Year ended 31st March 2024 results highlights

• Total operating revenue is up 15.9% YoY to ₹51,172 million.
• Operating EBITDA up 15% YoY to ₹9,413 million.
• In the last 3 years, revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR.
• Profit before tax (PBT) was up 17.1% YoY to ₹9,321 million.
• We closed a total of 12 large deals in FY24, which included one $50 Mn plus deal and five deals in the $15 to $25 million range.
• Our customer pyramid has continued to improve, with 2 customers added in the $10-50
• million category, 2 in the $5-10 million category, and 3 in the $1-5 million category.
• The board recommended a final dividend of ₹8.40 per equity share, and a special dividend of ₹ 1.65 per equity share, subject to shareholder approval at the AGM.

Quarter ending 31st March 2024 results highlights

• Total operating revenue up 0.9% QoQ to ₹13,010 million.
• In USD terms, total operating revenues were up 1.2% QoQ to $156.6 million. Services segment revenues came in at $120.2 million.
• Operating EBITDA at ₹2,400 million; EBITDA margin at 18.4% vs. 18.3% QoQ (adj.) and 17.3% YoY
• Net income at ₹1,572 million; Net margin at 12.1%.
• 90 bps sequential improvement in [LTM] attrition to 14.5%.

Warren Harris, Chief Executive Officer and Managing Director said: “I am delighted with the way our business performed in FY24 with revenue growth of 15.9% and a 15% growth in operating EBITDA. In the last 3 years, our revenue from operations has grown at 29% CAGR while Operating EBITDA grew at a 35% CAGR. We closed a total of 12 large deals in FY24 which included one $50 Mn plus deal,  and five deals in the $15 to $25 Mn range. Our large deal pipeline remains healthy and continues to grow. We are currently engaged in several large deal discussions with existing and new customers and anticipate an uptick in deal conversions in the current quarter. We continue to lead our industry in Gen AI and Software Defined Devices (SDx) services – as evidenced by the endorsement that we have received from BMW. I am incredibly grateful to the almost 13,000 people of Tata Technologies, who remain committed to helping our customers engineer a better world.”

Savitha Balachandran, Chief Financial Officer, said: “We will continue to follow a balanced approach of exercising operational discipline while strategically investing in capacity and capabilities to seize the opportunity presented by the industry’s structural transformation. Ending the year with a robust  EBITDA  margin of  18.4%  and strong liquidity underscores our focus on efficiency and prudent management of resources. Overall, I am pleased with our execution in FY24 and, also with having delivered over 18% margins consistently over the last three consecutive years, in line with our stated aspiration. We are excited about our prospects in FY25 and remain committed to creating long-term shareholder value.”

Tata Technologies is integrating systems engineering for software-defined vehicles (SDVs), leveraging its turnkey vehicle development capabilities to engineer the future of mobility with agility. The company is also utilizing generative AI-powered styling solutions for design studios to fuel innovative design ideas for OEMs. Furthermore, Tata Technologies is empowering manufacturers with Gen AI-powered virtual sales assistants to support sales and after-sales journeys. Utilizing Gen AI for decoding failure modes can help reduce analysis time by 70%, facilitating proactive decision-making and rapid design enhancements. These advancements represent the company’s commitment to innovation and excellence in engineering the vehicles of tomorrow.

Key highlights and recognitions:

• Tata Technologies and BMW Group have signed a strategic Joint Venture Agreement to collaborate for the development of Automotive Software and Business IT solutions.
• Tata Technologies has renewed its engineering center contract and won strategic deals in AMR Controls and Embedded Software with a leading global designer and manufacturer of access equipment based in North America.
• A leading North American bus manufacturer has onboarded Tata Technologies as its Strategic Engineering partner for Engineering support services engagement.
• A premium UK-based global automotive original equipment manufacturer (OEM) has partnered with Tata Technologies to implement Manufacturing Execution Solutions for a modern luxury electric car.
• Tata Technologies has inked a 5-year Memorandum of Understanding (MoU) with the Telangana government to establish Advanced Technical Skill Training Centers in 65 Industrial Training Institutes in the state.

