JSW Infrastructure Ltd, a subsidiary firm of the JSW Group, released its Q2 results for FY24 on November 3. The commercial port operator reported an 85 per cent surge in its consolidated profit to Rs 255.87 crore as compared to Rs 138 crore in the corresponding period last year.
In the quarter under review, JSW Infrastructure reported strong revenue growth from its business activities amounting to Rs 895 crore, showing a significant year-on-year increase of 29 per cent.
"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 for a consideration of $187m. The acquisition helps us to foray into the lucrative business of liquid storage at the Fujairah Port, UAE." The company said in its exchange filing.
JSW Infrastructure managed to handle 23.7 million tonnes of cargo, reflecting a substantial 27 per cent increase compared to the previous year, and witnessed Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rs 499 Crore during the September quarter, marking a notable 33 per cent year-on-year increase. While the EBITDA margin stood at a strong 54 per cent.
"I am confident that JSW Infrastructure Limited is in a unique position to take advantage of India's growth opportunities. Our strong financial results for the quarter and half year ending on September 30th, 2023, continue to be a testament to our strategic assets and operational excellence. The acquisition of the commercial Liquid Storage facility at Fujairah Port, UAE is a step towards our overarching vision of growth going forward. " Said Arun Maheshwari, JMD & CEO, JSW Infrastructure.