JSW Infrastructure Sees Profit Decline Amid Rising Expenses

JSW Infrastructure reported an 8% drop in net profit to Rs 296.55 crore for the June 2024 quarter, citing higher expenses. Despite the decline, total income rose to Rs 1,103.69 crore. The company also acquired a 70.37% stake in Navkar Corporation and saw an increase in cargo volumes handled.

JSW Infrastructure on Thursday reported a nearly 8 percent decline in consolidated net profit, amounting to Rs 296.55 crore for the June 2024 quarter, attributing the fall to increased expenses.

The company had registered a net profit of Rs 322.20 crore for the same period last year, according to a regulatory filing. Total income rose to Rs 1,103.69 crore from Rs 918.24 crore in the corresponding quarter a year earlier.

The company's expenses surged to Rs 712.05 crore, compared to Rs 505.75 crore in the same period the previous year. In a separate statement, JSW Infrastructure said it handled 27.8 million tonnes of cargo during the quarter, up 9 percent from the same period last year. This growth was attributed to incremental volumes from acquired assets and increased capacity at the Paradip Iron Ore and Coal Terminal in Odisha.

Additionally, the company acquired a 70.37 percent stake in Navkar Corporation through its subsidiary JSW Port Logistics Pvt Ltd, at an enterprise value of Rs 1,644 crore.

(With inputs from agencies.)