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FX Daily Updates
India's JSW Infrastructure misses Q3 profit view on sluggish cargo volume growth
Jan 28 (Reuters) - JSW Infrastructure (JSWN.NS) , opens new tab, India's second-largest private port operator, missed the third-quarter profit view on Tuesday, as growth in cargo volumes decelerated amid a broader slowdown in the world's fifth-largest economy. The company, which operates ten ports and terminals along the country's coastline, reported a consolidated net profit of 3.30 billion rupees ($38.1 million) for the October-December period. Analysts, on average, expected profit of 3.40 billion rupees, per data compiled by LSEG. Coal imports dropped in the quarter due to higher domestic production and a slide in power demand, while weak demand for iron ore from top consumer China hit exports. India's slowing economic growth has also curbed cargo volumes at port operators including JSW Infra and its bigger rival Adani Ports (APSE.NS) , opens new tab, ElaraCapital analysts said in a note. JSW Infrastructure said lower volumes at its Paradip iron ore terminal in the state of Odisha capped volume growth at 5% in the reported quarter. The company reported 9% and 16% volume growth in the first two quarters of the current fiscal year and a 17% increase in the year-ago third quarter. ElaraCapital had expected 6% volume growth in the reporting quarter. The third-quarter results are not comparable with the year-ago figures as the company completed the acquisition of logistics firm Navkar Corporation in October, JSW Infrastructure said. The company said it gained 1.19 billion rupees in revenue and 55.1 million rupees in profit in the reporting quarter from the acquisition. The company's shares ended little changed after the results. ($1 = 86.5430 Indian rupees) Sign up here. https://www.reuters.com/markets/commodities/indias-jsw-infrastructure-misses-q3-profit-view-sluggish-cargo-volume-growth-2025-01-28/
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