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May 11, 2012, 02.23 PM IST
Jain Irrigation has reported a massive growth of 58.3% year-on-year in its net profit at Rs 173 crore for the fourth quarter of FY12 due to a tax write back and forex gains.
Company received overall tax write-back of Rs 97 crore (MAT entitlement benefit of Rs 53 crore + tax adjustment for previous years is Rs 44 crore). It has net forex gain of Rs 15 crore as against loss of Rs 2.8 crore YoY. However, interest cost is still high at Rs 96 crore for the January-March quarter of 2012 versus Rs 69 crore in a year ago period. For FY12, interest costs spiked 52% to Rs 347 crore. Net sales declined nearly 2% to Rs 1,212 crore in the quarter ended March 2012 versus Rs 1,236 crore year-on-year. EBITDA was down 5% YoY to Rs 250 crore and operating profit margin stood at 20.2% versus 21.3% during the same period.
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