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MUMBAI: JSW Infrastructure Limited (the “Company”), a part of the JSW Group and India’s second-largest private commercial port operator, today announced its results for the fourth quarter and year ended 31^st March 2024.

Q4 FY2024 – Key Highlights

• Cargo Handled Volumes of 29.3 Million Tonnes, up 9% YoY 
• Revenue increased by 23% YoY to ₹1,200 Crore
• EBITDA of ₹685 Crore an increase of 29% YoY and an EBITDA margin of 57.1%
• Profit Before Tax (PBT) of ₹417 Crore up 41% YoY
• PAT of ₹329 Crore up 9% YoY

FY2024 – Key Highlights

• Cargo Handled Volumes of 106 Million Tonnes, up 15% YoY,
  • Third-party share increased to 40% from 33% last year   
• Revenue increased by 20% YoY to ₹4,032 Crore
• EBITDA of ₹2,234 Crore an increase of 24% YoY and an EBITDA margin of 55.4%
• Profit Before Tax (PBT) of ₹1465 Crore up 81% YoY
• PAT of ₹1,161 Crore up 55% YoY
• The Board has recommended a dividend of ₹0.55/share
• Strong Balance Sheet
  • Net Debt/EBITDA of 0.03x
  • Cash and Bank balance of ₹4,316 Crore

FY2024 – A Year of Delivering Promises

• Successful equity listing in October 2023
• Acquisition of 465,000 Cubic Meter Liquid Storage Terminal at Fujairah, UAE
• Acquired majority Stake in PNP port
• Concession agreement signed with Karnataka Maritime Board for development of a 30 mtpa greenfield port at Keni, Karnataka
• Emerged as a winner bid for a 7 mtpa dry bulk terminal in Tuticorin through PPP mode
• Signed a concession agreement with Jawaharlal Nehru Port Authority for the two liquid berths of 4.5 mtpa
• Jaigarh Port, the flagship port of the company recognized with a five-star rating by the British Safety Council

Growth Strategy

The company has embarked on a growth plan to enhance its cargo handling capacity by 2.4 times, to 400 mtpa by FY 2030 or earlier from the existing 170mtpa. This represents a compounded annual growth rate (CAGR) of 15%. The company is actively pursuing and exploring various project development opportunities, leading to a robust project pipeline. Moreover, privatization bids of terminals/berths in the major ports and the inorganic opportunities in the areas of port and port-related infrastructure are the additional levers to accelerate the growth.

The company has a strong balance sheet and is well-positioned to pursue organic and inorganic growth without compromising on its leverage ratios.

Consolidated Financial Performance Review

Q4 FY2024

During the quarter, the company handled cargo volumes of 29.3 million tonnes which is higher by 9% over the last year. The increase in the volume is primarily on the back of increased capacity utilization at the Paradip Coal Terminal and Mangalore Coal Terminal. Newly acquired assets (PNP and Liquid Terminal, UAE) also contributed to the growth. The third-party volume grew by 35% year-on-year and the share of third-party in the overall volumes stood at 46% vs 37% a year ago.

The higher volume translated to 23% growth in the total revenue which stood at ₹1,200 Crore. Increased revenue translated to EBITDA of ₹685 Crore (+29% yoy) with a strong margin of 57%.

 PBT and PAT stood at ₹417 Crore and ₹329 Crore respectively, reflecting a growth of 41% and 9% year-on-year.

FY2024

During the year, the company handled cargo volumes of 106 million tonnes which is higher by 15% over the last year. The increase in the volume is primarily on the back of increased capacity utilization at the Iron ore and Coal terminals of Paradip and Mangalore Coal Terminal. Also, volumes at the Mangalore Container terminal grew by 18%. The third-party volume grew by 36% year-on-year and the share of third parties in the overall volumes stood at 40% vs 33% a year ago.

The higher volume translated to 20% growth in the total revenue which stood at ₹4,032 Crore. Increased revenue, the benefit of operating leverage, and cost control meant EBITDA of ₹2,234 Crore (+24% YoY) with a strong margin of 55.4%. As a result, PBT grew at 81% to ₹1,465 Crore, while PAT stood at ₹1,161 Crore representing a 55% year-on-year growth.

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