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Cargo volumes handled by JSW Infrastructure (JSWINFRA) exhibited YoY growth of 15% in FY24 to 106.5MMT from 93MMT in FY23 (three-year CAGR of 33% over FY21-24). Considering capacity ramp-up at existing ports along with higher share of volumes from third-party customers, we expect the growth momentum to continue.
JSW Infrastructure (JSWINFRA) reported a revenue growth of 20% YoY to INR10.9b (12% above our estimate) in 4QFY24. The company handled cargo volumes of 29.3MMT (+9% YoY) in 4Q. The share of third-party cargo increased to 46% in 4QFY24 from 37% in 4QFY23.
Adani Ports & SEZ (APSEZ) reported a revenue growth of 19% YoY to INR68.9b in 4QFY24 (in line). During the quarter, APSEZ recorded 26% YoY growth in cargo volumes to reach 108.8 MMT.
We released our Initiating Coverage (IC) report on Adani Ports & SEZ Ltd (APSEZ) in Oct’23 (LINK). In this report, we highlighted that the company’s improving utilization levels at its current ports, along with its ramping up of volumes at newly acquired ports, will position the company to exceed its FY24 volume guidance and expand its market share in cargo handling.
