JSW Infrastructure Ltd

A leap forward to contribute to national prosperity

We are proud to contribute to India's economic growth, as it continues to be one of the fastest growing major economies of the world.

For the past two decades, JSW Infrastructure has sustained a legacy of operational excellence and prioritised holistic value creation for all our stakeholders. While we continue to take bold steps to strengthen the foundation of an agile and future-ready enterprise, we maintained an unwavering focus on embedding sustainable practices with uncompromised governance practices across our operations. It has not only shaped our growth path, but has also empowered us to leap forward with confidence and contribute to the nation's progress.

At JSW Infrastructure, agile project execution, fast traffic growth and resilient operations address the evolving needs and expectations of customers. Our commitment to excellence and responsible business practices positions us as a Company that values sustainability and focuses on building long-lasting relationships with stakeholders.

As I look back on 2022-23, I must acknowledge the fact that we have accomplished a satisfactory performance. Our financial and operational performance during the reporting year demonstrated our resilience to external headwinds such as disruption in global trade in FY 2022-23 owing to continued conflict between Russia and Ukraine in Europe and muted consumer demand in advanced countries of the world. However, with moderating inflation, conditions are now looking up.

We are proud to contribute to India's economic growth, as it continues to be one of the fastest growing major economies of the world. Our country registered 7.2% growth in FY 2022-23, which is expected to remain stronger in the coming years, with the government's sustained focus on capital expenditure and employment generation, while keeping the fiscal deficit low.

In the World Bank's Logistic Performance Index (LPI) Report 2023, India has advanced to the 22nd rank in the global rankings in the International Shipments Category, an improvement from the 44th position in 2018. India also now holds the 38th rank in the overall LPI score, a notable improvement from its previous 44th position in the survey of 2018.

This global recognition is an outcome of the country's strategic investments in infrastructure, supply chain digitalisation, containerisation of cargo, and efficient rail and road connections linking major ports on both coasts.

Financial performance

The Company's financial scorecard has been consistent, with total income, EBITDA and Profit After Tax having grown at a CAGR of 39.69%, 36.11% and 56.15%, respectively, from fiscal 2020 to fiscal 2023. The robust financial performance has also enabled us to raise capital at competitive rates.

I am happy to inform that during FY 2022-23, JSW Infrastructure's international credit ratings from Moody's for Corporate Credit Rating Family have been upgraded from Ba2/Stable to Ba2/ Positive.

ESG commitments

As we are growing, our commitment to operating sustainably is only strengthening further. It is noteworthy that we are aligned with the JSW Group's sustainability vision and have adopted policies relevant to our operations and activities and have set specific short-term carbon reduction targets in relation to our GHG Emission Intensity. In addition, we benefit from the JSW Group's strong corporate governance,

The Company's financial scorecard has been consistent, with Total Income, EBITDA and Profit After Tax having grown at a CAGR of 39.69%, 36.11% and 56.15%, respectively, from fiscal 2020 to fiscal 2023.

allowing our Company to adopt best corporate management practices.

During the year, we continued to work across various ESG focus areas to ensure the efficient use of water, utilise energy from cleaner sources, reduce GHG emission intensity and minimise waste generation. We have also increased efforts to recycle waste, enhanced diversity and inclusivity and have undertaken initiatives to preserve the natural biodiversity. Our focus on safety and zero tolerance for fatalities at our ports have improved the health and well-being of our people.

Additionally, we have continued to engage local communities around our ports and terminals through the implementation of various CSR initiatives. Projects related to health and nutrition, education, water, environment and sanitation, livelihood generation and skill enhancement have achieved tangible outcomes.

Teams that make a difference

We value the knowledge and skills of teams, encouraging individual goal-setting, continuous improvement, health and safety awareness. In an ever-changing business environment where people are the key differentiators, it is essential to have credible, transparent and uniform people management practices. In order to adapt to the evolving industry reality, the Company's HR practices are continually reviewed and renewed for relevance and employee friendliness.

We also conduct several training programmes at our plant locations to provide technical and behavioural training for employees as well as associates and provide multiple learning and development opportunities to our employees to acquire new skills and knowledge and enhance their capabilities. Additionally, we help teams to acquire critical skills through participation in sponsored programmes, both in India and abroad.

Progressing with long-term optimism

We are capitalising on India's growth momentum by broadening the cargo profile, expanding geographical presence and diversifying revenue streams. We are developing and acquiring assets across geographies and catering to diverse cargo types. In addition, we have developed two greenfield non major ports, four port terminals at major ports including a container terminal project in New Mangalore (Karnataka) and have acquired three port terminals in India. Additionally, we are in the process of undertaking similar greenfield projects and are exploring selective inorganic growth opportunities to further expand our capacities, customers, service offerings and geographical footprint.

With a conducive macro environment and our own strategically located assets, advanced infrastructure, high revenue and cashflow visibility, experienced management team and a dedicated ESG framework, we are positioned to amplify value for all stakeholders without any compromise on our governance structure.