Corporate Performance     

Published: April 30, 2025
Updated: April 30, 2025

JSW Infrastructure

Targeting organic, inorganic growth

During FY25, JSW Infrastructure (JIL), a part of the JSW group headed by Sajjan Jindal, handled cargo vol umes of 117 million tonnes — higher by 9 per cent over the last year. The increase in volumes is pri marily due to the incremental volumes from the acquired assets (Fujairah Liq uid Terminal and PNP Port), and in creased capacity utilisation across the coal terminals at Paradip, Ennore and Mangalore. The third-party volumes stood at 57.3 million tonnes, implying a healthy growth of 34 per cent yoy. As a result, the share of third-party in overall volumes increased to 49 per cent as com pared to 40 per cent a year ago.

The higher volumes translated to 20 per cent growth in total revenues, includ ing consolidation of Navkar Corp from Oct 11, 2024, which stood at Rs 4,829 crore. Increased revenues, along with the benefit of operating leverage and cost control, meant EBITDA of Rs 2,615 crore (+17 per cent yoy) with a strong margin of 54.2 per cent. As a result, PBT grew at 23 per cent to Rs 1,803 crore, while PAT stood at Rs 1,521 crore, representing a 31 per cent yoy growth.

At year-end March 2025, the company has equity capi tal of Rs 414.70 crore, with the promoter group holding 85.62 per cent. At its current market price of Rs 293.65 per Rs 2 face value share, the market capitalisation works out to Rs 61,666 crore. The consolidated EPS for the full year is at Rs 7.19 (diluted) against Rs. 5.88 in the previous year. A final dividend of 40 per cent has also been declared.

Among the major public shareholders, 29 mutual funds hold 1.98 per cent and FPIs 4.74 per cent, of which the government of Singapore holds 1.49 per cent. The company came out with an IPO in Septem ber 2023 and shares were issued at Rs 119 (includ ing a premium of Rs. 117).

CAPEX PLAN

As previously an nounced, the company has embarked on a growth plan to increase its cargo handling capacity to 400 mtpa by FY 2030 or earlier, up from the current capacity of 177 mtpa. To achieve this, it has outlined a comprehensive capex plan of Rs 30,000 crore.

Additionally, the company has ear Rinkesh Roy Joint MD & CEO marked Rs 9,000 crore for expanding its logistics segment. This expansion aims to build on the Navkar acquisition so as to develop a robust pan-India logistics network. JIL is targeting a top line of Rs 8,000 crore for its logistics segment, with a 25 per cent EBITDA margin, resulting in an industry-leading ROCE.

JIL is the second largest private commercial port operator in India, hav ing environment-friendly seaports and terminals. It currently operates ten port concessions strategically located on the west and east coasts of India. Its inter national presence includes a liquid tank storage terminal of 4,65,000 cubic metres in Fujairah, UAE. The existing ports and terminals of the company can handle a wide range of cargo and vessels up to Cape size. Its largely mechanized cargo handling system enables quick turn around times while ensuring efficient use of existing re sources. The strategic locations of these facilities make its ports a preferred option for its customers.

COMPLETE SOLUTIONS

JIL has expanded its cargo mix by leveraging its locational advantage and maximizing asset utilization. The acquisition of Navkar Corp is the first step toward offering last-mile connectivity and end-to-end logistics solutions to its customers. The company is committed to strengthen ing its ESG performance across the operational eco system by aligning its poli cies and practices with inter national standards.

With a strong balance sheet, the company is well positioned to aggressively pursue both organic and inorganic growth without compromising on its lever age ratios.