JSW Infrastructure reports 8% drop in Q1 net profit to ₹297 crore

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

It had clocked a net profit of ₹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 ₹1,103.69 crore from ₹918.24 crore in the year-ago period.

Its expenses jumped to ₹712.05 crore against ₹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% higher than 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% in Navkar Corporation through its wholly-owned subsidiary JSW Port Logistics Pvt Ltd at an enterprise value of ₹1,644 crore.

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