JSW Infrastructure reports Rs 295 crore net profit, down 8.5%
JSW Infrastructure on Wednesday posted a net profit of Rs 295 crore for the fiscal's first quarter, down by 8.5%, dragged by higher expenses.
Its revenue from operations for the April-June quarter rose to Rs 1,009.77 crore from Rs 878.10 crore in the year-ago period, it said in a BSE filing.
Total expenses however increased to Rs 712.05 crore from Rs 505.75 crore.
During the quarter, the company handled cargo volumes of 27.8 million tonnes which is higher by 9% over the last year. The increase in the volume is primarily on the incremental volumes from the acquired assets and increased capacity utilisation at the Paradip Iron Ore and Coal Terminal, the company said.
The third-party volumes stood at 13.8 million tonnes, implying a growth of 48% on year. As a result, the share of third-party in the overall volumes increased to 50% as compared to 37% a year ago.
Via its subsidiary JSW Port Logistics, the company acquired a controlling 70.37% stake in Navkar Corporation for Rs1,644 crore. This move strengthens JSW's foothold in the logistics sector and expands their service offerings, pushing the share of third-party higher.
“The acquisition will result in the company's foray into logistics and other value-added services. It will facilitate the business to offer improved port connectivity and streamlined supply chain solutions to its customers,” the company said. «The acquisition is a first step towards the company’s long-term vision of building and scaling an efficient pan-India logistics network for last-mile
