Jain Irrigation Q2 net vaults 84.4%

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Jain Irrigation Q2 net vaults 84.4%

Jain Irrigation Q2 net vaults 84.4%

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Agri major, Jain Irrigation's net sales revenues have grown at 45.5% from Rs. 2,263.4 Million to Rs. 3,292.6 Million.

The EBIDTA have shown an expansion of 1.9%. The profit after tax has vaulted 84.4% from Rs.162.6 Million to Rs.300 Million reflecting all round growth in major businesses of the Company. While interest costs (increase from Rs.148 Million to Rs.264.5 Million) have gone up due to increased utilization of borrowed funds as well as overall finance cost increase.

The domestic business has been growing at 71% and comprises almost 65% of the revenues of the Company at Rs. 2137 Million. The export business, which comprises 35%, reflected a lowly 14% growth at Rs.1156 Million.

The MIS division continues to grow at a scorching 72% at Rs.1,000 Million over the last corresponding quarter (Rs.583 Million) backed by an explosion of demand in Southern (Andhra Pradesh, Tamil Nadu and Karnataka) and Western states (Rajasthan, MP and Chattisgarh) of both project and retail sales. The hi tech equipments in this division have contributed significant productivity increases and have resulted in margin expansion for the division.

The PE piping segment also reflected 236% growth backed by buoyant telecom, gas and water sector demand. Here the exports of pipes to large customer in Africa and Middle East have seen a significant multi fold growth. On the back of a strong mango season the fruit division has registered a decent 36.5% growth over the last season's high base, reflecting the benefits of a two location processing strategy adopted by the Company. The major growth driver in mango puree business continues in to be the association with a large beverage and juice maker, together with growing exports to Middle East Asia. The only dampener has been the PVC sheet division, which faces a slowdown in US with housing induced slowdown in demand reflected in 25% negative growth.

The earnings from subsidiaries and acquisitions would be reflected in year end consolidated results.