Image: JSW Infrastructure
JSW Infrastructure , India’s second-largest private port operator in terms of cargo handled, reported a nearly 9 per cent fall in first-quarter profit on Thursday, hurt by higher expenses.
Its consolidated net profit fell to Rs 292 crore (about $35 million) in the quarter ended June 30 from Rs 321 crore in the year-ago period.
Port operators, including JSW Infra’s larger rival Adani Ports, have been benefiting from cargo movement across their ports with improved commercial activity in the country.
JSW Infrastructure, part of steel-to-power conglomerate JSW Group, said its cargo volume grew 9per cent year-on-year to 27.8 million tons, which helped revenue from operations rise 15 per cent.
However, its total expenses jumped 41 per cent, with operational expenses rising 23 per cent year-on-year and eating into its profit.
JSW Infrastructure currently operates 10 ports along the country’s coastline.
In June, the company acquired a majority stake in Navkar Corporation through its unit JSW Port Logistics, entering the logistics sector.
JSW Infrastructure’s shares closed 1.3per cent lower on Thursday, ahead of the results.
First Published: Jul 18 2024 | 5:27 PM IST