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Port operator JSW Infra's Q3 earnings misses estimates on slow cargo volume growth

JSW Infrastructure, India's. secondlargest private port operator, missed thirdquarter. earnings estimates on Tuesday as freight volume growth slowed due to. lower iron ore exports.

The company, which operates ten ports and terminals along. the nation's coastline, reported a combined net earnings of. 3.30 billion rupees ($ 38.1 million) for the October-December. duration, compared to the typical expert price quote of 3.40. billion rupees, according to information put together by LSEG.

A decline 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 4 quarters and likewise below brokerage. ElaraCapital's 6% price quote.

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

India's slowing economic growth has actually suppressed cargo volumes at. port operators consisting of JSW Infra and its bigger rival Adani. Ports, ElaraCapital analysts stated.

JSW Infra's third-quarter outcomes are not comparable with. the year-earlier figures as it finished the acquisition of. logistics firm Navkar in October, the business stated.

The business stated it acquired 1.19 billion rupees in revenue. and 55.1 million rupees in earnings in the noted quarter from. the acquisition.

(source: Reuters)