JSW Infra’s Q3 profit misses estimates on sluggish cargo volume growth

 MUMBAI : JSW Infrastructure , opens new tab, India’s second-largest private port operator, missed third-quarter profit estimates on Tuesday as cargo volume growth slowed due to lower iron ore exports.

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, compared with the average analyst estimate of 3.40 billion rupees, according to data compiled by LSEG.

A decrease in volumes at its Paradip iron ore terminal in the state of Odisha capped JSW Infra’s volume growth at 5% – lower than the past four quarters and also below brokerage ElaraCapital’s 6% estimate.

Iron ore prices hit exports in the October-December period and the company expects volumes to rebound in the ongoing quarter, Chief Financial Officer Lalit Singhvi said on a post-earnings call.

India’s slowing economic growth has curbed cargo volumes at port operators including JSW Infra and its bigger rival Adani Ports (APSE.NS), opens new tab, ElaraCapital analysts said.