JSW Infrastructure Ltd Share Price – NSE /  BSE

Marine Port & Services, Mid Cap

Fitch Ratings stated that the 'positive’ outlook reflects its expectation that JSWIL's leverage (gross debt/EBITDA) will mostly remain below our upgrade sensitivity, despite the company's increased investment plan.

The 'positive’ outlook is also supported by the agency’s expectation that JSWIL will maintain its third-party cargo mix at the current 40% level over the medium term.

The rating reflects JSWIL's geographically diversified port locations, reasonable tariffs and long-term take-or-pay contracts, which account for about 30% of total revenue.

The rating is moderated by its cargo's high exposure to two commodities, coal and iron ore, as well as customer concentration risk. JSW Steel contributes more than half of JSWIL's cargo volume, but JSWIL's credit assessment is not linked to that of JSW Steel.

JSW Infrastructure a part of JSW Group, is the second largest commercial port operator in India in terms of cargo handling capacity. It develops and operates ports and port terminals pursuant to port concessions.

On consolidated basis, the port operator has reported 8.87% fall in net profit to Rs 292.44 crore in Q1 FY25 as against Rs 320.89 crore recorded in Q1 FY24. Revenue from operations grew by 14.99% year on year (YoY) to Rs 1,009.77 crore in the quarter ended 30 June 2024.

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The headline equity indices extended losses and hit the day's low in mid-afternoon trade. The Nifty traded below the 24,550 mark after hitting the day’s high of 24,854.80 in early trade. Auto shares witnessed profit booking after advancing in the past three trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 697.68 points or 0.87% to 80,646.41. The Nifty 50 index declined 254.50 points or 1.03% to 24,546.35.

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slumped 2.24% and the S&P BSE Small-Cap index fell 2.02%.

Sellers outnumbered buyers. On the BSE, 909 shares rose and 2,968 shares fell. A total of 103 shares were unchanged.

Buzzing Index:

The Nifty Auto index declined 1.97% to 25,073.75. The index rallied 1.17% in past three consecutive trading sessions.

Samvardhana Motherson International (down 5.1%), Apollo Tyres (down 3.78%), MRF (down 3.03%), Bosch (down 2.85%), Tata Motors-DVR (down 2.65%), Tata Motors (down 2.51%), Bajaj Auto (down 2.09%), Eicher Motors (down 1.83%), Mahindra & Mahindra (down 1.79%) and Hero MotoCorp (down 1.77%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.78% to 7.090 as compared with previous close 6.966.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.6450, compared with its close of 83.6375 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement was down 0.90% to Rs 73,490.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.14% to 104.32.

The United States 10-year bond yield grew 0.29% to 4.199.

In the commodities market, Brent crude for September 2024 settlement added 04 cents or 0.05% to $85.15 a barrel.

Stocks in Spotlight:

JSW Infrastructure dropped 5.40% after the company reported 8.87% fall in net profit to Rs 292.44 crore in Q1 FY25 as against Rs 320.89 crore recorded in Q1 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.

L&T Technology Services (LTTS) rose 1.29%. The company’s consolidated net profit fell 8.01% to Rs 313.6 crore in Q1 FY25 as compared with Rs 313.6 crore in Q4 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.

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Revenue from operations grew by 14.99% year on year (YoY) to Rs 1,009.77 crore in the quarter ended 30 June 2024.

Profit before tax stood at Rs 391.64 crore in first quarter of FY25, down 5.05% from Rs 412.49 crore posted in the corresponding quarter last year.

During Q1 FY25, EBITDA stood at Rs 609 crore, registering a growth of 24.03% YoY. EBITDA margin improved to 55.1% in the June 2024 quarter as against 53.5% reported in the same period a year ago.

During the quarter, the company handled cargo volumes of 27.8 million tonnes which is higher by 9% over the last year. The increase in the volume is primarily on the back of incremental volumes from the acquired assets and increased capacity utilization at the Paradip Iron Ore and Coal Terminal.

The third-party volumes stood at 13.8 million tonnes, implying a healthy growth of 48% YoY. As a result, the share of third-party in the overall volumes increased to 50% as compared to 37% a year ago.

The higher volume translated to 20% growth in the total revenue which stood at Rs 1,104 crore.

JSW Infrastructure a part of JSW Group, is the second largest commercial port operator in India in terms of cargo handling capacity. It develops and operates ports and port terminals pursuant to port concessions.

Shares of JSW Infrastructure added 0.14% to Rs 257.65 on the BSE.

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Net profit of JSW Infrastructure declined 8.87% to Rs 292.44 crore in the quarter ended June 2024 as against Rs 320.89 crore during the previous quarter ended June 2023. Sales rose 14.99% to Rs 1009.77 crore in the quarter ended June 2024 as against Rs 878.10 crore during the previous quarter ended June 2023.

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