CARGO VOLUMES ADD TO JSW INFRA'S GROWTH

The JSW Group firm debuts this year as new ports and facilities add to a growing bottom line.

- Nevin John

THE YEAR WAS 2020. The world was struggling with Covid-19 and its effects. Companies were reducing costs to make balance sheets strong. But JSW Infrastructure, the captive port business of Sajjan Jindal-led JSW Group, had spent about ₹600 crore to build a sugar-cargo handling ecosystem mainly roads, warehouses, bagging and debagging facility and screening equipment - around its Jaigarh port in the Ratnagiri district of Maharashtra, anticipating business from the hinterland sugar belt, 150300 km away from the port.

Until then, the company only had captive cargo business of the JSW Group largely iron ore, coking coal, limestone and steel accounting for 90% of its annual cargo handling. The development of Jaigarh port changed its fortune. Third-party cargo business picked up dramatically and now accounts for 35% of its overall cargo, up from 10% in 2020. It also helped JSW Infra file for IPO in December 2023, eventually helping it mop up ₹2,800 crore. Profit after tax (PAT) more than doubled to ₹740 crore in FY23, compared with ₹330 crore in FY22, on the back of a 41.79% YoY rise in total income at ₹3,373 crore.