Company Profile
The Jawaharlal Nehru Port Trust (JNPT) was established in 1989 occupies a prominent place among the most modern ports in India and is ranked 28th among the top 100 container Ports in the world. The Jawaharlal Nehru Port Trust (JNPT) at Navi Mumbai (formerly known as the Nhava Sheva Port) is the largest container port in India and has been a key enabler for EXIM trade growth in India. JNPT handled over 5 Mn TEUs in FY 2018-19, which is share of ~52% of the total containerized cargo handled by all major ports in the country. Initially, JN Port was planned to be a satellite port to the Mumbai Port with a purpose to decongest traffic.
JNPT is wholly owned by Government of India (GoI) which holds 100% stake in the port. It is the largest container port in India and is ranked 28 th among the top 100 container ports in the world. Over the next three decades JNPT systematically evolved its operational efficiency and improved its capacity handling to transform itself into a Port at par with global standards. Operations include handling containerized cargo at its own container terminal and providing requisite infrastructure facilities to other terminal operators. The trust has entered into long term BOT contracts with private terminal operators, which provides revenue sharing and royalty-based business/volumes.
Rating History
JNPT has been assigned as AAA to its long-term borrowing credit rating by CRISIL, India Rating and Brickworks Ratings.
Capitalization Profile
JNPTs tangible net worth rose to Rs 98.05 billion in FY19 from Rs 88.6 billion in FY19. Its debt to equity ratio stood at 0.29 in FY19 as compared to 0.21 in FY18. Moreover, current ratio came in at 2.51 in FY19 against 2.81 in FY18.
Financial Performance
Total operating. revenues rose by 5.19% to Rs.19.89 billion in FY19 from Rs.18.91 billion in FY18 driven by increased in lease income (revenue sharing (BOT), Port and Dock charges and Estate income), Cargo and bulk storage charges remain low at Rs.4.07 billion in FY19 (vs. Rs.5.47 billion). However, EBITDA (0.74%) and Profitability (0.56%) remained stable at Rs.12.2 billion and Rs.9.57 billion respectively in FY19.
Liquidity position
The liquidity of the company remains comfortable with Rs.10.29 billion cash accruals generated during FY19 as against no debt repayment during FY19. It also has cash and cash equivalents as on FY19, is at Rs.33.28 billion, out of the total ECB of US$400 mn, (Rs.26.33 billion) about 12% is payable during FY20.