JSW Infrastructure (JSWINFRA) Q4 22/23 earnings summary

Executive summary

• FY23 cargo volume rose 49.8% to 92.83 MMT, exceeding the targeted 50% volume increase; installed capacity was 158.43 MTPA.

• Growth came from newly operational Paradip coal and Mangalore container terminals, alongside stronger activity at established ports; third-party cargo reached 36% of total volume.

Financial highlights

• Consolidated revenue from operations increased 40.6% YoY to ₹3,195 crore; total income rose 41.7% to ₹3,373 crore.

• Consolidated EBITDA rose 48.0% to ₹1,798 crore, with a 53.32% margin versus 51.07%; operating EBITDA was ₹1,620 crore.

• Consolidated PAT reached ₹750 crore, up 126.8% YoY, and PAT margin was 22.22% versus 13.87%; EPS was ₹4.12 versus ₹1.82.

• Operating cash flow was ₹1,797 crore; net debt fell to ₹2,216 crore from ₹3,331 crore YoY.

• Standalone PAT declined 52.3% to ₹67 crore despite total income rising 40.3% to ₹828 crore; standalone EBITDA increased 60.7% to ₹515 crore.

Outlook and guidance

• Targeting 300 MTPA operational capacity by 2030 through greenfield, brownfield and major-port terminal expansion.

• Mangalore container cargo target: 400,000 TEUs within 4–5 years, from ~160,000 TEUs; Phase II expansion was planned.

• New greenfield projects were at advanced finalisation stages; selective acquisitions and overseas liquid- and tank-terminal opportunities remained under consideration.

• Jaigarh LPG terminal expansion and a Dibba Port, UAE, mechanised terminal under an O&M agreement were among planned growth initiatives.