JSW Infrastructure, India's No.2 private port operator by market capitalization, reported a near 10% increase in fourth-quarter profit on Friday, boosted by higher cargo volumes.
The company, part of steel-to-energy conglomerate JSW Group, said consolidated net profit rose to 3.30 billion rupees ($39.6 million) in the quarter, from 3 billion rupees a year ago.
Increased capacity utilization at Paradip and Mangalore coal terminals helped boost cargo volumes by 9% to 29.3 million tons in the January-March period, said JSW Infrastructure, which operates 10 ports and terminals along the Indian coastline.
That helped revenue from operations to climb about 20% to 10.96 billion rupees. Total expenses rose 15.5%, mainly due to higher operational costs.
Port operators, including JSW's larger rival Adani Ports, have been benefitting as buoyant commercial activity and strong domestic consumption sustain cargo movement in and out of the country.
On Thursday, Adani Ports reported a 76% jump in fourth-quarter profit, backed by record cargo traffic at its ports and terminals.
JSW Infrastructure's shares rose as much as 2.6% after results before reverting to trade flat as of 3:15 p.m. IST.
The stock has gained about 24% so far this year, while Adani Ports has risen about 29%, the most among the seven listed Adani group companies.
($1 = 83.4100 Indian rupees)
(Reuters - Reporting by Hritam Mukherjee; Editing by Savio D'Souza)
