India's second largest international shipping port saw a 10% increase in profits in the fourth quarter

JSW Infrastructure, the second largest private port operator by market value in India, announced last Friday that profits in the fourth quarter increased by nearly 10%, driven by an increase in cargo volume.

The company stated that its comprehensive net profit for the quarter increased from 3 billion rupees in the same period last year to 3.3 billion rupees (equivalent to 39.6 million US dollars).

JSW Infrastructure stated that from January to March, the capacity utilization rate of Paradip and Mangalore coal terminals increased, helping to increase freight volume by 9% to 29.3 million tons. The company operates 10 ports and terminals along the Indian coastline.

This resulted in an increase of approximately 20% in operating revenue to 10.96 billion rupees. The total expenditure increased by 15.5%, mainly due to the increase in operating costs.

Port operators, including JSW's larger competitor Adani Ports, have been benefiting as active commercial activities and strong domestic consumption support the transportation of goods into and out of India.

On Thursday, Adani Ports announced a 76% increase in fourth quarter profits, thanks to record breaking freight volumes at its ports and terminals.

After JSW Infrastructure announced its results, its stock price rose 2.6% at one point and then stabilized at 3:15 pm US Standard Time.

The stock has risen by about 24% so far this year, while Adani Port has risen by about 29%, making it the largest among the seven listed companies of Adani Group.