BENGALURU (Reuters) – JSW Infrastructure, India’s second-largest private port operator in terms of cargo handled, reported a nearly 9% fall in first-quarter profit on Thursday, hurt by higher expenses.
Its consolidated net profit fell to 2.92 billion rupees (about $35 million) in the quarter ended June 30 from 3.21 billion rupees 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 9% year-on-year to 27.8 million tons, which helped revenue from operations rise 15%.
However, its total expenses jumped 41%, with operational expenses rising 23% 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 1.3% lower on Thursday, ahead of the results. ($1 = 83.6316 Indian rupees)
(Reporting by Anisha Ajith in Bengaluru; Editing by Janane Venkatraman)
