Prime Highlights
- JSW Jatadhar Marine Services and JSW Utkal Steel executed a novation agreement for a captive jetty project in Odisha’s Jagatsinghpur district.
- JSW Infrastructure’s fourth-quarter net profit fell nearly 18 percent year-on-year, impacted by exceptional items including a fire-related loss.
Key Facts
- JSW Infrastructure Ltd is part of the JSW Group, promoted by Sajjan Jindal, and operates multiple ports and terminals across India.
- The captive jetty project will be developed under the Build, Own, Operate, Share and Transfer (BOOST) model.
Background
JSW Infrastructure Ltd, promoted by Sajjan Jindal, announced that its wholly owned subsidiary, JSW Jatadhar Marine Services Private Ltd, has signed a novation agreement with JSW Utkal Steel Ltd for constructing a captive jetty at Jatadhar Muhan in the Odisha district of Jagatsinghpur. The company said it was informed about the agreement through an email received on the same day.
JSW Utkal Steel had applied to the Odisha government in the last week of June last year, seeking approval to transfer the concession agreement for the project to JSW Jatadhar Marine Services. In the third week of June this year, the novation was accepted by the state administration. Following this approval, both companies executed the agreement earlier this week for the implementation of the project. The jetty will be developed under the Build, Own, Operate, Share and Transfer model.
Separately, JSW Infrastructure reported its fourth-quarter results, posting a decline of nearly 18 per cent in net profit at ₹418.3 crore, compared with ₹509.4 crore in the same period last year. The company attributed part of the impact to an exceptional item worth ₹68 crore linked to an estimated loss from a fire at the Fujairah Liquid Terminal, along with additional employee costs and an unrealised forex loss.
Revenue for the quarter climbed nearly 19 per cent to ₹1,522.3 crore, while EBITDA rose to ₹768.8 crore, with margins improving slightly to 50.5 percent. Cargo volumes handled during the quarter stood at 31.6 million tonnes, marginally higher than the previous year, supported by growth at South West Port, Dharamtar Port and Jaigarh Port. Shares of the company closed marginally lower on the BSE.
