Higher expenses caused JSW Infrastructure’s net profit for the first quarter of the fiscal year to drop by 8.5% to Rs 295 crore. Its operating revenue for the April–June quarter increased from Rs 878.10 crore to Rs 1,009.77 crore compared to the same period last year. However, the overall costs went up from Rs 505.75 crore to Rs 712.05 crore. The corporation handled 27.8 million tonnes of freight during the quarter, a 9% increase over the previous year. According to the firm, the Paradip Iron Ore and Coal Terminal’s higher capacity utilization and the added volumes from the purchased assets are the main causes of the volume growth. With third-party volumes of 13.8 million tons, there was a 48% annual growth.
The company paid Rs1,644 crore to purchase a controlling 70.37% stake in Navkar Corporation through its subsidiary JSW Port Logistics. This action increases the third-party share by fortifying JSW’s position in the logistics industry and broadening their range of services. The company’s entry into logistics and other value-added services will be the outcome of the acquisition. It would make it easier for the company to provide its clients with enhanced port connectivity and efficient supply chain solutions,” the company stated. “Building and expanding an effective pan-India logistics network for last-mile connectivity is the company’s long-term goal, and this acquisition is a first step toward that goal. Furthermore, because of India’s solid economic foundation, it supports the company’s growth plan of gaining a larger portion of port-related container cargo.
In Tamil Nadu, JSW Infrastructure is growing its logistics network. With good rail, road, and port connections, they were awarded a contract to build and run the Gati Shakti Multi-Modal Cargo Terminal in Arakkonam, Chennai. According to the corporation, this was in line with their goal of having a pan-Indian network for last-mile connectivity. To increase its capacity to handle bulk commodities such dry bulk, coal, and limestone on the East Coast, they also inked a concession agreement with V.O. Chidambaranar Port to build a new cargo dock. The JSW Group subsidiary JSW Infrastructure is the second-biggest private port operator in India. It oversees environmentally friendly port amenities in ten well-located concessions on India’s east and west coasts.
