JSW Infrastructure net profit declines to Rs 297 crore June quarter

JSW Infrastructure on Thursday posted a nearly 8 per cent fall in consolidated net profit to Rs 296.55 crore during the June 2024 quarter, dragged by higher expenses.

It had clocked a net profit of Rs 322.20 crore for the April-June period of the preceding 2023-24 financial year, the company said in a regulatory filing.

The company's total income rose to Rs 1,103.69 crore from Rs 918.24 crore in the year-ago period.

Its expenses jumped to Rs 712.05 crore against Rs 505.75 crore in the same quarter a year ago.

In a separate statement, the company said it handled cargo volumes of 27.8 million tonnes during the quarter, 9 per cent higher over the same period last year. The increase in volume is primarily on the incremental volumes from the acquired assets and increased capacity utilisation at the Paradip Iron Ore and Coal Terminal in Odisha.

In the June quarter, the company acquired a majority stake of 70.37 per cent in Navkar Corporation through its wholly-owned subsidiary JSW Port Logistics Pvt Ltd at an enterprise value of Rs 1,644 crore.

Part of JSW Group, JSW Infrastructure is the second largest private commercial port operator in India.