JSW Infra Q2 Results: Net profit jumps 85% to ₹256 crore, revenue rises 25%; cargo volumes up 27% YoY
JSW Infra Q2 Results: JSW Infrastructure announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, November 3, reporting a rise of 85 per cent to ₹256 crore, compared to ₹138 crore in the corresponding period last year. The JSW Group company's revenue from operations in the second quarter of current fiscal stood at ₹895 crore, registering a growth of 25 per cent, compared to ₹696 crore in the year-ago period.
On the operating front, India’s second largest commercial port operator in terms of cargo handling capacity reported an EBITDA (earnings before interest, taxes, depreciation, and amortization) of ₹499 crore in the September quarter, registering a growth of 33 per cent year-on-year. EBITDA margin in the quarter-under-review came in at 54 per cent.
The total cargo handled volumes by JSW Infra in the September quarter stood at 23.7 million tonnes, registering a growth of 27 per cent year-on-year. JSW Infra's board approved the acquisition by JSW Terminal (Middle East) FZE (a wholly owned subsidiary of the company) of Marine Oil Terminal Corp, a company incorporated in Marshall Island along with its Fujairah branch from MPT Commodities Limited, British Virgin Islands at a value of $187 million.
‘’In line with the strategy of diversifying portfolio and pursuing value-accretive growth, the company through its wholly owned subsidiary JSW Terminal Middle East FZE has signed a share purchase agreement with MPT Commodities Ltd (part of the Mercuria Group, Switzerland), to acquire a liquid storage facility of 465,000 cubic meters capacity at the Fujairah port, UAE,'' said JSW Infra in a regulatory filing to the stock exchanges. The acquisition helps the company to foray into the lucrative business of
. Read more on livemint.com
