Jain Irrigation FY 2007-08-Q1 net up 61%

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Jain Irrigation FY 2007-08-Q1 net up 61%

Jain Irrigation FY 2007-08-Q1 net up 61%

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Micro Irrigation major Jain Irrigation has continued its 40% plus growth in FY 2007-08 by announcing a 42.4% year - on - year (yoy) increase in net sales figures at Rs.327.40 Crores for Q1FY2007-08. The PBDIT has gone up by 73.5% on yoy basis at Rs.65.80 Crores for the quarter. The profit after tax at Rs.28.22 crores has shown a growth of 60.6% on yoy basis for the quarter.

The PE pipes segment has shown a whopping 234% growth in revenues on yoy basis while micro and sprinkler division has continued to grow at a scorching pace of 74%, during the quarter. The onion division has grown 115%, albeit on a smaller base. The fruit processing division has grown 75% showing robust trend in the quarter.

The Company's exports comprising shade over 34% of top line have shown a sedate growth of 12% during the quarter at Rs.88.4 Crores against impressive domestic aggregate sales of Rs.239 Crores reflecting a growth of 58% during the quarter on yoy basis.

Other income includes foreign exchange gains during the quarter.

The above results do not include effects of recent overseas acquisitions of profit making companies.

Approximately 50% of ZCCB holders have opted and converted the ZCCB's during Q1 FY2007-08 resulting in increased equity base at Rs.65.12 Crores. The conversion has taken place at Rs.345.59 per share. The Company has announced completion of process of amalgamation of Chakan (Pune) based Eurissko Agro Ltd., with itself pursuant to the HC approvals received during the quarter.

Anil Jain, Managing Director said after the conclusion of Board meeting for adopting FY 2007-08 Q1 results "With sustained growth in micro irrigation and food processing as well as piping infrastructure segments the Company is poised to maintain similar growth rate for remainder of the year".

The Company had in last month announced acquisition of 50% stake in Naandan Jain Irrigation C.S.Ltd., which catapaulted it to second spot in the worldwide micro-sprinkler irrigation industry. The Company was named by Standards & Poor one of 8 Indian Companies which could challenge worlds current leading Companies. 

Sourced From: Hanmer & Partners Communications Pvt. Ltd