JSW Infrastructure (JSWINFRA) Q4 23/24 earnings summary

Executive summary

• FY2024 cargo handled reached 106.45 MMT, up 14.67% YoY; third-party cargo rose to 40% of the mix from 33% in FY2023.

• Consolidated total income increased 19.55% to ₹4,032 crore; EBITDA rose 24.23% to ₹2,234 crore and PAT climbed 54.86% to ₹1,161 crore.

• Capacity stood at 170 MTPA; the stated ambition is 400 MTPA by FY2030 or earlier, alongside broader logistics and cargo diversification plans.

Financial highlights

• Consolidated revenue from operations was ₹3,763 crore, up 17.78%; total income was ₹4,032 crore, up 19.55% YoY.

• EBITDA was ₹2,234 crore, up 24.23%, with a 55.40% margin; PAT was ₹1,161 crore, up 54.86% YoY.

• Basic EPS increased to ₹6.01 from ₹4.12; operating cash flow was ₹1,803 crore versus ₹1,797 crore in FY2023.

• Cargo volume rose 14.67% to 106.45 MMT; installed capacity grew to 170 MTPA from 158.43 MTPA and utilisation reached 61.06%.

Outlook and guidance

• Targeting 400 MTPA capacity by FY2030 or earlier from 170 MTPA, with a stated 15% CAGR growth roadmap and an ambition to expand into end-to-end logistics.

• Third-party cargo mix target is 40:60 Group/third party within two years, moving toward 50:50 over five years.

• Planned growth includes brownfield expansions, terminal privatisations, acquisitions, and greenfield projects; Keni's initial 30 MTPA port is expected to be commissioned in 4–5 years.