MMT.

• Consolidated revenue from operations grew 42% to ₹2,273 crore, EBITDA rose 36% to ₹1,215 crore and PAT increased 12.74% to ₹321 crore.

Financial highlights

• Consolidated total income was ₹2,379 crore, up 42% YoY; PBT was ₹416 crore, up 6%, and EPS was ₹53.13 versus ₹48.62.

• Standalone total income increased 60% to ₹590 crore; EBITDA was ₹320 crore and PAT ₹141 crore.

• Consolidated operating cash flow reached ₹1,175 crore, up 19% YoY; net worth was ₹3,462 crore.

Outlook and guidance

• FY23 cargo throughput target is ~50% above FY22; planned capacity utilisation is ~70% in FY23, supporting operating efficiency and returns.

• Capacity is targeted to reach 200 MTPA under Vision 2024; third-party cargo share is expected to rise from 28% to ~34% in FY23 and reach a 60:40 mix by FY25.

• New Mangalore container terminal is expected to handle 165,000 TEUs in FY23; ₹150 crore investment is planned to expand capacity to 359,000 TEUs by FY24.

• A non-binding offer was made to acquire 100% of Karaikal port; a bid is planned in the ongoing insolvency process.