JSW Infrastructure Ltd

- No immediate plans for any dividend or payout to shareholders; focus remains on redeploying funds into growth. - Fundraising for large projects like Kenny (around INR 4,000 crores capex) and other expansions will follow a 30:70 equity to debt funding model. - Capital expenditures and acquisitions will be funded through a mix of internal accruals, existing cash reserves, and debt as per internal debt-equity guidelines. - The company continues to maintain strong balance sheet metrics and will not deviate from its internal debt-equity ratio targets. - Upcoming capex like Kenny project INR 4,000 crores spread over 3-4 years post approvals. - The company is actively evaluating inorganic opportunities and pipeline projects, which may require future fundraising aligned with project requirements.

- INR 4,100 crores capex for the Keni deepwater greenfield port project in Karnataka, to be spent over 3-4 years post approvals (Page 10). - Ongoing capex for two projects: LPG project at Jaigarh port and expansion of Mangalore Container Terminal, expected completion by Jan '26 and Feb '25 respectively (Page 4). - Additional environmental clearance obtained for Ennore Coal Terminal, increasing capacity from 8 million to 9.6 million tons (Page 4). - Potential capital outlay of nearly INR 7,000 crores anticipated for Keni and assessment of bids for three other terminals (Page 9). - Plans to continue expanding capacities at Jaigarh and Dharamtar ports (Page 9). - Focus on acquiring value-accretive, scalable infrastructure/logistics assets including railways, pipelines, CFS, ICDs, independent of ports but adding to supply chain (Page 8). - Utilization of IPO proceeds includes capex and acquisitions like majority stake in PNP Port and liquid storage terminal at Fujairah (Page 4).

- JSW Infrastructure expects continued volume growth, with Q4 generally being the strongest quarter due to take-or-pay triggers and year-end revenue build-up. - Third-party cargo volumes are growing rapidly; aiming to increase third-party share to about 40% near term and potentially 50% long-term. - Paradip port shows potential to exceed 10 million tons in a year, with physical capacity up to 18 million tons; 14-15 million tons possible with strong market demand. - Group volumes (captive cargo) expected to stay stable, growing mainly when JSW Steel and other group companies expand capacity. - Ongoing capex of around INR4,100 crores (spread over 3-4 years) to support portfolio expansion including new greenfield port at Kenni, liquid terminals, and capacity expansions. - Company focused on both organic and inorganic growth, including acquisitions and integrated logistics solutions. - Overall revenue growth aligned with volume increase plus operational efficiencies.

- Third-party cargo volumes are growing significantly, with an aim to reach a 40% share in the near term, potentially moving towards a 50-50 captive to third-party ratio in the long term. - Q4 is generally the strongest quarter due to take-or-pay agreements, lending to higher revenues and EBITDA. - Acquisitions like PNP port and Fujairah liquid terminal will contribute meaningful EBITDA (expected > INR 50 crores) starting Q4. - Paradip Port capacity allows volume growth beyond the concession agreement (10 million tons), with a potential utilization up to 14-15 million tons in the medium term. - A major greenfield project at Keni with a capex of ~INR 4,100 crores is in progress, expected to roll out over 3-4 years, supporting long-term growth. - Overall, revenues and EBITDA are expected to continue growing on increased volumes, operational leverage, and cost controls, supporting steady earnings growth, though exact EPS guidance is not explicitly disclosed.

- JSW Infrastructure Limited is actively involved in bids for three privatization projects; awaiting government outcomes which are expected within a month, with potential to win one or two bids (Page 7). - The company has a strong pipeline of growth opportunities including the Kenney deepwater greenfield port project with an estimated capex of INR4,119 crores and initial capacity of 30 million tons per annum (Page 3). - Additional ongoing projects include expansions at Jaigarh and Dharamtar ports, acquisition and capacity expansion at PNP Port, and development of liquid storage terminal in Fujairah (Pages 3, 6). - Total capex planned is about INR4,100 crores, expected to be deployed over 3-4 years post-approvals (Page 10). - The company keeps cash reserved for potential acquisitions to capitalize on low-hanging opportunities within the logistics and infrastructure sector (Page 9).