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JSWINFRA IPO

JSW Infrastructure Limited
Start Date25-09-2023
Application Timing10am-5pm
Price Range₹113 - ₹119
Min Qty126
Min. Investment₹14238
Listing DateNA
Close Date27-09-2023

About JSW Infrastructure Limited

Incorporated in 2006, JSW Infrastructure Limited provides maritime-related services including, cargo handling, storage solutions and logistics services. They develop and operate ports and port terminals under Port Concessions. JSW Infrastructure Limited is a part of the JSW Group. The company partners with JSW Group Customers (Related Parties) to pursue growth initiatives. JSW Infrastructure is the 2nd largest commercial port operator in the country in terms of cargo handling capacity in Fiscal 2022. They are the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY ‘20 to FY ‘22, and the second largest commercial port operator in India in terms of cargo handling capacity in FY ‘22. Their operations have expanded from one Port Concession at Mormugao, in 2004, to nine Port Concessions as of Dec ‘22 across India, making them a diversified maritime ports company. Their installed cargo handling capacity in India grew at a CAGR of 22.35% from 102.50 MTPA in March ‘20 to 153.43 MTPA as of March ‘22. During the same period, their 180 cargo volumes handled in India grew at a CAGR of 34.97% from 34.01 MMT to 61.96 MMT. In addition to operations in India, they operate two port terminals under O&M agreements for a cargo handling capability of 41 MTPA in the UAE as of Dec ‘22.

Why To Invest in JSW Infrastructure Limited

JSW Infrastructure provides maritime-related services including, cargo handling, storage solutions and logistics services. The IPO proceeds will be used for capex financing and repayment of debt.

Strengths And Risks
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Fastest Growing: : They are the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled from Fiscal 2020 to Fiscal 2022. They are also the second largest commercial port operator in India (in terms of cargo handling capacity in Fiscal 2022) in an industry that has several entry barriers.
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Strategically Located Assets: : Their Port Concessions are strategically located on the west and east coasts of India and are well connected to customers including Anchor Customers located in the industrial hinterlands of Maharashtra, Goa, Karnataka, Tamil Nadu, Andhra Pradesh and Telangana, and mineral rich belts of Chhattisgarh, Jharkhand and Odisha. These states manage large volumes of cargo from coastal areas and the broader hinterland.
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Predictable Revenues: : They have long-term contracts with their Anchor Customers for cargo handling services, some of which have take-or-pay provisions which provides long-term visibility of cargo and revenue at our ports. The majority of take-or-pay contracts are extendable.
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Diversified Operations: : They have evolved into a large maritime infrastructure company and have developed and operate multi-cargo ports and port terminals that are equipped to handle various categories of cargo, including dry bulk, break bulk, liquid bulk, LPG, LNG and containers.
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Demonstrated Project Execution: : They have won numerous bids for developing and operating terminals at Major Ports, such as Paradip Coal Exports Terminal, Paradip Iron Ore Terminal and New Mangalore Container Terminal; developed greenfield ports such as Jaigarh Port and Dharamtar Port; and successfully acquired three terminals in 2020.
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License Agreements: : They rely on concession and license agreements from govt. and quasi-govt. organizations to operate and grow their business. They have several obligations under these agreements and a breach of the terms could lead to termination, which could affect business.
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Client Concentration: : They derive a substantial portion of revenue from top five customers. If such customers were to suffer a deterioration of their business, cease or reduce doing business, their revenues could decline.
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Cargo Type: : A substantial portion of the volume of cargo handled by is dependent on a few types of cargo and a significant reduction in, or the elimination of such cargo could adversely affect profitability.
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Geographic Concentration: : They are dependent on Port Concessions along the west coast of India and any adverse events affecting these Port Concessions or the west coast may adversely affect overall profitability.
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Capital Intensive Business: : They operate in a capital-intensive industry and their current and future expansion plans may require significant capital that they may be unable to raise.
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